Despite its current financial troubles and continued layoffs, Forbes Media has bought FlipGloss, a photo publishing and online distribution platform. Terms were not disclosed. The site has been funded by Forbes since its founding in March 2008. Forbes COO Tim Forbes has advised the company. Other advisers have included Forbes minority shareholder Elevation Partners and Launch.com founders/former Yahoo Music GMs Dave Goldberg and Bob Roback.

In announcing its purchase, Forbes touted Santa Monica, CA-based FlipGloss’ Digital Glossy Insert photo publishing platform, which is used on Forbes.com’s latest ranking of The World’s Most Powerful People. Considering that Forbes has used FlipGloss’ technology for these slideshows in the past, the company certainly didn’t need to buy FlipGloss to do interactive image sets. Still, given the closeness of the two firms, and the previous investments, the acquisition surely didn’t cost the company much.

Apart from more fully integrating FlipGloss’ technology into its own system, Forbes will likely try to see if it can use FlipGloss’ image platform for incremental revenue from outside sources, or for creating custom ad features for its sponsors. In addition to Forbes, FlipGloss has worked with Variety, Scripps Networks (NYSE: SNI) and women’s site WowOwow, as well as marketers like BMW. Release

• Forbes Media-Backed FlipGloss Launches Beta