Some interesting facts about the finally cleared Facebook aquisition of Instagram

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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12 Comments

1. thebest

Posts: 231; Member since: Jul 08, 2012

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

3. MichaelHeller

Posts: 2734; Member since: May 26, 2011

m.phonearena.com

9. rihel_95

Posts: 305; Member since: Mar 21, 2012

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

10. Lwazi_N

Posts: 205; Member since: Jun 23, 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

4. networkdood

Posts: 6330; Member since: Mar 31, 2010

flipboard is pretty good, too.

2. kingty773

Posts: 5; Member since: Feb 13, 2012

its still BIG BROTHER watching all of us

5. networkdood

Posts: 6330; Member since: Mar 31, 2010

yes, I am.

6. phelpst

Posts: 7; Member since: May 19, 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.

7. FrostyDanny

Posts: 90; Member since: Jul 15, 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.

8. loken

Posts: 462; Member since: May 09, 2012

instaface-gram

11. dragonstkdgirl

Posts: 144; Member since: Apr 07, 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...

12. speed4evr

Posts: 79; Member since: Oct 05, 2011

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

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