Belfast Telegraph

Wednesday 22 October 2014

Yahoo in billion dollar bid to make comeback

SAN FRANCISCO - FEBRUARY 1: Cars drive down 6th Street past a Yahoo! billboard February 1, 2008 in San Francisco, California. In an effort to compete with internet leader Google Inc., Microsoft Corp has made a $44.6 billion bid to buy Yahoo Inc.. (Photo by David Paul Morris/Getty Images)

YAHOO is buying online blogging forum Tumblr for $1.1bn (£0.7bn) as chief executive Marissa Mayer tries to rejuvenate an Internet icon that had fallen behind the times.

The deal represents Ms Mayer's boldest move yet since she left Google 10 months ago to lead Yahoo's latest comeback attempt. It marks Yahoo's most expensive acquisition since the Californian company bought Overture for $1.3bn a decade ago.

Tumblr now figures to play a pivotal role in Ms Mayer's attempt to reshape Yahoo.

She is betting that Tumblr, a six-year-old service started by high school dropout David Karp, will provide Yahoo with a hook to reel in more traffic and advertisers on smartphones and tablets.

The companies say Tumblr will remain independently operated and Mr Karp will stay chief executive.

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