Yahoo's Acquisition of Tumblr Fully Confirmed
Yahoo has today confirmed their $1.1bn (£723m) cash buy-out of popular blogging service Tumblr, with their CEO Marissa Mayer also vowing "not to screw it up" on a conference call.
Since Tumblr currently boasts nearly 200 million users spending 24 billion minutes on the platform every month, the acquisition will boost Yahoo's monthly audience by as much as 50% to more than one billion visitors. Traffic to its sites will also jump by approximately 20%.
The move is seen by industry experts as a strategic way of restoring Yahoo's reputation as a cutting edge organisation, particularly amongst younger audiences. The purchase is also expected to bolster their mobile and social presence.
Mayer explained her view: "Tumblr is the Internet's fastest-growing media frenzy. Both companies are homes for brands - established and emerging. And, fundamentally, Tumblr and Yahoo are both all about users, design and finding surprise and inspiration amidst the everyday."
Tumblr (now five years old) will retain its founder David Karp as CEO. He commented: "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."