Tumblr CEO David Karp says that the acquisition gives his company the chance to be more "ambitious" than ever. June 20, 2013 9:44 AM PDT (Credit: Yahoo) Exactly one month after announcing plans to acquire microblogging platform Tumblr for $1.1 billion, Yahoo has closed the deal. The Internet giant announced today that it officially owns Tumblr. The company announced the acquisition last month, saying that the $1.1 billion purchase price would be "substantially all...in cash." The company at that time promised "not to screw [Tumblr] up." Related stories Yahoo: Don't fret about hack attacks on recycled user IDs Yahoo reportedly eyeing two more acquisitions Yahoo reveals U.S. government requests for user data Yahoo reportedly fought court order before joining PRISM Can you trust the NSA, the Internet giants, or your IT department? Tumblr is one of the most popular Web destinations with over 300 million monthly unique visitors. The company was founded in 2007. Under the terms of the deal, Tumblr will remain its own entity under the Yahoo umbrella, and the company's CEO David Karp believes that with Yahoo's help, his company can become more appealing to users. "We are beyond excited to partner with Marissa and the wonderful team at Yahoo! that we've already come to know well," Karp said in a statement on Thursday. "Their support and belief in our vision gives us an opportunity now to be the most ambitious we've ever been."
Tumblr CEO David Karp says that the acquisition gives his company the chance to be more "ambitious" than ever.
Exactly one month after announcing plans to acquire microblogging platform Tumblr for $1.1 billion, Yahoo has closed the deal.
The Internet giant announced today that it officially owns Tumblr. The company announced the acquisition last month, saying that the $1.1 billion purchase price would be "substantially all...in cash." The company at that time promised "not to screw [Tumblr] up."
Related stories
- Yahoo: Don't fret about hack attacks on recycled user IDs
- Yahoo reportedly eyeing two more acquisitions
- Yahoo reveals U.S. government requests for user data
- Yahoo reportedly fought court order before joining PRISM
- Can you trust the NSA, the Internet giants, or your IT department?
Tumblr is one of the most popular Web destinations with over 300 million monthly unique visitors. The company was founded in 2007. Under the terms of the deal, Tumblr will remain its own entity under the Yahoo umbrella, and the company's CEO David Karp believes that with Yahoo's help, his company can become more appealing to users.
"We are beyond excited to partner with Marissa and the wonderful team at Yahoo! that we've already come to know well," Karp said in a statement on Thursday. "Their support and belief in our vision gives us an opportunity now to be the most ambitious we've ever been."
