Yahoo Buys Tumblr

Yahoo announced that it will purchase blogging website Tumblr for $1.1 billion in cash. Tumblr hosts more than 100 million blogs and draws millions of unique visitors each month. Analysts say that the acquisition is a long-shot since Tumblr generates little revenue. In a sad comment on previous acquisitions, Yahoo stated "Per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business."