Yahoo! has just officially announced the finalization of their bid to acquire microblogging and social networking site Tumblr. The multinational internet company acquired Tumblr for $1.1, as announced last month. Tumblr hosts more than 117 million blogs with users that include celebrities like Lady Gaga, Zooey Deschanel, and John Mayer.
Yahoo! is aiming to increase its audience by as much as 50% with the acquisition to more than one billion monthly visitors. Yahoo! CEO Marissa Mayer was quick to reiterate that Tumblr will continue to operate as a separate business with David Karp as its CEO.
“Their product roadmap, their team, and tone will all remain the same as will their mission to empower creators and curators alike to do what they love best: create,” said Mayer.
Yahoo! has started rolling out their other teams on Tumblr which include Search, Messenger, Mail, Sports and Answers.
“Today is an incredibly exciting day for Yahoo! and Tumblr, and I’m thrilled to officially welcome David and the team to Yahoo!,” added Mayer.