FTC Approves Facebook's Acquisition Of Instagram
It's official: Photo-sharing application Instagram is now a Facebook entity. The Federal Trade Commission announced Wednesday that it has ended its investigation into the deal and given its blessing to go forward. The acquisition was first valued at $1 billion, but due to Facebook's tumbling stock value, it's now worth somewhere around $735 million.
It’s official: Photo-sharing application Instagram is now a Facebook entity. The Federal Trade Commission announced Wednesday that it has ended its investigation into the deal and given its blessing to go forward. The acquisition was first valued at $1 billion, but due to Facebook’s tumbling stock value, it’s now worth somewhere around $735 million.
Here’s the announcement, straight from the FTC:
The Federal Trade Commission has closed its nonpublic investigation of Facebook’s proposed acquisition of Instagram without taking any action.
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