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Yahoo to Buy Tumblr, Vows 'Not to Screw It Up'

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.

Tumblr
Source: Tumblr.com
Tumblr

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.

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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.

email: tech@cnbc.com

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  • Co-CEO, Revere Digital; Co-Executive Editor, Re/code; and Co-Executive Producer, The Code Conference. Re/code is part of the CNBC network.

  • Co-CEO, Revere Digital; Co-Executive Editor, Re/code; and Co-Executive Producer, The Code Conference. Re/code is part of the CNBC network.

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  • Co-CEO, Revere Digital; Co-Executive Editor, Re/code; and Co-Executive Producer, The Code Conference. Re/code is part of the CNBC network.

  • Co-CEO, Revere Digital; Co-Executive Editor, Re/code; and Co-Executive Producer, The Code Conference. Re/code is part of the CNBC network.