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Yahoo plans to buy Tumblr for $1.1 billion

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Yahoo agreed to buy the blogging service Tumblr for around $1.1 billion in cash, reports The New York Times. If the deal is approved, it would be the biggest yet under the tenure of new Yahoo CEO Marissa Mayer and a major move into social media for the Internet company. (It would also top Facebook’s acquisition of Instagram for $1 billion last year.) Founded in 2007, Tumblr has a young, active user base, with over 108 million blogs, that Yahoo will likely want to tap into.