Yahoo drop $1.1 billion on Tumblr!

   The rumours may have popped up last night that Yahoo was planning to buy Tumblr, but today it's official! Yahoo have just dropped $1.1 billion to take control of the popular social blogging tool Tumblr!The agreement will see Yahoo take ownership of Tumblr later in this year!

   As part of the agreement Tumblrs's CEO David Karp will be kept on and as Yahoo said, as:

 "We promise not to screw it up.  Tumblr is incredibly special and has a great thing going.  We will operate Tumblr independently.  David Karp will remain CEO.  The product roadmap, their team, their wit and irreverence will all remain the same as will their mission to empower creators to make their best work and get it in front of the audience they deserve.  Yahoo! will help Tumblr get even better, faster." 

   Yahoo haven't wasted any time since announcing the deal with Yahoo's blog now taking centre stage on the URL yahoo.tumblr.com. As an extension Yahoo added that, "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."

   Yahoo also said that they hope their audience will grow by up to 50% as part of the deal and they expect traffic to be up 20%! Tumblr will naturally have a few of Yahoo's search features added in and of course it'd be a missed opportunity if Yahoo didn't put a few of their ads on the platform too wouldn't it?

   Tumblr's CEO David Karp expressed just how excited he was, even going as far as saying 'elated' to be  under Yahoo's ownership. Karp said that:

 "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." 

   This deal is set to be beneficial for both parties and the reaction on social media sites has been relatively positive. Our highly critical Twitter feed has been relatively positive and The Verge's Matt Brian even said:

I honestly believe Yahoo can do something good with Tumblr. It’s new mobile and social focus will work, if done right.
— Matt Brian (@m4tt) May 20, 2013

   Ohhh and one last thing, this is one of the only acquisitions which has ever had an animated GIF released to show it off! Check it out at the GIF below!
Via YahooBlog and TheVerge.

Posted in: 1.1 billion,acquisition,buy out,David Karp,Tumblr,Yahoo