Yahoo has entered into a definitive agreement to acquire photo-sharing Web site, Flickr and its parent company, Ludicorp.

The company will continue to work on its community-focused product, it promises in a note to customers on its blog.

Flickr is a resource that lets users store, sort, search and share photos online. It supports multiple publishing and capture methods, for example camera phones and RSS feeds.

Yahoo Photos will gain Flickr features, the company said, adding that its: "Free accounts will have more storage and uploads - pro accounts too - and they'll be cheaper."