A major merger in the online world this week.
In a statement released on its official blog on Monday, Yahoo! CEO Marissa Mayer announced that the Internet giant has reached an agreement to acquire social media platform Tumblr for more than $1 billion.
In the statement, Mayer says:
We promise not to screw it up. Tumblr is incredibly special and has a great thing going. We will operate Tumblr independently. David Karp will remain CEO. The product roadmap, their team, their wit and irreverence will all remain the same as will their mission to empower creators to make their best work and get it in front of the audience they deserve. Yahoo! will help Tumblr get even better, faster.
In a news release announcing the dealy, Yahoo! said the combination of Tumblr+Yahoo! is expected to grow Yahoo!’s audience by 50 percent to more than a billion monthly visitors, and to grow traffic by approximately 20 percent.
Tumblr, which was started six years ago, has approximately 108.7 million blogs, and has large appeal among younger uses, a demographic Yahoo! was seeking to further engage, according to the New York Times.
What they're saying about the Yahoo!-Tumblr deal
USA Today: Yahoo pledges 'not to screw up' Tumblr deal
The Wall Street Journal: Yahoo's Tumblr Deal Brings Challenges
What's being said on Twitter
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