FTC okays Facebook's takeover bid for InstagramAugust 23, 2012 - 12:53 AMT PanARMENIAN.Net - The U.S. Federal Trade Commission has given Facebook's takeover bid for Instagram the go ahead, saying it would not take action to prevent the deal, according to BBC News. It brings Facebook a step closer to acquiring the photo-sharing phenomenon. In April, a month before going public, the company had announced it was buying Instagram for $1bn. But as Facebook's share price has dropped, Instagram has seen the value of the takeover drop. Now the deal would value Instagram at $747m. Since its launch in 2010, Instagram has won more than 50 million users, and a recent study said nearly half of the world's top brands use it as part of their marketing strategy. Facebook, whose offer consisted of $300m in cash and 23 million of its shares, has lost some of its luster since its May flotation. Facebook said in a statement that it was pleased the FTC had cleared the purchase, but did not say when the deal would be completed, although it hopes to finalize the transaction by the end of 2012. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Armenian, Azerbaijani heads of parliament meet in Switzerland President of the Armenian parliament Alen Simonyan met with the Speaker of the Azerbaijani Milli Majlis Sahiba Gafarova. Border residents overnight on highway to protest Armenia’s Residents of Kirants continue to express outrage over the government’s decision to cede land to Azerbaijan. Get Started: An educational platform for young startuppers The Get Started program which operates in two phases is an important platform for young startuppers. Byblos Bank Armenia celebrates Students' Day with scholarship recipients YSU students who received scholarships from Byblos Bank Armenia gathered in a casual setting to meet with the Bank's CEO, Hayk Stepanyan. |