Yahoo to acquire Tumblr for about $1.1 billion

Yahoo will acquire blogging site Tumblr for approximately $1.1 billion, the companies confirmed Monday.

Tumblr will be independently operated as a separate business, with David Karp remaining CEO. The service will continue to be developed separately "with the same Tumblr irreverence, wit, and commitment to empower creators," according to the announcement from the companies.

The deal was reported over the weekend by the Wall Street Journal.

Tumblr brings 50 billion blog posts to Yahoo's media network and search services, and the two companies will work to develop advertising opportunities, they said.

(More to come.)

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