Done Deal! Yahoo completes $1.1billion Tumblr's acquisition.

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."
See below for the full press release.

“SUNNYVALE, Calif. & NEW YORK--(BUSINESS WIRE)-- Yahoo! Inc. (NASDAQ: YHOO) today announced it has completed its acquisition of Tumblr.
Tumblr is one of the fastest-growing media networks in the world. Its tremendous popularity and engagement among creators, curators and audiences of all ages brings a significant new community of users to the Yahoo! network. The combination of Tumblr and Yahoo! is expected to grow Yahoo!'s audience to more than one billion monthly visitors.
The deal offers unique opportunities for both companies. Tumblr can deploy Yahoo!'s personalization technology and search infrastructure to help its users discover creators, bloggers, and content they'll love. 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.
On the deal completion, Tumblr CEO David Karp said, "We are beyond excited to partner with Marissa and the wonderful team at Yahoo! that we've already come to know well. Their support and belief in our vision gives us an opportunity now to be the most ambitious we've ever been." Cnet.