After a weekend of rumors, Yahoo this morning confirmed its purchase of blogging site Tumblr for $1.1 billion.
Tumblr will continue to operate as a separate business with David Karp remaining as CEO. Amidst concerns from the Tumblr faithful that a Yahoo purchase would ruin their favorite online destination, Yahoo quipped in its announcement that it has promised "not to screw it up."
"The product, service and brand will continue to be defined and developed separately with the same Tumblr irreverence, wit, and commitment to empower creators," Yahoo said in a statement.
The Internet giant cited Tumblr's massive growth, pointing to the network's 900 posts per second and 24 billion minutes spent on the site each month. The purchase is expected to help boost Yahoo's audience by 50 percent to more than a billion monthly visitors, and to grow traffic by approximately 20 percent, the company said.
"Tumblr is redefining creative expression online," Yahoo CEO Marissa Mayer said in a statement. "On many levels, Tumblr and Yahoo couldn't be more different, but, at the same time, they couldn't be more complementary. Yahoo is the Internet's original media network. Tumblr is the Internet's fastest-growing media frenzy. Both companies are homes for brands - established and emerging. And, fundamentally, Tumblr and Yahoo are both all about users, design, and finding surprise and inspiration amidst the everyday."
"I've long held the view that in all things art and design, you can feel the spirit and demeanor of the creator. That's why it was no surprise to me that David Karp is one of the nicest, most empathetic people I've ever met. He's also one of the most perceptive, capable entrepreneurs I've ever worked with," continued Mayer. "David's respect for Tumblr's community of creators is awesome. I'm absolutely delighted to have him join our team."
In his own statement, Karp promised that the Tumblr team "isn't changing," nor is the company's roadmap. " But we're elated to have the support of Yahoo! and their team who share our dream to make the Internet the ultimate creative canvas. Tumblr gets better faster with more resources to draw from," he said.
The Yahoo board reportedly approved the deal over the weekend.
Yahoo will hold a press call at 9 a.m. Eastern, so stay tuned for more details (Update: Check out what Mayer had to say). Until then, check out PCMag's Jan. 2012 interview with Karp.