As expected, Yahoo CEO Marissa Mayer announced the company's acquisition of Tumblr this morning for $1.1 billion.
"I’m delighted to announce that we’ve reached an agreement to acquire Tumblr!" she wrote on her personal Tumblr. "We promise not to screw it up ... Yahoo! will help Tumblr get even better, faster."
According to Mayer, Tumblr's founder David Karp will remain CEO and Tumblr will continue to operate independently from Yahoo.
Karp also weighed in on the big news. "We’re not turning purple. Our headquarters isn’t moving. Our team isn’t changing. Our roadmap isn’t changing. And our mission—to empower creators to make their best work and get it in front of the audience they deserve—certainly isn’t changing." Karp's parting note: "Fuck yeah."
It remains to be seen just how much of an effect Yahoo will have over Tumblr, but one thing remains certain: Mayer is on a 2Pac-me-against-the-world kind of company overhaul (also, apparently she is good at math).
And despite the huge payout, Yahoo still has over $4 billion in cash, reports Laura Indvik.