The transaction, which started being rumored on Friday, 17th, 2013, would be an all-cash acquisition.
Founded by David Karp, Tumblr is a New York City-based microblogging platform and social networking website that allows allows users to post multimedia and other content to their blogs, follow other users’ blogs.
As of today, the platform features over 108 million blogs.
Investors in Tumblr included Greylock Partners, Insight Venture Partners, Chernin Group, Sir Richard Branson, Sequoia Capital, Spark Capital, and Union Square Ventures. Read here the funding history of the company.