Yahoo! (YHOO) Board Said to Approve $1.1B Tumblr Deal
Tweet
Share
E-mail
Get Alerts YHOO Hot Sheet
Join SI Premium – FREE
(Updated - May 20, 2013 6:21 AM EDT)
The Yahoo! (Nasdaq: YHOO) board of directors is said to have approved the proposed acquisition of Tumblr.
The WSJ reported that Yahoo!'s board met Sunday on the matter, unanimously voting in favor of the $1.1 billion acquisition. An announcement is expected Monday morning.
Tumblr CEO David Karp will remain at Yahoo! for four years following the deal.
Amid making a series of smaller deals since assuming the CEO role at Yahoo! last year, this will be the largest deal Marissa Mayer has attempted in the role. Mayer's goal was to make Yahoo! more "cool" to younger audiences.
Shares of Yahoo! are are indicated higher in early trading. The stock popped midway through last week when word of the deal first hit wires.
The Yahoo! (Nasdaq: YHOO) board of directors is said to have approved the proposed acquisition of Tumblr.
The WSJ reported that Yahoo!'s board met Sunday on the matter, unanimously voting in favor of the $1.1 billion acquisition. An announcement is expected Monday morning.
Tumblr CEO David Karp will remain at Yahoo! for four years following the deal.
Amid making a series of smaller deals since assuming the CEO role at Yahoo! last year, this will be the largest deal Marissa Mayer has attempted in the role. Mayer's goal was to make Yahoo! more "cool" to younger audiences.
Shares of Yahoo! are are indicated higher in early trading. The stock popped midway through last week when word of the deal first hit wires.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- SEC plans crypto investment regime and tokenized stock exemption - Bloomberg
- GameStop CEO mulls pulling eBay bid - Bloomberg
- Intel said to give no shares to about 33% of orders in offering
Create E-mail Alert Related Categories
Insiders' Blog, Mergers and Acquisitions, Rumors, Trader TalkSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
