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Tech May, 20 2013

Yahoo! Acquires Tumblr for $1.1 Billion USD

Yahoo! has agreed to pay $1.1 billion USD for Tumblr. With more than 100 million users but very little revenue, Tumblr’s new deal highlights the shifting balance of power in the technology business. Yahoo! and Tumblr announced the agreement on Monday stating that Tumblr will be independently operated as a separate business with CEO and founder David Karp on as chief executive. The deal is a big win for Karp, who remains a large shareholder, and the site’s early venture investors, which include Union Square Ventures, Spark Capital and Sequoia Capital. For more information please visit wsj.com.

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