Yahoo! completes acquisition of Tumblr

Internet giant Yahoo! Inc today said it has completed its acquisition of Tumblr.

Yahoo had said in May that it would offer $1.1 billion for the microblogging platform and social networking website, which allows users to post multimedia and other content to a short-form blog.

The acquisition marks Yahoo CEO Marissa Mayer's largest acquisition since she took charge of the internet giant last year

The deal offers unique opportunities for both companies.

It is one of the fastest-growing media networks and enjoys popularity and engagement among creators, curators and audiences and brings a significant new community of users to the Yahoo! network.

The combination of Tumblr and Yahoo! is expected to expand Yahoo!'s audience to more than one billion monthly visitors.

Tumblr can deploy Yahoo!'s personalisation technology and search infrastructure to help its users discover creators, bloggers, and content of their choice.

Yahoo said in a statement that with more than 50 billion blog posts (and 75 million more arriving each day), Tumblr can bring complementary content to Yahoo!'s media network and search experiences. Yahoo! will support Tumblr's efforts to create advertising opportunities that are seamless and enhance the user experience.

Tumblr will be independently operated, and the product, service and brand will continue to be defined and developed separately by the Tumblr team. David Karp will remain CEO.

"Tumblr is an incredible company. I'm thrilled to officially welcome David and his team to Yahoo!," said Yahoo! CEO Marissa Mayer.

Tumblr is a media network powered by an army of independent creators and home to an audience of more than 300 million unique visitors. Founded by David Karp in 2007, Tumblr is headquartered in New York City.