Facebook acquires Instagram for $1 billion

Facebook confirmed on its website that it has reached an agreement to purchase Instagram. Facebook CEO Mark Zuckerberg says, "I'm excited to share the news that we've agreed to acquire Instagram and that their talented team will be joining Facebook."

The release says the photo-sharing app developer sold for US$1 billion. Instagram's CEO says that the company will continue to offer its flagship apps for iOS and Android as independent products.