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Yahoo's board agrees to $1.1 billion acquisition of Tumblr

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Yahoo's board agrees to $1.1 billion acquisition of Tumblr
As expected, Yahoo's board has agreed to purchase hosting site Tumblr for $1.1 billion. The deal makes Tumblr a major part of a new plan by Yahoo CEO Marissa Mayer to make Yahoo hip and relevant to those who are, well, hip and relevant. Despite rumors that Microsoft and Facebook were interested in Tumblr, there were no competing bids for the board to consider although the approval by Yahoo's board doesn't preclude another bid from coming.

Yahoo has scheduled a press event for Monday at which time it is expected to announce the deal as well as an update to social picture sharing site Flickr. We will be updating this story throughout the day as new information comes in.

source: AllThingsD
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Alan Friedman Senior News Writer
Alan, an ardent smartphone enthusiast and a veteran writer at PhoneArena since 2009, has witnessed and chronicled the transformative years of mobile technology. Owning iconic phones from the original iPhone to the iPhone 15 Pro Max, he has seen smartphones evolve into a global phenomenon. Beyond smartphones, Alan has covered the emergence of tablets, smartwatches, and smart speakers.

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