New York – Yahoo has agreed a deal to buy New York-based blogging service Tumblr for $1.1bn (£723m; 857m euros) in cash.
Yahoo’s chief executive Marissa Mayer said that as part of its promise “not to screw it up”, Tumblr would operate independently.
David Karp, will continue as chief executive officer of Tumblr.
The deal is the largest made by Ms Mayer since she took the helm at Yahoo last July, and she described the acquisition as a “unique opportunity.”
“On many levels, Tumblr and Yahoo couldn’t be more different, but at the same time, they couldn’t be more complementary,” added Ms Mayer.
Mr Karp, 26, who owns 25% of the privately-owned company he co-founded with Marco Arment in 2007, said he was “elated” to have the support of Yahoo.
“Tumblr gets better faster with more resources to draw from,” he added. Mr Karp emphasised that neither its aims or team was changing as a result of Yahoo’s purchase.
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