x PhoneArena is looking for new authors! To view all available positions, click here.
  • Home
  • News
  • Some interesting facts about the finally cleared Facebook aquisition of Instagram

Some interesting facts about the finally cleared Facebook aquisition of Instagram

Posted: , by Michael H.

Tags:

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

12 Comments
  • Options
    Close




posted on 29 Aug 2012, 15:57 11

1. thebest (Posts: 231; Member since: 08 Jul 2012)


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

posted on 29 Aug 2012, 16:17 10

3. MichaelHeller (Posts: 2662; Member since: 26 May 2011)


m.phonearena.com

posted on 30 Aug 2012, 02:47 3

9. rihel_95 (Posts: 210; Member since: 21 Mar 2012)


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

posted on 30 Aug 2012, 06:20 1

10. Lwazi_N (Posts: 205; Member since: 23 Jun 2011)


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

posted on 29 Aug 2012, 17:11

4. networkdood (Posts: 6261; Member since: 31 Mar 2010)


flipboard is pretty good, too.

posted on 29 Aug 2012, 16:13

2. kingty773 (Posts: 5; Member since: 13 Feb 2012)


its still BIG BROTHER watching all of us

posted on 29 Aug 2012, 17:11

5. networkdood (Posts: 6261; Member since: 31 Mar 2010)


yes, I am.

posted on 29 Aug 2012, 17:27

6. phelpst (Posts: 7; Member since: 19 May 2012)


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.

posted on 29 Aug 2012, 20:10 2

7. FrostyDanny (Posts: 90; Member since: 15 Jul 2012)


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

posted on 30 Aug 2012, 00:01

8. loken (Posts: 462; Member since: 09 May 2012)


instaface-gram

posted on 30 Aug 2012, 18:48

11. dragonstkdgirl (Posts: 144; Member since: 07 Apr 2012)


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...

posted on 31 Aug 2012, 13:02

12. speed4evr (Posts: 79; Member since: 05 Oct 2011)


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

Want to comment? Please login or register.

Latest stories