Yahoo buys storytelling app Qwiki

The media giant acquires the creative minds behind an iPhone app that lets users turn their photos, videos, and music into sharable movies.

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Yahoo's buying spree continues. The media giant acquired app maker Qwiki, Yahoo announced in a blog post Tuesday.

Yahoo was reportedly considering paying as much as $50 million for the company, which offers an iPhone app that lets users create movie clips from their photos, music, and videos. The Qwiki app will continue as a standalone under the Yahoo brand.

"We will continue to support the Qwiki app," said Yahoo in the blog post. "The team will join Yahoo in our New York city office to reimagine Yahoo's storytelling experience."

The acquisition is in line with CEO Marissa Mayer's statement last October that Yahoo's "top priority is a focused, coherent mobile strategy."

Yahoo made a splash when it acquired Tumblr for $1.1 billion in May, but it has been gobbling up other companies as well, including news-reading app Summly, conference-call service Rondee, and iOS camera app maker GhostBird Software. The company also recently announced it will shut down a dozen products to instead "focus on creating beautiful products that are essential to you every day."