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MICROSOFT MOVES INTO SOCIAL MEDIA; ACQUIRES LINKEDIN

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Microsoft has acquired the professional social network LinkedIn for $26.2
billion in cash, the company announced on Monday. Microsoft chief executive
Satya Nadella said in a statement that “This deal brings together the world’s
leading professional cloud with the world’s leading professional network,”
According to a statement from the two firms, LinkedIn “will retain its
distinct brand, culture and independence,” with Jeff Weiner remained at CEO of
LinkedIn. “Just as we have changed the way the world connects to opportunity,
this relationship with Microsoft, and the combination of their cloud and
LinkedIn’s network, now gives us a chance to also change the way the world
works,” Weiner said.

The two firms said they had reached a “definitive” agreement that would
close later this year, with the support of LinkedIn chairman and controlling
shareholder Reid Hoffman.
The move comes with Microsoft refocusing its efforts away from being a pure
software firm, and LinkedIn seeking ways to boost growth. LinkedIn, which
enables members to connect with similar-minded professionals and facilitates
job hunting, has some 433 million members worldwide.
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