Facebook has snagged the highly popular photo-sharing application Instagram for $1 billion in cash and stock. It is among the biggest acquisitions in the social media space, second only to Google’s $1.65 billion stock-for-stock purchase of YouTube in 2006. The deal, both in size and intent, is very much a departure for Facebook.

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Facebook has snagged the highly popular photo-sharing application Instagram for $1 billion in cash and stock. It is among the biggest acquisitions in the social media space, second only to Google’s $1.65 billion stock-for-stock purchase of YouTube in 2006. The deal, both in size and intent, is very much a departure for Facebook.

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Microsoft has agreed to buy more than 800 patents from AOL for over $1 billion. The deal gives AOL a cross-license to the patents it’s selling to Microsoft, a source close to Microsoft confirmed. Further, Microsoft will get a non-exclusive license for the remaining 300+ patents and patent applications that AOL continues to hold.

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Facebook has reportedly purchased 750 patents from IBM in an effort to build its portfolio for better defense against patent suits. The social network giant, which plans to kick off an IPO in a matter of weeks, is in an especially vulnerable position against intellectual property suits.

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Executives from Verizon and Comcast went before a U.S. Senate judiciary subcommittee Wednesday to defend Verizon’s plan to purchase US$3.6 billion worth of spectrum from cable industry joint venture SpectrumCo. They were met with opposition from other wireless providers and consumer advocacy groups.

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