Yahoo! Buys Tumblr for $1.1 Billion

Yahoo! has announced the acquisition of Tumblr, including a personal statement from Yahoo! CEO Marissa Mayer on her Tumblr page promising “not to screw it up.” Tumblr’s home office will stay in New York and the founder David Karp will remain CEO. While Mayer assures the blogging platform will continue to operate independently, she explains, “There are a number of places we think we can monetize in a way that’s meaningful and additive to the user experience.”

Click here to read more about Yahoo!’s future plans for Tumblr.