Yahoo! to Purchase Tumblr for $1.1 Billion

Yesterday, Yahoo! announced its plans and its offer to buy Tumblr for $1.1 Billion.  The official press release is available here.

Tumblr, often called a blogging website, allows users to post quick and short updates.  Tumblr is very similar to Twitter, but without the constraints of the 140 character limit.  Also viewed as a social networking site, Tumblr does not have as many bells and whistles as Facebook.

The Yahoo! press release assured the public that:

Per the agreement and our [Yahoo!’s] promise not to screw it up, Tumblr will be independently operated as a separate business. David Karp will remain CEO. The product, service and brand will continue to be defined and developed separately with the same Tumblr irreverence, wit, and commitment to empower creators.

Marissa Mayer, Yahoo!’s Chief Executive Officer, explained that Yahoo!’s older audience and Tumblr’s younger audience will fit together and she stands firm with her business decision.  The Washington Post published more details about the acquisition and you can read about it here.

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