The Yahoo board has approved a deal to pay $1.1 billion in cash for the blogging site Tumblr, according to The Wall Street Journal. Yahoo has now officially confirmed that it is buying blogging platform Tumblr for $1.1 billion mostly in cash.
Yahoo have said that Tumblr will keeps its independence, and Tumblr founder David Karp had the following tom say about the Yahoo takeover of the company. Founder David Karp, he wrote:
“We’re not turning purple. Our headquarters isn’t moving. Our team isn’t changing. Our roadmap isn’t changing. And our mission – to empower creators to make their best work and get it in front of the audience they deserve – certainly isn’t changing.”
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