Yahoo! Acquires Social News Startup Snip.it

Yahoo! (NASDAQ: YHOO  ) has acquired "social news platform" Snip.it, the latter announced on the home page of its website this week. The terms of the sale were not disclosed.

Snip.it is a social media site that allows its users to collect and organize media articles, then share them via popular venues such as Facebook. It was founded in 2011 by entrepreneur Ramy Adeeb.

The company will no longer function as Snip.it and has ceased supporting "snipping." The firm did not specify in its statement how it would be integrated into the structure of its new owner. In the blog post disclosing the sale it wrote that "while we can't share the specifics of what we'll be building, we are excited about the opportunity to take social news to new, exciting heights at Yahoo!."

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