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Some interesting facts about the finally cleared Facebook aquisition of Instagram

Some interesting facts about the finally cleared Facebook aquisition of Instagram

Posted: 29 Aug 2012, 15:49, by Michael H.

Categories: Apps Apps

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Some interesting facts about the finally cleared Facebook aquisition of Instagram

When Facebook announced that it planned to acquire Instagram for a cool $1 billion earlier this year, the interwebs exploded with questions about the deal, most of which began with WTF? Now, the deal is completely cleared to move forward and Instagram founder and CEO Kevin Systrom has some interesting information about the whole thing.

The deal was cleared by the FTC last week, and today passed a “fairness hearing” held by the California Department of Corporations, which means the deal is all set to be finalized. It is expected that the deal could officially close by the end of the week.

But, we don't really care about the deal. We care more about how the deal came about, and the info on that is pretty surprising. According to Instagram CEO Kevin Systrom, Facebook bid against itself for the right to pay $1 billion to acquire the company. That's right, there were absolutely no other bids out there to purchase the company. Facebook was all alone and still paid twice the market value of the company. Even better, Facebook paid twice the market value for the right to buy a company that loses $2.7 million a year.

The deal may still be good for Facebook overall, because apparently the company was working on its own photo sharing service, but a Facebook development executive, Amin Zoufonoun, said that Instagram was better.

source: Mashable

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1. thebest posted on 29 Aug 2012, 15:57 11 0

PA , we need a mobile version of this website.......

3. MichaelHeller posted on 29 Aug 2012, 16:17 10 2

m.phonearena.com

9. rihel_95 posted on 30 Aug 2012, 02:47 3 0

fairly speaking, anyone whu visited this site will agree that its not upto the mark!

10. Lwazi_N posted on 30 Aug 2012, 06:20 1 0

I'm with Rihel on that one. Even column view on my phone, looks better than the phonearena mobile site. It would be nice if it would be HTML5 like Hi5/LinkedIn mobile or even be structured like gsmarena's mobile site

4. networkdood posted on 29 Aug 2012, 17:11 0 0

flipboard is pretty good, too.

2. kingty773 posted on 29 Aug 2012, 16:13 0 0

its still BIG BROTHER watching all of us

5. networkdood posted on 29 Aug 2012, 17:11 0 0

yes, I am.

6. phelpst posted on 29 Aug 2012, 17:27 0 0

I think this is a great idea. people that can't get Instagram on their phone will still be able to use it now that they're integrated. They most likely won't change the name but i just wanted to put this out there, if they were to change the name it should be changed to Facegram. If you think about it, it really works and sounds good. Just a thought.

7. FrostyDanny posted on 29 Aug 2012, 20:10 2 0

Is this why my favorite app looks like crap now? Everyone i know HATES the new looks im afraid it will turn into facebook.

8. loken posted on 30 Aug 2012, 00:01 0 0

instaface-gram

11. dragonstkdgirl posted on 30 Aug 2012, 18:48 0 0

Facebook has already turned into Instragram smh my entire news feed is chock full of those photo e-cards and "So and So liked a photo".

I miss the days of facebook before photobombing.

Facebook buying Instagram can only mean it will get worse...

12. speed4evr posted on 31 Aug 2012, 13:02 0 0

Those photo likes and e cards annoyed me, i ended up deactivating my FB for now.

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- Hardware: Quad core, 1900 MHz, Krait 300, 2048 MB RAM
- Display: 5.0 inches, 1080 x 1920 pixels, Capacitive Touchscreen
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- OS: Android 4.2.2 4.2.1 4.2
- Hardware: Quad core, 1500 MHz, Krait, 2048 MB RAM
- Display: 4.7 inches, 768 x 1280 pixels, Capacitive Touchscreen
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- Battery: 15.3 hours of Talk Time, 390 hours of Stand-by
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- OS: Windows Phone 8
- Hardware: Dual core, 1500 MHz, Krait, 1024 MB RAM
- Display: 4.5 inches, 768 x 1280 pixels, Capacitive Touchscreen
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- Technology: GSM (850 900 1800 1900)
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Some interesting facts about the finally cleared Facebook aquisition of Instagram

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12 Comments Follow Following

1. thebest posted on 29 Aug 2012, 15:57 11 0

3. MichaelHeller posted on 29 Aug 2012, 16:17 10 2

9. rihel_95 posted on 30 Aug 2012, 02:47 3 0

10. Lwazi_N posted on 30 Aug 2012, 06:20 1 0

4. networkdood posted on 29 Aug 2012, 17:11 0 0

2. kingty773 posted on 29 Aug 2012, 16:13 0 0

5. networkdood posted on 29 Aug 2012, 17:11 0 0

6. phelpst posted on 29 Aug 2012, 17:27 0 0

7. FrostyDanny posted on 29 Aug 2012, 20:10 2 0

8. loken posted on 30 Aug 2012, 00:01 0 0

11. dragonstkdgirl posted on 30 Aug 2012, 18:48 0 0

12. speed4evr posted on 31 Aug 2012, 13:02 0 0

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