FOX on Tech: Facebook Buying Instagram for $1 Billion

Facebook wants more photos, vintage-looking, artsy-looking photos.  And they just paid $1 billion for them.

FOX News Radio’s Jessica Rosenthal explains:

If you’re on Facebook, you’ve seen these photos – they look altered, a little artsy.  It’s often because they’re photos users have shared through Instagram, and then on Facebook.  Now, Facebook says it’s buying Instagram in a cash-and-stock deal for $1 billion dollars.

Facebook CEO Mark Zuckerberg says in a statement it will keep building on Instagram’s strengths and features rather than just integrating everything into Facebook.  Earlier this year, Facebook filed for its initial public offering, revealing its valuation stands at $100 billion dollars.

Jessica Rosenthal, FOX News Radio.