YahooStaff reports NBC News
18 hours ago
AP
Yahoo's board has agreed to buy Tumblr for $1.1 billion cash. Yahoo CEO Marissa Mayer has acquired several social media sites, presumably to attract a younger audience.
Yahoo said Monday it will buy blogging website Tumblr for $1.1 billion cash, in a bold move to make itself more relevant amid the explosion in social media on the Internet.
Yahoo said it "promises not to screw it up," in a press release announcing the deal.
It said Tumblr will operate independently as a separate business, perhaps trying to assuage Tumbler users who are concerned that Yahoo would irrevocably alter the blogging site's edgy image.
"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," the statement said.
Marissa Mayer's own Tumblr post showed some of that irreverence with a gif that seemed to poke fun at all the worries about the deal. "Now panic and freak out," "Keep calm and carry on," "Yahoo," "Tumblr" the gif said in successive, pastel-colored panels. Mayer also posted a tweet that had the Internet buzzing a bit with some mild ribbing.
Twitter screen shot.
Marissa Mayer tweets about the Yahoo deal to buy Tumblr for $1.1 billion.
Karp, now 26, dropped out of high school at 15 to start the company. His own blog post announcing the deal signs off with the expletive, "F... yeah, David."
"Before touching on how awesome this is, let me try to allay any concerns: We’re not turning purple. Our headquarters isn’t moving. Our team isn’t changing. Our roadmap isn’t changing. And our mission – to empower creators to make their best work and get it in front of the audience they deserve – certainly isn’t changing," Karp said in the blog post.
News of the deal was widely leaked Sunday. Talk of a deal began circulating Friday, after the Wall Street Journal's All Things D reported that the two companies had been in talks for several weeks.
Since Marissa Mayer became CEO at Yahoo, the company has acquired several companies that appeal to younger audiences, including Summly, Astrid and Jybe. Yahoo has also been rumored to be eyeing Hulu.
Observers say Mayer is making these deals to attract a younger audience.
CNBC contributed to this report.
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18 hours ago
Yahoo's board has agreed to buy Tumblr for $1.1 billion cash. Yahoo CEO Marissa Mayer has acquired several social media sites, presumably to attract a younger audience.
Yahoo said Monday it will buy blogging website Tumblr for $1.1 billion cash, in a bold move to make itself more relevant amid the explosion in social media on the Internet.
Yahoo said it "promises not to screw it up," in a press release announcing the deal.
It said Tumblr will operate independently as a separate business, perhaps trying to assuage Tumbler users who are concerned that Yahoo would irrevocably alter the blogging site's edgy image.
"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," the statement said.
Marissa Mayer's own Tumblr post showed some of that irreverence with a gif that seemed to poke fun at all the worries about the deal. "Now panic and freak out," "Keep calm and carry on," "Yahoo," "Tumblr" the gif said in successive, pastel-colored panels. Mayer also posted a tweet that had the Internet buzzing a bit with some mild ribbing.
Marissa Mayer tweets about the Yahoo deal to buy Tumblr for $1.1 billion.
Karp, now 26, dropped out of high school at 15 to start the company. His own blog post announcing the deal signs off with the expletive, "F... yeah, David."
"Before touching on how awesome this is, let me try to allay any concerns: We’re not turning purple. Our headquarters isn’t moving. Our team isn’t changing. Our roadmap isn’t changing. And our mission – to empower creators to make their best work and get it in front of the audience they deserve – certainly isn’t changing," Karp said in the blog post.
News of the deal was widely leaked Sunday. Talk of a deal began circulating Friday, after the Wall Street Journal's All Things D reported that the two companies had been in talks for several weeks.
Since Marissa Mayer became CEO at Yahoo, the company has acquired several companies that appeal to younger audiences, including Summly, Astrid and Jybe. Yahoo has also been rumored to be eyeing Hulu.
Observers say Mayer is making these deals to attract a younger audience.
CNBC contributed to this report.
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