Yahoo Confirms Deal To Buy Tumblr For $1.1 Billion In Cash

Yahoo Buys Tumblr For $1.1 Billion
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Yahoo has confirmed that it has purchased Tumblr for more than $1 billion.

The internet giant said it paid around $1.1 billion in cash for the microblogging network, which boasts more than 300 million monthly unique visitors.

Some Tumblr users are said to have fled the company ahead of the widely-expected deal, with Wordpress alone claiming an extra 72,000 posts imported from Tumblr.

Yahoo - which now runs its official blog on the platform - said it would run Tumblr as a "separate company" and promised "not to screw it up".

"Tumblr is redefining creative expression online," said Yahoo CEO Marissa Mayer who announced the deal on her own Tumblr, complete with an animated Gif:

"On many levels, Tumblr and Yahoo! couldn’t be more different, but, at the same time, they couldn’t be more complementary. Yahoo is the Internet’s original media network. Tumblr is the Internet’s fastest-growing media frenzy.

"Both companies are homes for brands - established and emerging. And, fundamentally, Tumblr and Yahoo! are both all about users, design, and finding surprise and inspiration amidst the everyday."

Tumblr has:

  • 300 million monthly unique visitors
  • 120,000 signups every day
  • 24 billion minutes spent on site each month
  • 50 billion blog posts
  • 75 million posts a day

Once the deal is closed later this year, Tumblr founder David Karp will continue to run the company.

The deal will reportedly earn Karp - who attended high school for only a year - £164 million.

"The product, service and brand will continue to be defined and developed separately with the same Tumblr irreverence, wit, and commitment to empower creators," Tumblr said.

David Karp added in a statement:

"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."

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