You can be on Entrepreneur’s cover!

Yahoo Buys Mobile App Qwiki Yahoo agrees to buy the movie-making app for iPhones, as it tries to increase its presence in the world of smartphones and tablets.

entrepreneur daily

This story originally appeared on Reuters

Reuters/Robert Galbraith

Yahoo Inc. said that it will buy Qwiki Inc., a mobile app for creating videos in Apple Inc.'s iPhone, as it tries to increase its presence in the world of smartphones and tablets.

The company paid about $50 million for the deal, tech blog AllThingsD cited sources as saying. Terms of the deal however were not disclosed.

This is Yahoo's third acquisition since May when it bought blogging service Tumblr for $1.1 billion in cash. Earlier this week, the company reportedly acquired Bignoggins Productions, another mobile app developer.

Related: First Tumblr, Now Hulu, Oh My! What's Driving Yahoo's Startup Appetite

Yahoo has seen its revenue shrink in recent years in the face of competition from Google Inc. and Facebook Inc., but since she took charge in 2012 CEO Marissa Mayer has tried to turn the tide through a string of acquisitions.

Qwiki's app would continue to be supported by Yahoo and its employees would move to Yahoo's New York offices.

Yahoo shares closed at $24.99 on Tuesday on the Nasdaq.

(Reporting by Avik Das in Bangalore; Editing by Stephen Coates)

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

From Tom Brady to Kevin O'Leary – See Who Lost Big in the Wake of the FTX Crypto Collapse

The crash exposed an $8 billion hole in FTX's accounts, leaving investors and customers scrambling to recoup their funds.

Business News

This Highly-Debated Piece of Cinematic History Just Sold For Over $700,000 at Auction

The wood panel from "Titanic" is often mistaken as a door. Either way, he couldn't have fit. (Sorry.)

Fundraising

Avoid These 9 Pitch Deck Mistakes When Asking Others For Money

Crafting an efficient pitch deck requires serious effort, but at least it's not wandering in the dark since certain rules are shaped by decades of relationships between startups and investors.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.