This is the best summary I could come up with:

The two sides declined to share the cost of the acquisition, but both made clear Yahoo is acquiring Artifact’s tech rather than its team.

Mike Krieger and Kevin Systrom, Artifact’s co-founders, will be “special advisors” for Yahoo but won’t be joining the company.

“We have built something that a core group of users love,” the co-founders wrote in January, “but we have concluded that the market opportunity isn’t big enough to warrant continued investment in this way.” They said that the biggest reason to shut down was in order to focus on “newer, bigger and better things that have the ability to reach many millions of people.” The bet behind Artifact was always that AI had the potential to be a huge, internet-changing technology; maybe there were just more interesting things to work on than a news app without a big news audience.

“A lot of organizations care deeply about news and personalized content,” he says, “and I think they’re looking around and saying ‘Wow, there’s this new wave of AI… maybe we should figure out what’s going on.’ Maybe that’s what I discounted originally.”

The company first began exploring an Artifact acquisition after reading that shutdown letter, says Kat Downs Mulder, the general manager for Yahoo News.

Downs Mulder says more than 185 million people come to Yahoo News every month, which puts Artifact’s personalization and recommendation tech in front of a vastly larger set of users than it likely ever would have gotten on its own.

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