Yahoo board approves Tumblr acquisition for $1.1 billion
After a few rumors and a lot of speculation, it seems that the Yahoo board has approved the acquisition of the blogging service Tumblr.
According to published reports this morning, and last reported by Variety, Yahoo will pick up Tumblr for no-less than $1.1 billion in cash. This would be the largest acquisition, not to mention one-time cost, that the company has made since assigning the new CEO Marissa Mayer. Yahoo assigned Mayer the position in an attempt to rectify the company’s consistant downward trend in the market.
According to the reports the board votes yes on the decision earlier today (Sunday). This marks the latest application-service to hit the $1.1 billion mark, reminding us of when Facebook bought Instagram for $1 billion as well.
more info: variety