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FTC Approves Facebook Buyout of Instagram

The social networking company bought the photo app for $750 million

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Facebook (FB: 19.53, +0.09, +0.44%) received the green light this week from the Federal Trade Commission to go ahead with its $750 million buyout of photo-sharing app Instagram, a deal the social network hopes will bolster its struggling mobile offerings.

The world's largest social network first unveiled a deal to acquire Instagram in April, drawing widespread attention for the lofty price tag and CEO Mark Zuckerberg's decision to merely "consult" his board of directions on the transaction, Facebook's largest ever.