Yahoo Picks Up Qwiki For A Rumored $50M

[ReadWrite]

   

Yahoo announced that it has just acquired New York–based Qwiki, a startup known mainly for an iOS app that automatically turns users' pics, music and vids into brief movies. Yahoo paid roughly $50 million in the deal, All Things D reported.

(See also: Move Over, Flipboard: Qwiki Is The iPad's Newest Killer App and In Defense Of Qwiki)

Qwiki fans might fear for its life, given Yahoo's penchant for dropping the axe on new acquisitions. But Yahoo promises to keep the Animoto-like app whole: "We will continue to support the Qwiki app, and the team will join Yahoo in our New York city office to reimagine Yahoo's storytelling experience," the company wrote in a blog post.

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[ReadWrite]