YHOO: Yahoo (YHOO) confirms its deal to acquire...

8:13 AM 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) Read comments

YHOO price at time of publication: $26.52. Check YHOO price now »

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• Yahoo!'s CEO Discusses Q1 2013 Results - Earnings Call Transcript
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