Yahoo is buying blogging network Tumblr
Yahoo is buying blogging network Tumblr for about $1.1 billion as CEO Marissa Mayer seeks to lure users and advertisers with her priciest acquisition to date. Tumblr, headquartered in New York, will continue to host its more than 108 million blogs, while CEO and founder David Karp, 26, will remain in charge of the website. Mayer, CEO of the biggest US Web portal since July, is betting that Tumblr will help transform Yahoo into a hip destination in the era of social networking as she challenges Google and Facebook in the $17.7 billion display ad market.
Adding Tumblr is expected to expand Yahoo's audience by 50% to more than 1 billion monthly visitors, and increase traffic by about 20%.
The transaction is expected to close in the second half of 2013. Founded by Karp in 2007, Tumblr grew to log more than 13 billion global page views in the past month. The site offers a free service for publishing blogs on the Web and mobile devices, and tools for sharing photos and other content across social networks.
The deal will make a multimillionaire out of David Karp, who founded Tumblr using money and experience he had acquired as a software consultant for the website UrbanBaby.
Prior to that role, Karp interned at online-video creator Frederator Studios and worked as a salesperson in New York. Karp grew up on Manhattan's Upper West Side and dropped out of high school before moving by himself to Tokyo when he was 17. He founded Tumblr after returning to New York and still hasn't earned his high-school diploma.
Did you know
1. Mayer has purchased at least 11 companies in her 10 months as CEO, from mobile app makers Stamped and Jybe to Summly, the newsreading application created by teenager Nick D'Aloisio.
2. Tumblr ranks among Yahoo's largest acquisitions, which include the $5.7 billion purchase of Mark Cuban's Broadcast.com and a $3.6 billion deal for Web-hosting site Geocities in 1999.
3. Marissa Mayer was the first employee of Google!!
This post contains the Science and Technology current affairs of May 2013. These are short Science and Technology current affairs 2013 notes for quick review.
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