Yahoo has confirmed widespread reports that it will acquire the popular blogging service Tumblr, and also promised not to “screw it up.” The deal is worth about $1.1 billion, nearly all in cash.
“Per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business,” Yahoo said in a statement on Monday.
Tumblr CEO and founder David Karp will remain in that position and its “product, service and brand will continue to be defined and developed separately with the same Tumblr irreverence, wit, and commitment to empower creators,” the statement added.
Source: InfoWorld
