Yahoo acquires tumblr. for $1.1 billion.

According to Wall Street Journal Yahoo Board has approved acquisition of blogging site Tumblr for $1.1 Billion.

Yahoo tumblr.????

If true than this will prove to be biggest move by Yahoo CEO Marissa Mayer so far. Recently she revealed that her goal is to make Yahoo a daily habit for internet users or in simple words her goal is to surpass Google.

tumblr., is a micro blogging platform and social networking website, owned and operated by Tumblr, Inc. The service allows users to post multimedia and other content to a short-form blog. Users can follow other users' blogs, as well as make their blogs private. Much of the website's features are accessed from the "dashboard" interface, where the option to post content and posts of followed blogs appear.As of May 19, 2013, Tumblr hosts over 108 million blogs . - Wikipedia

We expect to hear more from Yahoo in their event on Monday morning

Invites for Monday morning event

It will be interesting to see how this gamble results for Yahoo!. Marissa is also aware that tumblr is mostly used by mobiles and Yahoo still struggles to enter that space so that is maybe another factor behind this expensive decision.

UPDATE - Yahoo confirms this $1.1 Billion ( CASH ) acquisition in its press event and declares that tumblr. will operate as separate entity it further promises that they won't screw it ( tumblr.) up.  
Wordpress CEO says 72000 people left tumblr. after the news

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