Yahoo has acquired Qwiki, the start-up behind an iPhone app that allows users to turn photos, music and videos into short movies automatically .Yahoo did not disclose the amount it paid to buy Qwiki, though AllThingsD report that the deal was valued between $40 million – $50 million.

Yahoo said that it “will continue to support the Qwiki app, and the team will join Yahoo in our New York city office to reimagine Yahoo!’s storytelling experience”.
In attempt to turn around its fortunes it appointed former leading Google executive as its chief executive last year.

Since Marissa Mayer took the helm in July 2012 Yahoo has bought various firms including start ups such as Alike, Stamped, Snip.it and a Summly.

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