Yahoo, one of the world's most popular search engines, is said to have approved a $1.1bn deal to buy blogging service Tumblr, according to reports.
Yahoo's board is understood to have approved the deal, with an announcement expected as early as today from the company to confirm the approach. If confirmed, it will be CEO Marissa Mayer's largest deal since taking the helm of Yahoo in July 2012, having moved across from rival Google. Neither Yahoo nor Tumblr have confirmed the approach as yet. Under the terms of the acquisition, Tumblr would continue to operate as an independent business, the Wall Street Journal said, citing unnamed sources familiar with the situation. The company is currently run by David Karp, a 26-year-old ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
