News Corp (NYSE: NWS) Interactive is close to finishing a deal to buy online photo-sharing site Photobucket for about $300 million. Photobucket is one of the largest properties on the internet with over 14.7 million unique visitors a month, according to NetRatings.

After the purchase of social network MySpace, News Corp went from an also-ran online to one of the largest internet networks. The company also has sites for its news organization and studio. Photobucket makes that footprint much bigger.

Photobucket supplies many of the photos loaded onto MySpace. As a matter of fact, it would appear that the two sites have a large number of unique visitors in common, which could have pushed the value of Photobucket's audience down a bit during the bidding. Duplicate audience is not usually worth as much as visitors who are completely unique. But, Photobucket is also a large video sharing site, so News Corp picks up a competitor to YouTube.

The large questions raised by the purchase is where companies like Yahoo! Inc. (NASDAQ: YHOO) and Eastman Kodak Co. (NYSE: EK) were? Yahoo! has an online photo business, but with the company's problems it would seem that adding to that strategic part of its business would have made sense. Meanwhile, Kodak is struggling to move to a digital photo market. It has an online photo-sharing site, but picking up one of the largest sites in the industry might have helped the company with its turnaround.

It seems that Mr. Murdoch and the management at Google Inc. (NASDAQ: GOOG) are the only buyers with any stones.

Douglas A. McIntyre is a partner at 24/7 Wall St.