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Yahoo Buys Tumblr Social Network Service for $1.1 Billion

Yahoo is investing big-time in the social media. The company announced today that it has purchased Tumblr, the popular blogging and social media network, for $1.1 billion.

“I’m delighted to announce that we’ve reached an agreement to acquire Tumblr!,” Marissa Mayer, the CEO of Yahoo, announced on her own Tumblr blog this morning. “We promise not to screw it up. Tumblr is incredibly special and has a great thing going. We will operate Tumblr independently.”

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