Yahoo! Buys Tumblr for $1.1 Billion

May 21, 2013 Updated May 21, 2013 at 8:38 AM EDT

By Mitch Simon

May 21, 2013 Updated May 21, 2013 at 8:38 AM EDT

(WKBW) - After much speculation, Yahoo! CEO Marissa Mayer announced Monday the company has purchased social media giant Tumblr for $1.1 Billion.

The announcement appropriately came on Mayer's Tumblr page.

Tumblr hosts over 105 million different blogs, with more than 300 million monthly visitors and 120 thousand signups every single day. It is becoming one of the fastest-growing media networks in the world.

As part of the agreement, Mayer says Tumblr can deploy Yahoo!'s personalization technology and search engine to help users discover creators, blogs, and contacts they'll love.

In return, Tumblr brings 50 billion blog posts to Yahoo!'s media networks and search experiences.

Mayer says they promise not to screw things ups, and that they'll operate Tumblr independently. Current CEO David Karp will keep his position.

Mayer says both Tumblr and Yahoo share a vision to make the internet the ultimate creative canvas by focusing on users and design, and building experiences that delight and inspire the world everyday.

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