It's official, Yahoo is buying blogging site Tumblr.
Yahoo CEO Marissa Mayer announced the one-point-one billion dollar deal Monday in New York following days of related rumors.
Mayer also announced that Yahoo will have a new office in Times Square.
The deal is expected to help Yahoo tap into tumblr's younger, active online user base.
Yahoo said that Tumblr will be independently operated as a separate business, with David Karp staying on as Tumblr's CEO.
The blog site has 3-hundred million monthly visitors and 120-thousand daily sign-ups, with roughly 9-hundred posts per second.