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Yahoo confirms deal to buy Tumblr for USD 1.1 billion

2013-05-20 14:38:00| Telecompaper Headlines

(Telecompaper) Yahoo has confirmed that it has reached a definitive agreement to acquire blog website Tumblr, which will be independently operated as a separate business and keep David Karp as CEO. Yahoo will pay USD 1.1 billion for Tumblr. Subject to customary closing conditions, the transaction is expected to close in the second half of the year.

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