Yahoo! confirms moviemaking app purchase

<p>Yahoo! has bought Qwiki.</p>

Yahoo! has confirmed it has completed the purchase of a moviemaking app.

The company has bought Qwiki, which allows users to turn their photos, music and videos into short films.

Yahoo!, which is aiming to bring users back from rivals Google and Facebook, has also recently purchased Tumblr and Bignoggins Productions.

In a statement posted on the blogging platform Tumblr, the company revealed that the deal means Yahoo! "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".

Qwiki added that its team has spent the past few years creating products and technology that make it easy to share and discover stories and the deal with Yahoo! will help with this.

Former Google executive Marissa Mayer was appointed as Yahoo's chief executive last year and she has been attempting to turn the firm around.

Its stocks will open trading today (July 3rd) at 24.99, which is close to the one-year high for the internet company of 27.68.

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