It has been confirmed that Yahoo has purchased Snip.it for around $10 million earlier today.  Snip.it was a San Francisco-based startup which allowed people to cut out small parts of online articles and arrange them together in a nice looking way.

Along with the first $10 million likely to be payed by Yahoo to acquire Snip.it, there were also several million dollars worth of earnouts included with the deal.

Snip.it

As of now, Snip.it is officially shutdown BUT if you would like to get your data from the service, you can download it until February 21st.

According to the current reports, 9 of the 10 Snip.it staff members will be joining the project over at Yahoo.