Facebook- billion dollars for image app

Market Day - 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 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."

'via Blog this'