Yahoo has confirmed the $1.1bn buyout of blogging service Tumblr, with the online giant promising “not to screw it up.”
A deal repeatedly mooted in recent days, Yahoo has today formally confirmed it has acquired the fast growing media network Tumblr, with the two parties coming to terms on a $1.1bn (£724m) takeover that will see the blogging company continue operating as a separate business.
“Yahoo! Inc. and Tumblr announced today that they have reached a definitive agreement for Yahoo to acquire Tumblr,” and official spokesperson for the company stated.
They added: “Per the agreement and out promise not to screen it up, Tumblr will be independently operated as a separate business. Dave Karp will remain CEO. The product, service and brand will continue to be defined and developed separately with the same Tumblr irreverence, wit, and commitment to empower creators.”
A deal that had been on the cards for some time, Yahoo has confirmed acquisition of Tumblr at a point where the blogging service has more than 300 million unique monthly visitors and is achieving a hefty 120,000 new signups daily.
With Tumblr bringing 50 billion blog posts to Yahoo’s media network and search engines, the media service is set to benefit from access to Yahoo’s personalisation technologies and search foundation, helping create a more well-rounded experience for users.
"Tumblr is redefining creative expression online," Marissa Mayer, Yahoo CEO said. "On many levels, Tumblr and Yahoo! couldn't be more different, but, at the same time, they couldn't be more complementary.” She added: “Tumblr is the Internet's fastest-growing media frenzy.”
Sharing his view on the takeover, Tumblr CEO David Karp added: "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."
One of the world’s fastest growing media networks, Tumblr currently records around 900 posts every second, with a staggering 24 billion user minutes spent on the site every month.