Facebook CEO Mark Zuckerberg on Monday announced that the U.S.-based social networking giant is buying photo sharing network Insatgram for about $1 billion.
Instagram was only launched in October 2010 - initially just for iPhone users before being offered as an Android app last week.
A press release by Facebook says the transaction is, "approximately $1 billion in a combination of cash and shares." The transaction is expected to close later this quarter, the release says.
Zuckerberg pledged to continue to develop Instagram as a separate brand, allowing it to post to rival networks.
Instagram CEO Kevin Systrom said in his own post, "It's important to be clear up that Instagram is not going away. We'll be working with Facebook to evolve Instagram and build the network. We'll continue to add new features to the product and find new ways to create a better mobile photo experience."
