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Apple plans to acquire video and photo sharing company?

Color Labs acquisition may be for FaceTime-related patentsrn rnNews that Apple is buying streaming video and photo sharing network Color Labs

Apple Inc. does not make a lot of acquisitions but when it does it becomes big news and is overly scrutinized.

Take for example, the news today of Apple acquiring streaming video and photo sharing network Color Labs, based in Palo Alto, California.

Color Labs was founded by Bill Nguyen and Peter Pham last year. When it released its photo-sharing app it got over a million downloads, but later on in the year it’s active user base was down substantially. There was a report that Google offered to buy Color Labs for $200 million.

Now the story goes that Apple wants Color Labs for its patents as protection for its Facetime app.

And, according to its Wikipedia page Color Labs may even shut down operations.

Nguyen has been lucky with Apple in the past. Apple acquired his music streaming service Lala in 2009.