Yahoo! Officially Acquires Tumblr for $1.1 Billion

Image of Yahoo! Officially Acquires Tumblr for $1.1 Billion

Yahoo! has released an official statement dated 20 May 2013 that the giant company has reached a definitive agreement to acquire Tumblr, one of the fastest-growing media networks in the world.

Tumblr will still be independently operated as a separate business and its head, David Karp will remain CEO.  Yahoo! professed not to screw things up with Tumblr.

Per the agreement and our 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.

Read the official statement HERE.

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