Korean electronics firm Samsung is considering an acquisition of flash-based memory card and MP3 player maker SanDisk (NASD: SNDK), PaidContent reported, citing a local Korean outlet. "We are looking at various opportunities regarding SanDisk, but nothing has been decided yet," a Samsung spokesperson was quoted as saying. Samsung is paying over $350 million annually in license fees to SanDisk for its storage memory technology, and buying the company would reduce costs. Founded in 1988, Milpitas, Calif.-based SanDisk began trading on the Nasdaq in 1995, and had a market capitalization of $6.5 billion in January 2008. In addition to memory cards, SanDisk also markets the Sansa line of MP3 players.