 "Tumblr had $16.6 mln in cash when Yahoo acquired it: Filing")
Blogging service Tumblr had just $16.6 million in cash when Yahoo Inc. bought it last May for $1.1 billion, a Yahoo regulatory filing showed Thursday.
The deal for Tumblr was the largest since Yahoo Chief Executive Marissa Mayer took the role in July with a focus on reversing a long decline in Yahoo’s business and web traffic. The deal also made Tumblr founder and CEO David Karp, 27, a multimillionaire.
Tumblr was running out of cash (Image credit: Artsy Panda on Tumblr)
Technology blog AllThingsD reported the details on the filing earlier Thursday.
Yahoo also said in its 10Q filing with the Securities and Exchange Commission that it would give Karp both $41 million in Yahoo common stock and $40 million in cash over a four-year period as long as he remains a Yahoo employee.
Yahoo did not immediately respond to a request for comment after normal business hours Thursday.
Reuters
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