Facebook buys Instagram for a billion dollars

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We've told you before about how much we like Instagram here at CoolPhotoIdeas, but it turns out Facebook likes it even more -- they've just bought it for $1bn.

The deal for the photo-sharing application was recently announced on Facebook by Mark Zuckerberg who said the companies would compliment each other.

He added that rather than just trying to integrate everything into Facebook they would work to build on Instagram's strengths and features.

Writing on Facebook Zuckerberg said: "I'm excited to share the news that we've agreed to acquire Instagram and that their talented team will be joining Facebook.

"For years, we've focused on building the best experience for sharing photos with your friends and family.

"Now, we'll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests."