Yahoo announces its acquisition of Tumblr for $1.1 billion

Yahoo! announced today that the company is acquiring blogging platform Tumblr for $1.1 billion in cash. According to the announcement by Tumblr, the company isn’t “turning purple” and will remain independent, with the same team and the same headquarters. Tumblr, though, will now have access to the resources available from Yahoo!, and its investors will get a big pile of cash.

Yahoo! CEO Marissa Mayer promises in Yahoo’s announcement not to “screw it up” and adds, “On many levels, Tumblr and Yahoo couldn’t be more different, but, at the same time, they couldn’t be more complimentary. Yahoo is the internet’s original media network. Tumblr is the internet’s fastest-growing media frenzy.”

[Via Yahoo and Tumblr]

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