Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Facebook To Buy Instagram For About $1 Bln

Social networking giant Facebook Inc. said Monday that it has agreed to buy Instagram, a photo-sharing app for smartphones, for about $1 billion in cash and stock.

The deal is expected to close later this quarter.

This is the biggest ever acquisition for Menlo Park, California-based Facebook, which is in the process of going public in an initial public offering that will raise as much as $10 billion.

Instagram is a free photo sharing application that allows users to take a photo, apply a digital filter, then share it on a variety of social networking services. Instagram now has more than 30 million registered users.

Facebook CEO Mark Zuckerberg said, "For years, we've focused on building the best experience for sharing photos with your friends and family. Now, we'll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests."

"We believe these are different experiences that complement each other. But 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," Zuckerberg added.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Following the rally seen in the previous session, stocks may give back some ground in early trading on Friday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 38 points. The terrorist group known as the Islamic State in Iraq and the Levant (ISIL) is earning about $1 million each day by smuggling oil out of the Middle East, according to the US Treasury Department. Speaking at the Carnegie Endowment for International Peace on Thursday, Under Secretary for Terrorism and Financial Intelligence David Cohen said "ISIL has raised a significant amount of its money - many The U.K. economy grew at a slower pace in the third quarter in the face of rising uncertainty stemming from global economic conditions, preliminary estimates from the Office for National Statistics Office showed Friday. Gross domestic product climbed 0.7 percent from the second quarter, when it grew 0.9 percent.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.