Yahoo to buy Tumblr for $1.1 billion
May 20 , 2013
Yahoo's board approved a deal on Sunday to acquire blogging service Tumblr for $1.1 billion.
The purchase of the New York-based firm marks CEO Marissa Mayer's largest deal since taking charge of Yahoo in July last year.
According to industry analysts, the acquisition is set to boost Yahoo’s social media presence and attract a younger audience.
Tumblr, which says it hosts 108 million blogs with 50.7 billion posts, will also see a rise in its revenue from advertisements.
Under the terms of the acquisition, Tumblr will continue to operate as an independent business.