From the Los Angeles Times | April 9, 2012 | 10:52 a.m.(click here)
Facebook has agreed to buy the hugely popular photo-sharing company Instagram for $1 billion in cash and stock.
Mark Zuckerberg, Facebook's chief executive and founder, made the announcement on Facebook in a post that has already generated tens of thousands of likes. He pledged to allow Instagram to remain independent, and hinted that the acquisition might be the last of its size and scope for Facebook.
"It's the first time we've ever acquired a product and company with so many users. We don't plan on doing many more of these, if any at all. But providing the best photo-sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together," Zuckerberg said.
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