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SEARCH NEWS: Yahoo! buys Tumblr for $1.1bn

Yahoo! has officially announced its' acquisition of Tumblr for $1.1billion (£725 million), but promises to keep the blog site independent.

Central to Yahoo's bid to boost traffic and further its social media presence, this move follows the search engine’s integration of twitter into its news frontpage last week.

Previously valued at $800 million, Tumblr now hosts 108 million blogs with a significant mobile presence.

Yahoo! has confirmed that Tumblr will be independently operated as a separate business, with David Karp as CEO.

Marissa Mayer, CEO at Yahoo!, said: "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."