After reports emerged that Yahoo was getting ready to acquire Snip.it, the companies made it official. Yahoo did not issue a formal announcement, but a spokesperson for the company tells WebProNews that Snip.it will join Yahoo’s media group. They would not disclose the price or other terms of the deal.

“The Snip.it team created an innovative technology that lets people share content in a social and fun way,” says Yahoo VP of Product, Mike Kerns. “We’re excited to welcome them to Yahoo!, where they will help us build experiences that bring people with shared interests together. Reading and sharing content is a core daily habit for most of the world, and we can’t wait to work with the Snip.it team to make that experience even more entertaining for our users.”

Snip.it also announced the news on its site, which says:

We are excited to share some big news: Snip.it has been acquired by Yahoo!. For the past year and a half, we’ve worked tirelessly as a team to build the best social news platform on the web. We’ve been absolutely blown away by the breadth, depth and quality of the content you guys share on Snip.it every day. You helped make it a treasure trove of unique content, and we cannot thank you enough for your contributions to the platform, as well as your valuable feedback on the product.

We are thrilled at the opportunity to bring Snip.it’s vision to a larger scale at Yahoo!. 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!. The Yahoo! team is passionate about inspiring and entertaining the world’s daily habits, and certainly sharing news and information is something we all do every day. The vision and energy at the company is contagious, and we’re so excited to be part of all that is to come.

Users are probably not too happy to learn that Snip.it is no longer supporting “snipping,” but it has provided an option to download your data, which will be available until February 21.