At the New York Times, Evelyn M. Rusli reports that
Facebook Buys Instagram for $1 Billion
inter alia quoting a Facebook press release as follows:
"Facebook announced today that it has reached an agreement to acquire Instagram, a fun, popular photo-sharing app for mobile devices.At the same time at CNN, Molly Wood asks
“The total consideration for San Francisco-based Instagram is approximately $1 billion in a combination of cash and shares of Facebook. The transaction, which is subject to customary closing conditions, is expected to close later this quarter."
Facebook buys Instagram...but for what?
Read both articles to get the scoop.