(NEW YORK) -- Yahoo! is investing big time in social media. The company announced on Monday that it has purchased Tumblr, the popular blogging and social media network, for $1.1 billion in cash.
"I'm delighted to announce that we've reached an agreement to acquire Tumblr!," Yahoo CEO Marissa Mayer announced on her own Tumblr blog Monday morning.
Mayer stresses in her Tumblr post and in an official company statement that Yahoo will "not screw it up," meaning Tumblr. The company plans to keep the platform an independently operated business with David Karp, the Tumblr's founder and CEO, remaining on.
Tumblr allows users to create their own blogs, follow other blogs on the network and like them, and reblog posts.
"We're not turning purple," Karp announced on Tumblr's official Tumblr News page. "Our headquarters isn't moving. Our team isn't changing. Our roadmap isn't changing. And our mission -- to empower creators to make their best work and get it in front of the audience they deserve -- certainly isn't changing."
While Yahoo promises not to change Tumblr's product, the companies will now work together to create advertising opportunities. Mayer also says that the companies together will create a very large media network.
"On many levels, Tumblr and Yahoo! couldn't be more different, but, at the same time, they couldn't be more complementary," Mayer said in a statement. "Yahoo is the Internet's original media network. Tumblr is the Internet's fastest-growing media frenzy."
Mayer, 38, took over as Yahoo CEO in July 2012 after over 10 years at Google. At Yahoo she is aiming to turn the company around, investing heavily in mobile products and reinvigorating current products, including Yahoo Mail. She has also overseen the acquisition of other companies, including Summly, Astrid and GoPollGo.
Tumblr, however, will be the largest Yahoo acquisition to date under Mayer's stewardship. She and the Yahoo Board, which voted on the acquisition over the weekend, are hoping Tumblr is one of the answers to making the company a real tech player again.
Founded in 2006, Tumblr has just 175 employees and has become an extremely popular blogging and social media network. According to Tumblr, 90 million posts are posted on Tumblr every day, with 900 posts per second. There are a total of 100 million blogs on the service.
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