Exactly one month after announcing plans to acquire microblogging platform Tumblr for $1.1 billion, Yahoo has closed the deal.
The Internet giant announced Thursday that it officially owns Tumblr. The company announced the acquisition last month, saying that the $1.1 billion purchase price would be "substantially all...in cash." The company also promised at that time "not to screw [Tumblr] up."
Tumblr is highly popular site with over 300 million monthly unique visitors. The company was founded in 2007. Under the terms of the deal, Tumblr will remain its own entity under the Yahoo umbrella. Tumblr CEO David Karp said he believes that with Yahoo's help, his company can become more appealing to users.
"We are beyond excited to partner with Marissa and the wonderful team at Yahoo that we've already come to know well," Karp said in a statement Thursday of Yahoo CEO Marissa Mayer. "Their support and belief in our vision gives us an opportunity now to be the most ambitious we've ever been."