Yahoo Acquires Tumblr, Promises ‘Not to Screw It Up’
The speculation is over. Yahoo has acquired Tumblr, according to official statements from Yahoo CEO Marissa Mayer and Tumblr CEO and Founder David Karp.
In a somewhat odd press release, Yahoo promises it will not “screw up” the popular microblogging service.
“Per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business. David Karp will remain CEO. The product, service and brand will continue to be defined and developed separately with the same Tumblr irreverence, wit, and commitment to empower creators,” says Yahoo in the release.
The total price Yahoo paid for Tumblr is approximately $1.1 billion, all of it in cash.
