Reuters: Technology News: Tumblr had $16.6 million in cash when Yahoo acquired it: filing

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Tumblr had $16.6 million in cash when Yahoo acquired it: filing Aug 9th 2013, 01:56 Tweet Share this Email Print Analysis & Opinion Dan Loeb's Yahoo exit hurts investors twice over Yahoo Chief Executive Marissa Mayer speaks at a news conference in New York May 20, 2013. Credit: Reuters/Adrees Latif NEW YORK | Thu Aug 8, 2013 9:56pm EDT NEW YORK (Reuters) - Blogging service Tumblr had just $16.6 million in cash when Yahoo Inc. (YHOO.O) bought it last May for $1.1 billion, a Yahoo regulatory filing showed Thursday. The deal for Tumblr was the largest since Yahoo Chief Executive Marissa Mayer took the role in July with a focus on reversing a long decline in Yahoo's business and web traffic. The deal also made Tumblr founder and CEO David Karp, 27, a multimillionaire. Technology blog AllThingsD reported the details on the filing earlier Thursday. Yahoo also said in its 10Q filing with the Securities and Exchange Commission that it would give Karp both $41 million in Yahoo common stock and $40 million in cash over a four-year period as long as he remains a Yahoo employee. Yahoo did not immediately respond to a request for comment after normal business hours Thursday. (Reporting by Sam Forgione; Editing by Joseph Radford) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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