As per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business.

Total consideration is approximately $1.1 billion, substantially all of which is payable in cash.

The combination of Tumblr+Yahoo! is expected to grow Yahoo!'s audience by 50 percent to more than a billion monthly visitors, and to grow traffic by approximately 20 percent.

"Tumblr is redefining creative expression online," said Yahoo! CEO Marissa Mayer. "On many levels, Tumblr and Yahoo! couldn't be more different, but, at the same time, they couldn't be more complementary. Yahoo is the Internet's original media network. Tumblr is the Internet's fastest-growing media frenzy. Both companies are homes for brands - established and emerging. And, fundamentally, Tumblr and Yahoo! are both all about users, design, and finding surprise and inspiration amidst the everyday", said in the press release.

The transaction, which is subject to customary closing conditions, is expected to close in the second half of the year.

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

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