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Yahoo on $1.1bn Tumblr acquisition deal: we won't screw it up

02/07/2013 21:57

Web pioneer reveals details of acquisition of blogging platform, as site's 26-year-old founder tells staff: 'Fuck yeah'.
Yahoo promised "not to screw it up" as it formally announced its acquisition of the Tumblr blogging platform for $1.1bn ahead of the US stock market opening on Monday.
The relaxed wording of the memo for one of the internet giant's biggest acquisitions was echoed in the memo sent by David Karp, Tumblr's 26-year-old founder, to his staff, in which he said "We're not turning purple" – Yahoo's corporate colour – and rounded it off "Fuck yeah."
The deal, which is expected to complete in the second half of the year, is almost all cash, is equal in value to Yahoo's money in hand at the end of its first quarter in March – but it has substantial extra assets in short-term securities, shares in the Chinese site Alibaba, and other equities which it can liquidate.
It is understood that Karp, who will remain Tumblr's chief executive, will be tied into the company for at least four years for his payment of about $220m to vest.
Explaining the deal, Yahoo said that Tumblr has more than 300 million monthly unique visitors and 120,000 signups every day, 900 posts a second and 24bn minutes spent on the site every month. On mobile, more than half of its visitors are using the Tumblr mobile app, for an average of seven sessions a day.
"The combination of Tumblr+Yahoo! is expected to grow Yahoo!'s audience by 50% to more than a billion monthly visitors, and to grow traffic by approximately 20%," the company said.
Source: https://www.guardian.co.uk/technology/2013/may/20/yahoo-tumblr-david-karp-marissa-mayer