Yahoo Inc. is purchasing micro-blogging platform and social networking site Tumblr for $1.1 billion (cash!), in an effort to appeal to a younger, hipper social media-conscious demographic.
This isn’t the first time the Internet giant has tried to keep up with social media trends: Yahoo attempted (but failed) to purchase video site Dailymotion earlier this year for $1 billion.
Yahoo promises “not to screw it up” and will keep Tumblr’s founder, David Karp in control of the service in an effort to retain the same “irreverence, wit and commitment to empower creators,” Yahoo said.
The deal will make 26-year old Karp a multimillionaire. Karp started Tumblr six years ago. He is a high school dropout (sigh).