Yahoo buys Tumblr for $1.1 billion
Now it's official: Internet group Yahoo is buying the Tumblr blog service for $1.1 billion. The service is to be continued independently, Yahoo explained on Monday.
Founder David Karp will remain Tumblr chief executive. Yahoo, he said, had made the promise to keep it
"not to mess up," it was said. One year after Facebook bought the photo platform Instagram, Tumblr is the next fast-growing Internet company to leave the market. The short message service Twitter and the photo service Pinterest are still independent.
Yahoo has been struggling with a decline in advertising revenues for years. Former Google executive Marissa Mayer, who was appointed CEO last year, wants to tackle the problem by focusing on attractive content and web search, among other things. She is also exploring several other acquisition opportunities, the Wall Street Journal said. (SDA)
