Facebook To Buy Instagram For $1 Billion

If a picture is worth a thousand words, a website with a boatload of pictures is now worth $1 billion.

That is the price Facebook agreed to pay for Instagram, a less-than two-year-old company that makes a wildly popular mobile photography application.

“I’m excited to share the news that we’ve agreed to acquire Instagram and that their talented team will be joining Facebook,” Facebook’s head honcho Mark Zuckerberg said in a posting on Facebook (where else?) Monday.

Facebook, which is busy planning an initial public offering that could value the social networking site at more than $100 billion, will pay a combination of cash and stock for Instagram, Reuters reported. Based in San Francisco, Instagram has about a dozen employees. The deal is expected to close by June 30.

“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, Zuckerberg said in his Facebook post.

Go to MSNBC.com to read more about this.

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