Yahoo! Closes Tumblr Acquisition
Jun 20th 2013 10:49PM
Updated Jun 20th 2013 10:50PM
It's a subject fitting for a series of micro-blog entries. Yahoo! announced it has finalized its acquisition of leading micro-blog destination Tumblr. Although now completely under the Internet giant's very large wing, the site will remain independently operated and keep its branding, claims Yahoo! Its CEO, David Karp, will stay in his post.
In the press release announcing the news, Yahoo! quoted Karp hinting at future expansion. He said the parent company's "support and belief in our vision gives us an opportunity now to be the most ambitious we've ever been."
Tumblr, started in 2006, boasts around 300 million unique visitors, according to Yahoo! data. The sprawling Internet company signed a deal to acquire it for roughly $1.1 billion last month. Yahoo! CEO Marissa Mayer, in a Tumblr post of her own, trumpeting the acquisition, said of the new asset that "we promise not to screw it up."
The article Yahoo! Closes Tumblr Acquisition originally appeared on Fool.com.Fool contributor Eric Volkman owns shares of Yahoo! The Motley Fool does not. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.