Monday 20 May 2013

Yahoo! to buy Tumblr for US$l.lb



SAN FRANCISCO: Yahoo! Inc is buy-ing blogging network Tumblr Inc for about US$1.1 bil as chief executive officer Marissa Mayer seeks to lure users and advertisers with her prici¬est acquisition to date.
Tumblr, headquartered in New York, would continue to host its more than 108 million blogs, while CEO and founder David Karp, 26, would remain in charge of the web¬site, Sunnyvale, California-based Yahoo said yesterday.

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 Inc and Facebook Inc in the US$17.7bil display ad market.

The price she's paying - about a fifth of Yahoo's US$5.4bil in cash -underscores the deal's importance to Mayer's turnaround effort, accord¬ing to Zachary Reiss-Davis, an ana¬lyst at Forrester Research Inc.
"It's an aggressive move," Reiss-Davis said in an interview. "They are saying, 'where is our next group of people who are going to spend many hours per week on Yahoo proper¬ties?' It's big bet that the answer is going to be Tumblr users."

The transaction was expected to close in the second half of 2013, Yahoo said in the statement.

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 pub-PoJand and Croatia.

Ryanair is expanding as network carriers includ¬ing Air France-KLM Group, lishing blogs on the Web and mobile devices, and tools for sharing photos and other content across social net¬works.
While Tumblr recently began let¬ting advertisers pay for prominent placement and has said it expected to become profitable this year, Karp has resisted covering webpages with promotions to avoid alienating Tumblr's younger audience.

The deal will make a multi-mil-lionaire out of Karp, who founded the company using money and expe¬rience he had acquired as a software consultant for the website UrbanBaby.
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