Facebook's $1B Instagram Buy Gets Closer Look By FTC

Law360, New York (May 30, 2012, 10:27 PM EDT) -- The Federal Trade Commission has asked Facebook Inc. for more information about its $1 billion deal for trendy photo-sharing application Instagram, a move attorneys said Wednesday may be driven by worries that the social networking giant is squelching competition from a potential future rival.

Facebook announced plans in early April to snap up Instagram, which lets its more than 30 million smartphone users edit and share photos, in a cash-and-stock deal, quickly prompting speculation that regulators might take a closer look.

A company spokesman said Wednesday...
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