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"Yahoo has completed an acquisition of scrapbooking and aggregation company Snip.it. The startup provided a similar service to Pinterest, but its existing business is to be scrapped so it can shoulder Yahoo&amp;#039;s social news projects. Snip.it, which has a user base of around 7,000, said in a statement that it will be &amp;quot;no longer support snipping&amp;quot; and warned subscribers that they have until February 21 to download their files. Yahoo did not publicly disclose the amount it paid for the firm, but an alleged inside source told All Things D that it shelled out somewhere in the &amp;quot;mid-teens&amp;quot; of millions of dollars. The once-dominant internet company is undergoing a transformation after shaking up its management setup in a bid to shake off its financial woes and claw back ground on the likes of Google. CEO Marissa Mayer has brought in wholesale changes to the firm, poaching Google executive Henrique de Castro to take up the vacant post of chief operating officer and dissolving its South Korean business. Snip.it rival Clipix has already moved to take advantage of the firm&amp;#039;s absence, encouraging its users to convert their &amp;#039;snips&amp;#039; into &amp;#039;clips&amp;#039;. "^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.digitalspy.com/tech/internet/news/a453082/yahoo-acquires-pinterest-rival-snipit/>