Instabook? Facebook buys Instagram for $1 billion

Everyone's favorite obligatory social network just snapped up everyone's favorite photo-sharing network in a $1 billion deal that was kept quiet until the moment Facebook founder Mark Zuckerberg dropped in the news to his subscribers.

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

The deal cost around $1 billion in cash and stocks, according to published reports. Zuckerberg called it a "milestone for Facebook because it's the first time we've ever acquired a product and company with so many users."

Instagram's CEO Kevin Systromsaid the network will "still be the same one you know and love."

"It’s important to be clear that Instagram is not going away," he wrote in a blog announcing the deal. "We’ll be working with Facebook to evolve Instagram and build the network. We’ll continue to add new features to the product and find new ways to create a better mobile photos experience."

Instagram, with its tiny staff of only nine (or is it 10?), has had meteoric rise since its launch, reaching more than 30 million downloads in the iTunes app store. Last week, the app finally launched on Android, topping a million downloads in the first 12 hours.

This post has been updated since its original publication.

Follow reporter Tim Herrera on Twitter: @tim_herrera