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Yahoo! Drops a Billion Dollars on Tumblr

Yahoo! and Tumblr today confirmed reports that Yahoo! was set to acquire the microblogging service for a sum in excess of one billion dollars. Yahoo! CEO Marissa Meyer announced the news in a blog post titled 'Tumblr. + Yahoo! = !!' For those worried that Yahoo! might not know what to do with a service like Tumblr, the former Googler said, "We promise not to screw it up."

"With more than 300 million monthly unique visitors and 120,000 signups every day, Tumblr is one of the fastest-growing media networks in the world," said Meyer. "Tumblr sees 900 posts per second (!) and 24 billion minutes spent onsite each month," she continued.

Tumblr will deploy Yahoo!'s personalization technology and search infrastructure while Yahoo!'s media network will gain 50 million blog posts. Meyer says that the combination of Tumblr and Yahoo! could grow Yahoo!'s audience by as much as 50 percent, carrying the web portal over the billion monthly visitors mark.

According to Yahoo!, Tumblr will operate as an independent company. Speaking on its own blog, Tumblr founder and CEO David Karp rushed to assure users that the acquisition wouldn't change the company for the worse.

"We're not turning purple. Our headquarters isn’t moving. Our team isn’t changing. Our roadmap isn't changing. And our mission – to empower creators to make their best work and get it in front of the audience they deserve – certainly isn’t changing," he said.

Karp went on to praise Yahoo! as "the original [I]nternet company" and said he couldn't be more excited to have Marissa Meyer's help. Reuters cites Yahoo! CFO Ken Goldman as saying Tumblr will help boost revenue by as early as next year.