Facebook buys Instagram
Facebook has acquired photo-sharing service Instagram for $1-billion in cash and stock.
The deal was announced by Facebook CEO Mark Zuckerberg in a post on the social network.
Instagram lets users edit photos and share them via the Instagram network, being an iOS exclusive app until last week, when an Android version was released.
"I'm excited to share the news that we've agreed to acquire Instagram and that their talented team will be joining Facebook," Zuckerberg said.
"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 continued.
"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."