Previous reports indicated that Yahoo was planning to make an important investment on Tumblr. However, only last Sunday Yahoo board setup a meet to decide on the $1.1 billion all cash deal to acquire Tumblr and this hinted that Yahoo would in fact buy Tumblr. Sources close to the board have made it clear that the Tumblr deal has been finalized and now Tumblr CEO David Karp will stay with Yahoo for a minimum of four years. This deal is in line with CEO Marrissa Mayer’s strategy to attract young users towards Yahoo. It has been reported that currently the aging groups makes up the majority of Yahoo service users. Now Yahoo plans to change all that with the user generated content sharing blog, Tumblr which is very popular among the youngsters.
Since its birth in 2007, Tumblr has generated $127 million revenue and is valued at $800 million. Now,we have yet to see if Yahoo will get its “cool” back with Tumblr in the coming years.
Thursday, November 14, 2024
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