Twitter, Facebook, and Instagram are three of the most popular social media platforms in the United States, and the three companies have each recently announced their plans to merge with each other.
Today, Twitter has announced that it’s acquiring Instagram for $19.3 billion.
The acquisition will combine Instagram with Twitter’s media platform, Vine, which will now be known as Vine.
Instagram, in turn, is buying Vine for $8 billion.
In addition to the acquisition, Instagram will also acquire Twitter’s video platform, Vevo, for $9.2 billion.
All three of these deals are expected to close in the first quarter of 2021.
The news is all the more noteworthy because it’s the second major acquisition of Instagram’s kind in less than a year.
Earlier this month, the social media company said it was closing a deal to acquire Snapchat for $3 billion in an effort to make Snapchat more appealing to advertisers.
In June, Snapchat also announced it was buying Facebook for $1 billion.