Yahoo! buys scrapbook website Snip.it

AP FILE PHOTO

SAN FRANCISCO – Yahoo! confirmed Tuesday that it bought Snip.it, a young San Francisco startup that lets people create scrapbooks with pictures, articles, videos and other content found online.

“The Snip.it team created an innovative technology that lets people share content in a social and fun way,” Yahoo! vice president of product Mike Kerns said in a statement emailed to AFP.

“Reading and sharing content is a core daily habit for most of the world, and we can’t wait to work with the Snip.it team to make that experience even more entertaining for our users.”

A message posted at Snip.it told users it was “joining forces” with Yahoo! and that the service was no longer available. A link was provided to a hall of fame honoring top Snip.it contributors.

“For the past year and a half, we’ve worked tirelessly as a team to build the best social news platform on the Web,” Snip.it said in the message.

“We are thrilled at the opportunity to bring Snip.it‘s vision to a larger scale at Yahoo!”

Snip.it launched in late 2011 as a place where people could share digital “scrapbooks” based on topics or themes of their choosing.

Financial terms of the acquisition were not disclosed but unconfirmed online reports estimated the figure to be in the vicinity of $15 million.

Other Stories:

Report: Yahoo nearing $1.1B acquisition of Tumblr

Yahoo chairman joins recent boardroom exodus

3 arrested for running online prostitution ring

Yahoo redesign aims to make site more inviting

Recent Stories:

Report: Yahoo nearing $1.1B acquisition of Tumblr _{1 min elapsed}

Southern China rains kill 55, leave 14 missing _{32 mins elapsed}

US commuter trains collide; 60 go to hospitals _{1 hour elapsed}

Flesh-eating disease victim gets prosthetic hands _{1 hour elapsed}

‘Sonic’ video games coming to Nintendo _{2 hours elapsed}

‘Hatchet hitchhiker’ arrested in US murder _{2 hours elapsed}

Caribbean talks conservation on Branson’s island _{2 hours elapsed}

Former lawyer says OJ Simpson knew about guns _{4 hours elapsed}

Tags: acquisition , Online , scrapbook , snip.it , Yahoo