Facebook buys Instagram for $1bn

April 9th, 2012, 21:16 Posted By: wraggster

World's biggest social network plans to play to the creative photo app's strengths.
Facebook has acquired Instagram as part of a $1 billion takeover, which will be made up of a combination of cash and shares.
The two firms already have a natural cohesion, given that both Facebook and Instagram share the same purpose of connecting users through photo-based interaction.
The entire Instagram team will join Facebook as part of the deal, which will close later on in Q2.
Talking of the buyout, Mark Zuckerberg, founder and CEO of Facebook, said: "In order to do this well, we need to be mindful about keeping and building on Instagram's strengths and features rather than just trying to integrate everything into Facebook.
"We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience. We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook."

http://www.mobile-ent.biz/news/read/...for-1bn/017668

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