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Yahoo buys Tumblr
(NEWSCHANNEL 3/AP) - In an attempt to reshape Yahoo and garner a base of young consumers, Yahoo has made a deal to buy out the short-form blogging website Tumblr from creator David Karp.
The social media website made up of active online users was bought for $1.1 billion by Yahoo.
This is Yahoo's most expensive acquisition since it bought online search engine Overture a decade ago for $1.3 billion in cash and stock.
The deal is CEO Marissa Mayer's boldest move yet since she left Google 10 months ago to lead Yahoo's latest comeback attempt.