Yahoo! CEO Marissa Mayer’s bold move to buy online blogging forum Tumblr for $1.1 billion was announced on Monday as she tries to rejuvenate an Internet icon that had fallen behind the times.
The deal is Yahoo!’s most expensive acquisition since the California company bought online search engine Overture a decade ago for $1.3 billion in cash and stock.
Yahoo’!s board of directors agreed on Sunday to buy the wildly popular blogging platform from the 26-year-old founder David Karp.
The deal for Tumblr, which boasts 100million users and 90million posts per day, was struck for $1.1billion cash.