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Hi-Media Buying Fotolog

Hi-Media Group has agreed to acquire Fotolog Inc. for approximately $90 million in cash and stock. Fotolog is a New York-based social network and photo-sharing site that asks users to post a single photo every day. It claims to have more than 10 million members. Fotolog has raised about $11 million from BV Capital, 3i Group and other investors since 2004. www.fotolog.com