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Yahoo Completes $1.1B deal for Tumblr

AP Published June 21, 2013
This May 19, 2013 photo illustration taken in Washington, DC, shows the splash page for Yahoo and blogging platformTumbler seen on an iPhone. Yahoo! said June 20, 2013 it has completed a billion-dollar deal taking over the popular blogging platform Tumblr, a move aimed at bringing more youthful users into the company's orbit. "We're excited to announce that our deal to acquire Tumblr has closed -- it's official!" Yahoo! chief executive Marissa Mayer said. "As promised, Tumblr will continue to operate as a separate
This May 19, 2013 photo illustration taken in Washington, DC, shows the splash page for Yahoo and blogging platformTumbler seen on an iPhone. Yahoo! said June 20, 2013 it has completed a billion-dollar deal taking over the popular blogging platform Tumblr, a move aimed at bringing more youthful users into the company's orbit. "We're excited to announce that our deal to acquire Tumblr has closed -- it's official!" Yahoo! chief executive Marissa Mayer said. "As promised, Tumblr will continue to operate as a separate

Sunnyvale, California- Yahoo has completed its $1.1 billion acquisition of online blogging forum Tumblr.

The move represents Yahoo CEO Marissa Mayer's boldest move since she left Google a little less than a year ago to lead Yahoo's comeback.

It also marks Yahoo's most expensive acquisition since the Sunnyvale, Calif., company bought online search engine Overture for $1.3 billion 10 years ago.

Mayer is betting that Tumblr, a six-year-old service started by high school dropout David Karp, will help Yahoo bring in more traffic and advertisers on smartphones and tablets.

Under the terms originally announced in May, Tumblr will remain independently operated and Karp will stay CEO.

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