Yahoo takes big leap with $1.1b deal for Tumblr
Updated: 2013-05-21 11:13
(Agencies)
|
|||||||||||
 |
|
Yahoo Chief Executive Marissa Mayer speaks at a news conference in New York May 20, 2013. [Photo/Agencies] |
SAN FRANCISCO - Yahoo is buying online blogging forum Tumblr for $1.1 billion as CEO Marissa Mayer tries to rejuvenate an Internet icon that had fallen behind the times.
The deal announced Monday represents Mayer's boldest move yet since she left Google 10 months ago to lead Yahoo's latest comeback attempt. It marks Yahoo's most expensive acquisition since the Sunnyvale, California, company bought Overture for $1.3 billion a decade ago.
Tumblr now figures to play a pivotal role in Mayer's attempt to reshape Yahoo Inc.
Mayer is betting that Tumblr, a 6-year-old service started by high school dropout David Karp, will provide Yahoo with a hook to reel in more traffic and advertisers on smartphones and tablets.
The companies say Tumblr will remain independently operated and Karp will stay CEO.
Related Stories
No joy for Yahoo China as e-mail service to close 2013-04-19 01:27
Today's Top News
China, India can build trust: Premier Li
First-tier cities barely livable, report says
Massive blast claims 13 in Shandong
Fight on drug smuggling for nation
China most financially secure country
Tajikistan president visits China
Voyage to Mars has its skeptics
Premier visits Gandhi's tomb
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
|
|
|
|
|
|