Monday, May 20, 2013

Reuters: Technology News: Yahoo to acquire Tumblr for $1.1 billion cash

Posted by Isabella on 6:22 AM

Reuters: Technology News
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Yahoo to acquire Tumblr for $1.1 billion cash
May 20th 2013, 12:33

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The Yahoo logo is shown at the company's headquarters in Sunnyvale, California April 16, 2013. REUTERS/Robert Galbraith

The Yahoo logo is shown at the company's headquarters in Sunnyvale, California April 16, 2013.

Credit: Reuters/Robert Galbraith

Mon May 20, 2013 8:05am EDT

(Reuters) - Yahoo Inc will buy online blogging service Tumblr for $1.1 billion in cash, the company said on Monday.

The deal, which will use about one-fifth of Yahoo's $5.4 billion in cash and marketable securities, is the largest by far since Yahoo Chief Executive Marissa Mayer took the reins in July in order to reverse a multi-year decline in Yahoo's business and its Web traffic.

(Reporting By Alexei Oreskovic; Writing by Ben Berkowitz; Editing by Gerald E. McCormick)

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