Reports On Yahoo! Inc. (NASDAQ:YHOO) Board Approval For Tumbler Inc. – GOOG, FB
Northern, WI 05/20/2013 (tradewatchmedia) – The board of directors at Yahoo! Inc. (NASDAQ:YHOO) (Up by 0.23%, closed at $26.52) had approved the acquisition of Tumbler Inc., according to reports by a Wall Street Journal. Though there were no indications on such takeover by Yahoo! Inc. (NASDAQ:YHOO), reports convey that Tumbler Inc. after acquisition would continue to operate as an independent business.
Press event for Flickr
Yahoo! Inc. (NASDAQ:YHOO) has scheduled a press event to unveil updates on its photo sharing site, Flickr in New York. However, there are no indications that the acquisition of Tumbler Inc., which is also based in New York would be announced at the press event by Yahoo! Inc. (NASDAQ:YHOO). Tumblr Inc., founded in 2007 presently has 13 billion global page views recorded in the last month to its website. Further the company had also recently started to increase its profitability by letting the advertisers pay for the premium placements of their ads.
Acquisition of Tumblr Inc.
The acquisition of Tumblr Inc. would be in line with attempts by CEO of Yahoo! Inc. (NASDAQ:YHOO) to gain back the market share lost to its competitors like Google Inc. (NASDAQ:GOOG) (Closed: $909.18, Up by 0.59%) and Facebook Inc. (NASDAQ:FB) (Closed: $26.25, Up by 0.46%). The Chief Executive Officer of Yahoo! Inc. (NASDAQ:YHOO) had been on the move to turn around the company through revamping of products such as the Yahoo! Homepage and email, but had made little headway in the attempts. Yahoo! Inc. (NASDAQ:YHOO) had recently reported a drop in its main display advertising business and had issued a sales forecast for the quarter, which might fall short of analysts’ estimates.