Yahoo buys Tumblr

Yahoo has agreed to acquire the blogging platform for a reported $1.1 billion.

Founded in 2007, Tumblr now hosts over 100 million blogs and has over 200 million global users.  The site allows users to blog anonymously and offers a powerful search functionality which encourages sharing.

The move is the first major acquisition by Yahoo since Marissa Mayer joined as CEO in 2012.

Sources: Gartner blog; The Guardian.