Yahoo vows not to “screw it up” with Tumblr
Yahoo is acquiring Tumblr for $1.1 billion cash, a bold bet by Chief Executive Marissa Mayer to revitalize the struggling Internet pioneer by co-opting a Web property with strong visitor traffic but little revenue. The deal will use about a fifth of Yahoo’s $5.4 billion in cash and marketable securities.
“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.
Photo: REUTERS/Stephen Lam