Yahoo Closes Its Purchase Of Tumblr For $1.1B, Reconfirms Karp At The Helm Of Social Site

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In a week where Tumblr CEO David Karp did the rounds at the Cannes Lions advertising confab in France, Yahoo has now confirmed that it has completed its acquisition of the social network and blogging site for $1.1 billion — first announced in May.

As Yahoo said previously, it will keep Tumblr as an independent site, which will continue to be run by founder Karp. Although, in Yahoo’s words, “the product, service and brand will continue to be defined and developed separately by the Tumblr team,” it will nonetheless be adding one billion monthly visitors to Yahoo’s overall online audience, which it will hope to monetize through advertising and other marketing services.

“Tumblr can bring complementary content to Yahoo!’s media network and search experiences. Yahoo! will support Tumblr’s efforts to create advertising opportunities that are seamless and enhance the user experience,” the company noted in today’s statement.

Marissa Mayer, the CEO of Yahoo, also added in her support: “Tumblr is an incredible company. I’m thrilled to officially welcome David and his team to Yahoo!.”

No updates today on any of Tumblr’s usage numbers, which were put out last month at the time of the deal: over 300 million monthly unique users, and 50 billion blog posts with 75 million more getting added each day.