Yahoo Posts $1.1B Acquisition Of Blog Site Tumblr

Law360, New York (May 20, 2013, 11:47 AM EDT) -- Yahoo Inc. will acquire social media and personal blog platform Tumblr for $1.1 billion in cash, the search giant announced Monday, promising not to "screw up" the popular blog site that will give Yahoo access to hundreds of millions of new customers.

New York-based Tumblr will continue to operate independently as a standalone business, with CEO David Karp remaining in charge. The companies agreed to work jointly on advertising ventures, and Tumblr will gain access to Yahoo's personalization technology and search infrastructure.

"Tumblr is redefining creative...
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