ValleyWag: Yahoo In Talks to Buy Tumblr

ValleyWag reports Yahoo is in talks to buy the blogging platform Tumblr for as much as $50 million dollars. The two-year-old site, known for its ease of use, allows users to post stories, photos, videos or other links with your own theme, design under your own domain name.

We hear the talks are serious, led by Tapan Bhat, a fast-rising executive in charge of Yahoo’s homepage and other key properties – but as with any acquisition talks, they could fall apart. Fred Wilson, a partner at Tumblr investor Union Square Ventures and a Yahoo spokeswoman did not respond to inquiries about the talks. In a text message, [founder 22-year-old David] Karp, confirming his reputation for adorably juvenile sarcasm, wrote, “You got it backwards.”

The platform currently hosts 703,200 tumblelogs and has had more than 277,000 posts today.