Yahoo acquires Tumblr in $1.1 billion cash deal, ‘promises not to screw it up’
Yahoo has officially announced that it will acquire Tumblr in a $1.1 billion cash deal expected to close in the second half of the year, and will keep Tumblr’s David Karp on as CEO. “Per the agreement and our promise not to screw it up,” Yahoo says in its press release, “Tumblr will be independently operated as a separate business.” In one of its first acts of business, Yahoo has moved its official blog to yahoo.tumblr.com.
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