Yahoo confirms acquisition of Tumblr, but will run it as a 'separate business'

Hot on the heels of yesterday's rumors, Yahoo and Tumblr have jointly announced a "definitive agreement" for the former to acquire the latter for $1.1 billion. The agreement makes it clear that Tumblr will be "independently operated as a separate business" with its own branding and line of development. A frankly worded press release says that this arms-length arrangement will help Yahoo "not to screw it up" and promises that the 300 million monthly visitors to the blogging site will continue to experience Tumblr's "irreverence, wit, and commitment to empower creators." If all this is to be believed, those who have allegedly fled to WordPress, for fear of Tumblr being shut down or re-versioned, may have slightly jumped the gun.