Yahoo to buy Tumblr in $1.1bn deal

Internet giant Yahoo has announced that it will acquire the popular blogging platform Tumblr for about $1.1bn in cash, giving the company a much-needed platform in social media to reach a younger generation of users.

The company announced the acquisition in a statement on Monday, saying that it will be independently operated as a seperate business.

David Karp, a high school dropout who started Tumblr six years ago, will remain in control of the service in an effort to retain the same “irreverence, wit and commitment to empower creators”, Yahoo said.

The acquisition of Tumblr, a fast-growing platform popular with young users, would be Marissa Mayer’s, Yahoo chief executive, largest deal since taking the helm of the once-iconic internet company in July last year.

Source: Aljazeera

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