Microblogging service Tumblr is being acquired by Yahoo.
Yahoo announced the deal early Monday, along with a "promise not to screw it up." The Internet pioneer is paying $1.1 billion for Tumblr, "substantially all of which is payable in cash," Yahoo said.
The news had been expected. The Wall Street Journal reported Sunday that the Yahoo board had approved the deal.
Under the terms of the deal, Yahoo will allow Tumblr, which has over 300 million monthly unique visitors, to operate as a completely separate entity that retains "the same Tumblr irreverence, wit, and … Read more