“If you can hurt them, buy them� may be the motto of MySpace. After last month, the biggest social networking site the Web have seen so far has blocked his traffic to Photobucket, today they are ready to buy it.

The rumor first emerged in the Silicon Valley blog Valleywag and later picked up by Wall Street Journal. According to a source familiar to the deal, MySpace.com, a part of Rupert Murodch’s empire, will be $250 million in cash for Photobucket.com.

Photobucket.com, an online photo-sharing website was founded four years ago by two young engineers.

According to Nielsen/NetRatings in March, Photobucket.com managed to attract 14.2 million unique visitors. The revenues of Photobucket.com comes from advertising , but the site offers also premium packages for the users who wants more storage space.

Photobucket.com is hosting near 2.8 billion images.

Last month, MySpace blocked Photobucket.com because the site has encouraged users to embed advertising on MySpace profile pages. MySpace's terms of service state that "commercial advertisements, affiliate links, and other forms of solicitation may be removed from Member profiles without notice."

Photobucket and MySpace officials declined to comment on buyout rumors.