Yahoo (s YHOO) and Tumblr announced Monday morning that Yahoo has officially acquired Tumblr for $1.1 billion in cash.
In the release, the companies noted that “Per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business. David Karp will remain CEO. The product, service and brand will continue to be defined and developed separately with the same Tumblr irreverence, wit, and commitment to empower creators.”
Tumblr has over 300 million monthly unique visitors, according to the release. (comScore had pegged the site’s April traffic at 124 million uniques.) The companies say that half of Tumblr’s users use its mobile app, and reiterated one of the reasons that Yahoo was willing to shell out…
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