INTERNET PORTAL Yahoo has announced its acquisition of blogging website Tumblr, following a string of rumours.
Although the news was expected to be announced at a New York press event this evening, Yahoo has already announced that it will acquire Tumblr for a cool $1.1bn in cash.
Marissa Mayer put out a blog post confirming the news, in which she promised that Yahoo won't screw it up, following the launch of petitions to stop the buyout and thousands of people moaning about the rumours on Twitter.
Mayer said, "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."
Essentially, Tumblr is going to continue doing what it does - which is mostly to provide a home for teenager's favourite cat memes and duck face photos.
Mayer continued, "In terms of working together, Tumblr can deploy Yahoo's personalization technology and search infrastructure to help its users discover creators, bloggers, and content they'll love.
"In turn, Tumblr brings 50 billion blog posts (and 75 million more arriving each day) to Yahoo's media network and search experiences. The two companies will also work together to create advertising opportunities that are seamless and enhance user experience."
Tumblr CEO David Karp seems pretty pleased with the deal, no doubt because he's $1.1bn richer than he was yesterday. He said, "Our team isn't changing. Our roadmap isn't changing. And our mission - to empower creators to make their best work and get it in front of the audience they deserve - certainly isn't changing. But 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."
The buyout is expected to close in the second half of the year, Yahoo said, and it is expected to release more details about the buyout at an event in New York this evening at 10pm BST. µ
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