Yahoo! buys Tumblr for $1.1bn

May 20, 2013, 3:13pm

STRUGGLING internet company Yahoo! today announced that it has acquired blogging site Tumblr for $1.1bn (£720m) and that it promises “not to screw it up”.

Tumblr is a low-revenue company but with high visitor traffic, which Yahoo! hopes will grow its audience by 50 per cent and its traffic by around 20 per cent.

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