Yahoo! Inc. (YHOO) announced Monday that it agreed to acquire Tumblr for about $1.1 billion, substantially all of which is payable in cash.
As per the deal and the company's promise not to screw it up, Tumblr will be independently operated as a separate business. David Karp will remain Chief Executive Officer. The product, service and brand will continue to be defined and developed separately with the same Tumblr irreverence, wit, and commitment to empower creators, the company said.
Tumblr is a media networks. Tumblr has more than 300 million monthly unique visitors.
According to the company, 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.
The transaction is expected to close in the second half of the year. It is subject to customary closing conditions.
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