Press Esc to close
Friday 22 August 2014
News updated at 5:03 AM IST
Weather
Max: 30.1°C
Min : 20.4°C
In Bangalore
Generally cloudy

Yahoo's board approves $1.1 bln Tumblr acquisition

SAN FRANCISCO, May 20, 2013 , (Reuters) -

Yahoo Inc's board has approved a deal to buy blogging and social networking site Tumblr for $1.1 billion in cash, the Wall Street Journal cited people familiar with the matter as saying on Sunday.

Such an acquisition would be Marissa Mayer's largest deal since taking the helm of the once-iconic Internet company in July 2012. Yahoo is keen on fast-growing Tumblr because its younger user base would bolster the older website's "cool factor," the technology blog AllThingsD cited the sources as saying.

Mayer, who spent 13 years at Google Inc, is trying to revitalize a former Internet powerhouse that in recent years has struggled with declining business. On its home page, Tumblr says it hosts 108 million blogs, with 50.7 billion posts between them.

Yahoo declined to comment, while Tumblr did not respond to requests for comment.

The deal comes after a recent failed attempt to buy a controlling stake in French video site Dailymotion, owned by France Télécom SA. Tumblr, one of the more successful Internet start-ups out of New York, has only just begun earning revenue through advertising. On its home page, Tumblr says it hosts 108 million blogs, with 50.7 billion posts between them.

Yahoo has invited press to an event in Manhattan on Monday at which it promised to "share something special," without elaborating.


Go to Top

Photo Gallery
Prime Minister Narendra Modi addresses a gathering in Nagpur on Thursday...

Prime Minister Narendra Modi addresses a gathering in Nagpur on Thursday...

A leopard walks towards a lagoon at Yala National Park...

A leopard walks towards a lagoon at Yala National Park...

Ashok Leyland's new truck “Boss” gets launched in Ahmedabad ...

Ashok Leyland's new truck “Boss” gets launched in Ahmedabad ...

Sonal Chauhan walks the ramp at the Lakme Fashion Week Winter/Festive 2014 ...

Sonal Chauhan walks the ramp at the Lakme Fashion Week Winter/Festive 2014 ...

National Ambulance Service vans during their launch in Allahabad ...

National Ambulance Service vans during their launch in Allahabad ...

Veteran actor Dharmendra at an event in New Delhi on Thursday...

Veteran actor Dharmendra at an event in New Delhi on Thursday...

Solar Panel Scam accused, Saritha Nair at the Court in Coimbatore on Thursday...

Solar Panel Scam accused, Saritha Nair at the Court in Coimbatore on Thursday...

A woman with her child at a relief camp after Naga miscreants killed Assamese villagers ...

A woman with her child at a relief camp after Naga miscreants killed Assamese villagers ...

Fire fighters try to control a fire that broke out at a plastic godown at Kaduvetti ...

Fire fighters try to control a fire that broke out at a plastic godown at Kaduvetti ...

Emran Hashmi with Humaima Malik during a promotional event of their new movie in Bengaluru ...

Emran Hashmi with Humaima Malik during a promotional event of their new movie in Bengaluru ...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523