david karp tumblrYahoo CEO Marissa Mayer announced on her Tumblr blog this morning that the search giant has bought over social blogging network Tumblr for $1.1 billion.  She promised though that founder and CEO David Karp will stay at the helm of affairs as CEO.

“We promise not to screw it up”, Mayer said. She also said that Tumblr will work independently to maintain the desired independence of the popular social network. Karp also announced, “Our headquarters isn’t moving. Our team isn’t changing. Our roadmap isn’t changing. And our mission – to empower creators to make their best work and get it in front of the audience they deserve – certainly isn’t changing.” This all-cash deal could make Karp, a high-school drop-out, worth $220m.

Users on Tumblr can create their own blogs, follow blogs on the networks and reblog them. However, the company posted revenues of $13million last year, only after $125million in capital investments.

However, with the new move, Yahoo and Tumblr will come together to create advertising opportunities. They will also create a very large media network.