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Yahoo Buys Tumblr For $1.1 Billion

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Not since Facebook purchased Instagram last year has a social media startup sold for major dough. The aging online portal Yahoo is set to buy the hugely popular blogging platform Tumblr for an estimated $1.1 Billion cash-deal. Tumblr founder David Karp, (former Bronx high school drop out – turned billionaire) will stay on for at least four more years during the acquisition.

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Via Wall Street Journal

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