While it pales in comparison to bigger sites like MySpace, MyYearbook has a healthy user base of young teens that advertisers crave.
Multiple sources close to the company indicated to CNET News.com that the rumor reported by tech gossip blog Valleywag arose from a "mock pitch" at the Quadrangle Group media conference.
The social network aimed at teens hopes to accelerate growth further by featuring photos of users inside local taverns.
Virtual currencies have become big moneymakers for social sites. A new site will let users swap currencies across virtual borders.
Also: Mio.tv has acquired Wamba for approximately $5.1 million; Sedo acquired RevenueDirect for an undisclosed sum; and myYearbook.com has donated over $250,000 in its early stages to global warming initiatives.
MTV is launching a site for youth to "identify, respond to, and stop the spread of digital abuse," including sexting and cyberbullying.
The Web-based chat service now has the two social networks' IM hooked up along with the likes of AIM, Yahoo, and Windows Live.
Traffic firm's analysis of the U.S. social-networking market shows MySpace still gets over 65 percent of the market share but it's gradually losing ground to Facebook.
Catherine Cook, the 17-year-old cofounder of myYearbook.com, spoke Wednesday at the iMeme tech conference about her vision for online media.
Don't want to see it? You don't have to, says VideoEgg.