Facebook to Buy Instagram for $1 Billion

April 9, 2012 Updated Apr 9, 2012 at 3:36 PM EDT

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Facebook to Buy Instagram for $1 Billion

April 9, 2012 Updated Apr 9, 2012 at 3:36 PM EDT

Facebook CEO Mark Zuckerberg announced on Monday that the social networking giant has agreed to acquire photo-sharing service Instagram. 

Media reports say the purchase price is $1 billion.

According to the Facebook post from Zuckerberg:

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.

Read the Facebook post from Zuckerberg announcing the news HERE.