logo
Share SHARE
FONT-SIZE Plus   Neg

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
Software giant Microsoft Corp. said Monday after the markets closed that its second quarter profit fell 11% from last year, hurt mainly by integration and restructuring costs as well as higher income tax expenses even as revenue increased 8% due to strong sales of its gadgets and cloud-based products. English-made Cadbury chocolates will no longer be available in the United States, the result of a settlement between Hershey and a New Jersey-based import company. Beloved treats such as the Cadbury Creme Egg will only be sold in the U.S. using American chocolate, angering those who say the creamier... Gas prices are set to climb again after a long time due to rising wholesale prices. According to Lundberg Survey, while the national average price of gas fell 13 cents in the past two weeks to $2.07 a gallon, it could soon rise due to increased costs of crude oil in the past 10 days.
comments powered by Disqus
Follow RTT