Yahoo to buy Tumblr for US $ 1.1 billion
Yahoo had its eyes set on Tumblr for quite some time, and it appears as if the deal has been struck. A whopping US $ 1.1 billion is cas will flow from Yahoo’s purse towards the acquisition of Tumblr. Hopefully with Yahoo’s value degrading by the day, a big, expensive investment like a 1.1 Billion cash deal should be put to excellent use.
The acquisition was expected to have happened at Yahoo’s press event scheduled a few hours from now, but it appears that The Wall Street Journal broke the news well in advance. Hopefully the full details of the acquisition should emerge after the press event scheduled just half a day from now.