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ReportTT: Yahoo's Board approves Tumblr acquisition for $1.1 billion

Report: Yahoo's Board approves $1.1 billion acquisition of Tumblr

| Business, Financial & Legal News | Posted: May 20, 2013 4:45 am

Yahoo's Board of Directors has reportedly approved a $1.1 billion acquisition of the blogging site Tumblr. News broke on Friday that Yahoo was considering picking up the blogging site that has slowly been gaining popularity among Internet users.

 

reporttt_yahoo_s_board_approves_tumblr_acquisition_for_1_1_billion_1

 

The deal is expected to be announced tomorrow at the press conference that Yahoo hastily scheduled on Friday. Tumblr CEO David Karp will reportedly remain with Yahoo for a minimum of four years and he is said to be retaining a lot of control over the blogging service, much like Instagram's CEO did when acquired by Facebook.

 

If Yahoo does announce this deal tomorrow, we'll let you know.

NEWS SOURCES:Allthingsd.com

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