Rumors have been brewing for quite some time now that major companies such as Facebook, Google, Microsoft and Yahoo! were interested in buying out Tumblr, and it looks like Yahoo! has gotten it, for USD$1.1 billion, cash. Earlier yesterday, it has been reported that the Yahoo! board has approved the deal and the CEO of Yahoo!, Marissa Mayer, will be hosting an event later today in New York, to make the official announcement.
We don’t know for sure what Yahoo! plan to do with Tumblr, but according to reports, David Karp, the CEO of Tumblr, will receive a load of cash, stay at Yahoo! for at least 4 years, and retain control over the service.
Whatever it is, we should be finding out for sure later today.