Yahoo officially acquires Tumblr for $1.1 billion

After weeks of speculation and the Yahoo board approving the deal yesterday, Yahoo has officially announced that it will be acquiring the blogging site for a sweet $1.1 billion....

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After weeks of speculation and the Yahoo board approving the deal yesterday, Yahoo has officially announced that it will be acquiring the blogging site for a sweet $1.1 billion.

Yahoo says that Tumblr will be “operated independently as a separate business”

“Tumblr is redefining creative expression online,” Yahoo CEO Marissa Mayer said in the announcement. “On many levels, Tumblr and Yahoo couldn’t be more different, but, at the same time, they couldn’t be more complimentary. Yahoo is the internet’s original media network. Tumblr is the internet’s fastest-growing media frenzy.”

“Per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business. 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.”

David Karp, CEO of Tumblr, addressed the Tumblr community, “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. But we’re elated to have the support of Yahoo! and their team who share our dream to make the Internet the ultimate creative canvas. Tumblr gets better faster with more resources to draw from.”

So now that Yahoo is cool, will you start using it?

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