Yahoo (YHOO) confirms its deal to acquire Tumblr for $1.1B in cash. "Per the agreement and our...

|By:, SA News Editor

Yahoo (YHOO) confirms its deal to acquire Tumblr for $1.1B in cash. "Per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business. David Karp will remain CEO." Yahoo expects the combination to grow its audience by 50% and grow traffic by 20%. Up earlier, Yahoo now off 1% premarket. (PR)