The deal will use about a fifth of Yahoo's $5.4 billion in cash and marketable securities.
Tumblr, a widely used blogging service with over 100 million users, is especially popular with teens and young adults. Yahoo! said the acquisition should increase its audience by 50% to more than a billion monthly visitors.
In a statement, Yahoo! said, "Per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business." Tumblr founder David Karp, who started the company in 2007, will remain its CEO.Yahoo!'s board approved the deal on Sunday.
Boeing's (BA) 787 Dreamliner is hitting the skies once again. After stopping deliveries of the jet in mid-January after the fleet was grounded due to battery problems, Boeing said it is resuming delivery of them Monday. Regulators have officially given the Dreamliner approval to fly again after Boeing redesigned the battery system on the fleet. Lithium-ion batteries overheated on two Dreamliners in January, causing fire and prompting one jet to make an emergency landing. Authorities grounded the entire fleet for what ended up totaling 123 days. The Federal Aviation Administration lifted its flying ban in April, instructing airlines they could take to the skies with the Dreamliner once again as soon as the battery systems were fixed. The first U.S. 787 flight since the grounding will be a route between Houston and Chicago on United Continental (UAL).
Campbell Soup (WMT) reported higher-than-expected quarterly earnings on Monday on improved sales. The world's largest soup-maker reported net income that rose to $181 million, or 57 cents a share, in the fiscal third quarter, up from $177 million, or 55 cents a share, a year earlier. Excluding items, Campbell earned a profit of 62 cents a share, beating analysts' estimates of 56 cents, according to Thomson Reuters. The company's acquisition of Bolthouse Farms helped to boost net sales, which climbed by 15% to $2.09 billion, beating Wall Street expectations of $2.05 billion.
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