Yahoo board approves Tumblr deal: reports
Former Web powerhouse to shell out $1.1bn for blogging business
Yahoo! Inc is set to make a $1.1bn acquisition of blogging site Tumblr, online media reported today.
According to several news sources, which cite a Sunday-evening report in the Wall Street Journal, Yahoo's board agreed to buy Tumblr and allow it to continue to operate independently.
Yahoo CEO Marissa Mayer has sought to revive the flagging Internet services business since her installment by putting mobile platforms front and centre and serving the expansion in mobile Web content consumers.
Tumblr has attracted a huge online following since its inception. The company allows the creation of an anonymous presence on the Web and allows the resharing of content.
The site was founded in 2007 by 21-year-old David Karp from a New York bedroom. It had 75,000 users within two weeks and by January 2012 there were around 42m blogs. Today Tumblr claims to host 108.5m blogs that have 50.9bn posts between them.