In a big move towards the social media space, Microsoft announced that it acquire the professional network Linkedin for $26.2 billion.
Jeff Weiner will stay on as Linkedin’s CEO but will be reporting to Microsoft’s CEO, Satya Nadella ccording to news.microsoft.com.
“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. “For the last 13 years, we’ve been uniquely positioned to connect professionals to make them more productive and successful, and I’m looking forward to leading our team through the next chapter of our story.”
Co-founder, controlling shareholder and Chairman of the Board, Reid Hoffman issued his own statement giving the acquisition his blessings.
“Today is a re-founding moment for LinkedIn. I see incredible opportunity for our members and customers and look forward to supporting this new and combined business,” said Hoffman. “I fully support this transaction and the Board’s decision to pursue it, and will vote my shares in accordance with their recommendation on it.”
Linkedin recently acquired Lynda.com in a move towards offering online learning tools. It is believed that Mircosoft will use this as an opportunity to offer more Microsoft products.
Linkedin is a powerhouse in the social media space. With 105 million active users and 433 million users overall the site receives about 45 billion pageviews quarterly.
The companies are hosting a conference call at 8.45AM Pacific time.