Facebook to Buy Instagram for $1 Billion

Just breaking: Facebook, said to be buying photo app Instagram for a billion dollars.

Instagram is well-liked, and used all the time. Heck, the guy who started it was in the First Lady's box during the Presidential State of the Union address.

But a billion dollars?

Wow. We're back in 1999, aren't we?

Facebook is reportedly paying cash and stock for the San Francisco-based Instagram. The deal is expected to close in June.

If you aren't familiar with Instagram, it lets people apply filters to photos and share them with friends and strangers. Some of the more popular filters make the photos look as if they've been taken in the 1970s or on Polaroid cameras.

"This is an important milestone for Facebook because it's the first time we've ever acquired a product and company with so many users,'' CEO Mark Zuckerberg wrote on his Facebook page. "We don't plan on doing many more of these, if any at all."