Facebook just bought Instagram…don’t flip out just yet

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My jaw just dropped with the news I received from MacRumors that Facebook, the social network, is buying Instagram, a photo-sharing app and the rising star of the social media world.

I know what you’re thinking…

W…T…F?!

Another media giant buying out a smoking hot tech start-up, turning the cool new indie thing into the latest corporate toy.

Luckily, Facebook appears to be taking a very smart approach here: become the financial backbone of what’s already become an established sensation, and one that’s here to stay.

So, hopefully, that means we don’t see INSTABOOK anytime soon.

Just last week, game developer Zynga purchases OMGPOP, the company behind the latest buzzworthy iOS game Draw Something.

And it wasn’t so long ago that Microsoft, the biggest kid on the tech playground, bought Skype. Another shocking moment in tech buyout history.

Now think about the two players in a buyout like that: people love Skype, and everyone hates Microsoft. Skype brings us closer to our relatives afar through free or inexpensive international phone calls and video calls. Microsoft makes Windows PCs! Blegh. Viruses, nerds and Bill Gates.

But so far, Skype is still Skype. Big bad Microsoft hasn’t closed up Skype’s shop and rates haven’t changed (as far as I know). For once, a merger has gone smoothly, and independence reigns, while corporate parents Microsoft still gets the perks. In this case, that’s Xbox Kinect integration.

For previous tech mergers gone really bad, we can always look to AOL Time Warner.

And more recently, AOL’s purchase of The Huffington Post has been a learning experience for both sides. More on that from TechCrunch.

Here’s to hoping Facebook keeps its promise and Instagram remains great.

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