MySpace to acquire Photobucket $250M

"MySpace, part of Rupert Murdoch's News Corp., has reached a preliminary deal to acquire Photobucket, the world's top photo-sharing site, for around $250 million in cash, a source familiar with the deal said yesterday.
Photobucket functions like a kind of Swiss bank for depositing and transmitting photos, helping Web users post their photos on other social networking sites, instead of trying to keep the users locked up on its own site.
Photobucket is popular among users of MySpace and other networking sites, such as Facebook, Bebo, Friendster, eBay, Craigslist, Blogger and Xanga."