Internet giant Yahoo has confirmed it has agreed a deal to buy micro-blogging site Tumblr in a move worth $1.1billion (£725million).
The acquisition was announed this afternoon, and is the biggest of the ten-month reign of chief executive Marissa Mayer.
Yahoo hopes to boost traffic and attract more young people and advertisers to its brand with Tumblr, which is one of the fastest-growing social media networks in the world with more than 300 million monthly unique visitors and 120,000 signups every day.
In a statement, Yahoo said: ‘Per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business.
‘Total consideration is approximately $1.1billion, substantially all of which is payable in cash.’
The cash deal will allow Tumblr to use Yahoo’s personalisation technology and search infrastructure to target bloggers and content while Yahoo will benefit from the traffic brought by 50billion blog posts.
‘Tumblr is redefining creative expression online,’ said…
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