Facebook buying Instagram for $1B

Facebook says it will spend $1 billion to buy the photo-sharing software company Instagram

Associated Press

MENLO PARK, Calif. (AP) -- Facebook says it will spend $1 billion to buy the photo-sharing software company Instagram.

The deal comes days after the service began offering a version for Android phones. The payment will be in cash and Facebook stock. Facebook is expected to complete its initial public offering of stock next month.

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