After Fotolog, Hi-Media Buys Stake To Play News Game

Despite its own site being down this morning, Hi-Media, the French online ad network/agency and a micropayments provider, is accelerating its web content ambitions by buying a 10 percent stake in France’s portal. It’s spending 380,000 euros for the share and gets an option to buy the remaining 90 percent. Hi-Media splashed out 65.8 million (about £46 million) on Fotolog, a growing but still rather behind-the-curve photo-sharing site that enjoys patchy international success. Starting with the imminent relaunch of, it says it now wants to create a “news and sports” vertical in its business.