Yahoo Buys Tumblr for $1.1 Billion

Yahoo! Inc. will buy blogging network Tumblr Inc. for about $1.1 billion, as Chief Executive Marissa Mayer seeks to lure users and advertisers with her biggest acquisition to date, Bloomberg News reports. The New York Times says many Tumblr users are apprehensive about the deal, despite Yahoo’s promise “not to screw it up.”