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. The agreement says that Tumblr will be "independently operated as a separate business," with the frankly worded press release promising that this arms-length arrangement will help Yahoo "not to screw it up." Those who have allegedly fled to WordPress for fear of Tumblr being shut down may have slightly jumped the gun.