Yahoo Finalizes $1.1 Billion Acquisition of Tumblr

Thu, Jun 20 2013 09:33am PDT 1
Kelly Curtis
Kelly Curtis
16 Posts
Yahoo confirmed late Wednesday it has completed a deal in which it will acquire the social-based blogging site Tumblr for a price tag of $1.1 billion. The etch giant's intention to purchase Tumblr was first announced in May. Yahoo confirmed that Tumblr will function as an independent subsidiary, the company said, and will be run by current Tumblr CEO, David Karp. As of the middle of May, Tumblr had over 300 million monthly active users, a total of 50 billion blog posts on the site and about 75 million new blog entries added every day.

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