On Monday, May 20, 2013, Yahoo announced it will buy Tumblr, a popular blogging platform for $1.1 billion cash. Since Yahoo’s new CEO Marissa Mayer took over, the company has been making strides to make itself more relevant.
Yahoo promises "not to screw it up," and will purchase the blogging site from David Karp, the 26-year-old boy-genius who heads Tumblr. With regard to the acquisition, Yahoo said Tumblr will operate independently as a separate business – which is likely a relief to many Tumblr users who are drawn to its edgy image. David Karp will remain CEO, and the product, service, and Tumblr brand will continue to be defined and developed separately.
Since Marissa Mayer took over as CEO at Yahoo, the company has been on a mission to acquire companies that appeal to younger audiences, such as Summly, Astrid and Jybe, and now Tumblr – and, rumor has it, that Yahoo has even been wooing Hulu.