Google just made another press release here http://www.google.com/intl/en/press/annc/annc_panoramio.html mentioning its plan to acquire another photo related site called Panoramio. Panoramio also mentioned the planned acquisition on their blog and the eagerness to have a positive outcome of the acquisition.

The deal in terms for how much is not yet disclosed to the public for confidential purposes and negotiation process. Some excerpts on google press release

Q. What is Panoramio?
A. Panoramio is a website that enables digital photographers to geolocate, store and organize their photographs–and to view those photographs in Google Earth and Google Maps.

Q. Why is Google planning to acquire Panoramio?
A. The acquisition of Panoramio will incorporate that website, its underlying technology, its content, developers, and user community into the Google Geo product mix. Panoramio will add interesting, useful content to Google products and will bolster Google’s engineering and technical resources.
Q. What if I don’t want to pass my photos and user information to Google?
A. Panoramio promised in its Terms of Use that users would be given a chance to opt-out of the transfer of their personal information if Panoramio were acquired. If you take no action, the rights to your data will transfer, unmodified, from Panoramio to Google upon close of the acquisition. Choosing to opt out will terminate your user agreement with Panoramio, trigger the removal of your photos from the Panoramio database, and prevent the transfer of data rights to Google.

Well great and congratulations to the panoramio team and goodluck to the deal.