Breaking: The Yahoo board has approved a deal to pay $1.1 billion in cash for the blogging site Tumblr. wsj.com
— Wall Street Journal (@WSJ) May 19, 2013
The tweet says everything.
Yahoo Board has approved the deal which will bring Tumble under the ownership of Yahoo. The deal was being speculated by many since last few days. Yahoo will pay $1.1 billion in cash, making it one of the biggest online acquisitions done in recent years.
Tumblr will merge as a blogging platform and may likely replace defunct Yahoo 360. No word has been said by Yahoo or Tumblr but tomorrow’s event may make the news official.