Yahoo has agreed to buy Tumblr for $1.1 billion both companies announced on Monday. This is the beginning of Yahoo’s plans to reinvent themselves by returning to the social media race.
The deal is the biggest social media contract seen in years, even passing up Facebook’s $1 billion purchase of Instagram last year.
Tumblr is a blogging website founded six years ago, with over 108 million blogs posted and even more users. Tumblr’s CEO and founder David Karp is expected to receive $250 million from this deal.
For Yahoo’s CEO Marissa Mayer buying Tumblr is a daring attempt to help restore the company to its former social media glory by appealing to a younger audience, making up for years of missing out on the social media craze.
Either this move will revive life into Yahoo once again or it will decrease the use of both Tumblr and Yahoo.
How often do you use Yahoo and/or Tumblr?
