Yahoo! may buy Tumblr for $1.1bn
California, May 19, 2013
Yahoo Inc's board will meet on Sunday to vote on whether to offer $1.1 billion in cash for New York-based blogging service Tumblr, tech blog AllThingsD cited sources close to the situation as saying.
Yahoo! may be on the verge of closing its biggest acquisition during the 10-month reign of chief executive Marissa Mayer as she tries to attract more traffic and advertisers to the Internet company's website and mobile applications.
If Yahoo! board signs off, the deal could be announced tomorrow. In an invitation sent earlier, Yahoo! promised to unveil "something special" tomorrow evening in New York.
The event is being held in a Times Square lounge located about three kilometres from Tumblr's headquarters.
Yahoo! has only said that Mayer will be on hand to unveil something related to a product.
Buying Tumblr would fulfil Mayer's goal of reaching a wider audience on smartphones and tablet computers.
Tumblr serves up a constantly changing collage of stories, photos and other digital content served up by users who are increasingly connecting to the service through its mobile applications. The service is also one of the hottest sites among teens and young adults.-Reuters
More INTERNATIONAL NEWS Stories
- Investors monitoring Pimco after internal strife
- N Korea tanker ‘leaves Libya rebel port carrying oil’
- Malaysia plane incident not terror related: Interpol
- Crimea closes air space to commercial flights
- Missing Malaysian plane last seen At Malacca Strait
- Stolen passport holder on missing plane is Iranian
- China deploys 10 satellites to search for Malaysia jet
- Libya says halts tanker outside port; rebels deny it
- Libya orders military force to 'liberate' ports
- Big bananas: Chiquita, Fyffes merge
- Radar sweeps, dozens of aircraft, but no sign of plane
- N Korea tanker loads oil at Libya rebel port
- Gold drops as US growth optimism weighs
- Merkel raps Putin; Russia tightens grip on Crimea
- World 'at sea' over missing Malaysian jetliner
- Passports requiring probe were on Malaysia flight
- 40 killed in Yemen as Houthi fighters near capital
- Vietnam finds object in sea; search on
- $5bn poll spend to boost India economy
- Libya authorises use of force against Korean tanker
- Ukraine PM says he will go to US to discuss crisis
- Syrian journalist killed covering fighting
- Malaysian jet may have turned back before vanishing
- No sign of missing plane; Malaysia probes false passports
- Two Europeans not on board 'missing' Malaysian jet
- China draws red line on North Korea
- Saudi sentences three to death for 2003 bombing
- First bitcoin machine opens in UK
- US sanctions will boomerang, warns Russia
- China plans $50bn bank to fund projects