Yahoo (NASDAQ:YHOO) appears to have added another arrow to its social media quiver by purchasing the microblogging platform Tumblr. The $1.1 billion acquisition has just been approvedby Yahoo’s board according to anonymous sources via the Wall Street Journal. Tumblr’s board approved the deal yesterday, reports Forbes.
Marissa Mayer, who has run Yahoo since leaving Google (NASDAQ:GOOG) last year, engineered this latest acquisition after becoming interested in the social media startup several months ago. Founded in 2007, Tumblr has rocketed in popularity with its unique blend of blogging and social networking. The company only recently added advertising to its service last year which has so far generated $13 million in revenue.
Tumblr, stylized in their logo as tumblr., is a microblogging platform and social networking website, owned and operated by Tumblr, Inc. The service allows users to post multimedia and other content to a short-form blog. Users can follow other users’ blogs, as well as make their blogs private. Much of the website’s features are accessed from the “dashboard” interface, where the option to post content and posts of followed blogs appear.
As of May 19, 2013, Tumblr hosts over 108 million blogs