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Yahoo to Pay $1.1 Billion for Tumblr

May 20, 2013
Yahoo buys Tumblr

Internet veteran Yahoo Inc said on Monday it would pay 1.1 billion dollars for the blogging site Tumblr Inc.

Tumblr will continue to operate independently, Yahoo said.

Experts say the acquisition of Tumblr shows Yahoo's desire to attract younger users, especially in the 18-24 age bracket. The Tumblr acquisition would also give Yahoo a fast-growing social networking hub.

Founded in 2007 by entrepreneur David Karp, Tumblr allows users to write blogs and share picture and video content. The site hosts over one hundred million blogs.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH. Distributed by MCT Information Services

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