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Fotolog acquired for $90 million

Photo-sharing site, most popular overseas, bought by French company Hi-Media Group.

A correction was made to this post: Fotolog's projected revenue is $2.3 million, not $2.3 billion. Dr. Evil would be proud.

Fotolog, a photo-sharing social network founded by Meetup co-founder and CEO Scott Heiferman, has been acquired. After several days of rumors that the company was up for sale, the French company Hi-Media Group announced on Monday that it had acquired Fotolog for $90 million in cash and stock.

As the Silicon Alley Insider notes, most of the New York-based Fotolog's 10 million-plus members are in Europe and Latin America. The company's 2007 projected revenue is estimated at $2.3 million, expected to come from sponsored ad links (thanks to a deal with Google), banner ads and premium membership packages. A release from the publicly traded Hi-Media stated that Fotolog's membership has doubled this year and that the site is raking in 3.3 billion page views per month.

CEO John Borthwick will apparently stay with the company, at least for the time being.