Yahoo’s board approves $1.1 billion all-cash Tumblr acquisition
News coming in from the Wall Street Journal indicates that, Yahoo’s board of directors has approved the company’s widely-rumored acquisition of Tumblr in an all-cash deal worth $1.1 billion. Assuming the terms are accepted by Tumblr, CEO Marissa Mayer is all but certain to announce Yahoo’s latest pickup — easily its largest to date in a spree of acquisitions and content deals — at a media event tomorrow in
New York City. Reports of the approval follow days of rampant speculation, with AllThingsD first reporting that Yahoo’s board planned to meet today to reach a final decision.
The high-dollar buyout is seen as favorable for both sides, bringing Yahoo a massive community of the
younger users it’s desperately sought in recent years while offering Tumblr’s investors a significant payday.
“Wall Street Journal ✔
Breaking: The Yahoo board has approved a deal to pay $1.1 billion in cash for the blogging site Tumblr. http://wsj.com