Yahoo to buy Tumblr in $1.1bn deal

May 20, 2013 18:37

Yahoo Inc. has approved a deal to buy New York-based blogging service Tumblr for 1.1 billion dollars. The acquisition is expected to be announced as early as Monday.

According to the BBC, the deal will be CEO Marissa Mayer's largest deal since taking Yahoo's command in July 2012. Neither Yahoo nor Tumblr responded immediately to requests for comment. Under the terms of the acquisition, Tumblr would continue to operate as an independent business, which is currently run by David Karp, a 26-year-old New Yorker, who is expected to remain in his role.

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