Yahoo said Monday it will buy blogging website Tumblr for $1.1 billion cash, in a bold move to make itself more relevant amid the explosion in social media on the Internet.
In the press release announcing the deal, Yahoo said it "promises not to screw it up." It said Tumblr will operate independently as a separate business, perhaps trying to assuage Tumbler users who are concerned that Yahoo would irrevocably alter the blogging site's edgy image.
News of the deal was widely leaked Sunday. Talk of a deal began circulating Friday, after The Wall Street Journal's All Things D reported that the two companies had been in talks for several weeks.
(More From CNBC: David Karp - High School Dropout to Tech Titan)
Since Marissa Mayer became CEO at Yahoo, the company has acquired several companies that appeal to younger audiences, including Summly, Astrid and Jybe. Yahoo has also been rumored to be eyeing Hulu.
Observers say Mayer is making these deals to attract a younger audience.