Facebook officially welcomes Instagram to the family

Facebook buys Instagram On April 9, Facebook CEO Mark Zuckerberg announced that the social network planned to acquire Instagram, the popular photo-sharing mobile app. It was later reported the deal was for a whopping $1 billion. Facebook's purchase of Instagram was finalized in September for $715.3 million -- $300 million of it in cash and the rest in stock. Facebook/Instagram


(CBS News) It's official! Instagram is now part of the Facebook family.

"Our deal with Facebook has closed," the Instagram team said in a blog post Thursday. The company went on to say that the team will move into Facebook's office and that the popular mobile app "isn't going anywhere."

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Facebook also announced the official close of the deal, reiterating that it would not make significant changes to Instagram:

As we said from the beginning, we are committed to building and growing Instagram independently. Instagram will continue to serve its community, and we will help Instagram continue to grow by using Facebook's strong engineering team and infrastructure. We also can't wait to work with the talented Instagram team to improve the mobile experience.

Facebook chief executive officer Mark Zuckerberg announced in April that the social network would acquire Instagram. The purchase cost Facebook a reported $1 billion dollars.The social network was awaiting approval from the Federal Trade Commission to complete the deal, which was cleared in August.

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Instagram launched for the iPhone in 2010. The app lets users upload or take photos and apply filters to get a similar look and feel of lo-fi photography. After photos are processed, users can immediate broadcast pictures to other Instagram users, Twitter or Facebook via the app. The popular app reported it had 80 million users in July.


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