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Report: Yahoo board OKs deal to buy Tumblr for $1.1 billion |
May 19, 2013
Yahoo's board of directors has approved spending US$1.1 billion in cash to buy popular blogging site Tumblr, according to The Wall Street Journal.
The plan is for Tumblr to operate as an independent business, the Journal reported on Sunday, quoting anonymous sources.
Asked via email about the Journal's report, a Yahoo spokesperson declined to comment. Tumblr didn't immediately respond to a request for comment.
Acquisition suspected
Rumors that Yahoo might be in discussions to buy Tumblr emerged last week, and on Friday Yahoo called for a mystery press event to be held in New York City on Monday afternoon. Tumblr's headquarters are in Manhattan.
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Link: http://www.pcworld.com/article/2039183/report-yahoo-board-approves-deal-to-buy-tumblr-for-11b.html#tk.rss_all
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