Yahoo Officially Acquires Tumblr for $1.1 Billion

Board approved deal on Sunday

The deal received board approval on Sunday, according to Allthingsd.com and The Wall Street Journal. And now Yahoo CEO Marissa Mayer has confirmed the deal in a blog post, completed with an animated gif that plays on the ubiquitous "Keep Calm and Carry On" sign (though this one reads cheekily "Now Panic and Freak Out").

"We promise not to screw it up," wrote Mayer. "Tumblr is incredibly special and has a great thing going.

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