Yahoo's Board to meet Sunday to discuss $1.1 billion all-cash deal for Tumblr; press event set for Monday

Yahoo's Board to meet Sunday to discuss $1.1 billion all-cash deal for Tumblr; press event set for Monday
Yahoo announces a press event for Monday

Yahoo announces a press event for Monday

On Thursday, we told you that Yahoo CEO Marissa Mayer is fixated on buying hosting site Tumblr for $1 billion. According to people close to the situation, Yahoo's board is going to get together on Sunday (that's why they earn the big bucks) to discuss an all-cash $1.1 billion offer for Tumblr. Sources in tune with Mayer's thinking say that Tumblr will be the property that Yahoo will use as the base for the company going forward, attracting the young and hip crowd to what has been an aging platform.

The deal has apparently been agreed to by Tumblr although nothing is set in stone until both sides make the announcement. That will come as soon as Monday assuming Yahoo's board rubber stamps the acquisition. Mayer turned to Tumblr about 6 weeks ago and its strength in mobile is another reason why the executive is so enthused about the company. According to comScore, 25% of the site's visitors come from a mobile device.

After the acquisition, Tumblr CEO David Karp will continue to run the business and will be given the room to grow the business with a four year contract. Meanwhile, Yahoo has scheduled a major press event for Monday at which the Tumblr acquisition could be announced. But Bloomberg is reporting that the press event will be held to announce an update to the Flickr photo-sharing site.

source: AllThingsD, Bloomberg

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12 Comments

1. pongkie

Posts: 663; Member since: Aug 20, 2011

somebody stop them!!!!!!!!! tumblr will be dead

4. Droid_X_Doug

Posts: 5993; Member since: Dec 22, 2010

I tend to agree. Yahoo! has a habit of screwing things up. If Tumblr doesn't get complete autonomy, it will be just the latest fail from Yahoo!.

2. mydi.maus unregistered

this CEO is sexy as hell keep it up marissa,.

10. alpinejason

Posts: 262; Member since: Sep 06, 2011

But the real question is how much junk she has in her trunk

3. dexter_jdr

Posts: 1163; Member since: Jun 28, 2012

getting tumblr will get what purpose?

5. theminolaboy

Posts: 128; Member since: May 18, 2013

I am using Tumblr to blog what I have in mind and I don't think that this is a good idea.

6. jibraihimi

Posts: 800; Member since: Nov 29, 2011

Hope it doesn't become bad acquisition like 'draw something' became for Zynga............. They should have purchased Instagaram, when there was time, and Nokia-Microsoft would have been begging them to develop it for their Platform, but Tumblr!!!!! Hope this doesn't become first dumb move from CEO Marissa.......

7. DHILLON_ARSH

Posts: 66; Member since: Mar 11, 2013

1.1 BILLION....???? TUMBLR IS WORTH A LOOOT MORE THAN THIS.....AND HAZ A VERY SUCESSFULL FUTURE AHEAD....i HOPE THEY(yho) FAILZ this time....

8. InspectorGadget80 unregistered

Yahoo will go bankrupt after this deal.

9. rk9flame

Posts: 6; Member since: Apr 21, 2012

What is tumblr?

11. Libra1985

Posts: 47; Member since: Feb 26, 2011

Tumblr sucks

12. corporateJP

Posts: 2458; Member since: Nov 28, 2009

Say goodbye to all the wonderful posts you can see now versus how it will be once Yahoo takes over. I remember how good Geocities was before Yahoo took over and ruined that.

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