Microsoft Corp (MSFT.O) agreed to buy LinkedIn Corp (LNKD.N) for $26.2 billion in cash, the companies said in a statement on Monday. Microsoft Corp announced more big cuts to its smartphone business on Wednesday. Jeff Weiner will remain chief executive of LinkedIn, reporting to Microsoft CEO Satya Nadella. "Today is a re-founding moment for LinkedIn," Reid Hoffman, chairman of LinkedIn's board, said in a statement. Updated Mon, June 13th 2016 at 15:58 GMT +3A Microsoft logo is seen on an office building in New York City in this July 28, 2015 file photo.

Source: Standard Digital June 13, 2016 12:45 UTC