The New York Observer

The official announcement just hit the newswires. Yahoo has acquired Tumblr for $1.1 billion, “substantially all of which is payable in cash.” Because really, who wants to bet on the stability of Yahoo’s stock price?

In the press release, CEO Marissa Mayer tries desperately to explain the acquisition in any way she can besides admitting Yahoo wants to drink the blood of the young: ”Yahoo is the Internet’s original media network. Tumblr is the Internet’s fastest-growing media frenzy. Both companies are homes for brands – established and emerging.” Read More

Here we go, folks! The Wall Street Journal is reporting that Yahoo’s board has approved a rumored deal to purchase Tumblr for $1.1 billion in cash money. It’s not clear whether Tumblr’s board has also approved the deal, but if it’s true that the company has only a few months of runway left, they’d be fools not to.

It’s a happy enough ending for Tumblr’s employees and investors, sure, but it’s not exactly the stirring success story the New York startup scene might’ve wished for. (A YouTube’s nice, but a Google would be better.) Yahoo’s got a long history of snapping up startups and frittering away their potential, and $1.1 billion must dash a few hopes for Silicon Alley’s flagship. The company only made $13 million in revenue last year, but as of March it had 117 million unique users worldwide. Read More

Glasshole Missed Connection Betabeat finally had the distinct pleasure of trying the dorky looking face computer we love to mock so much at a party last night at Meetup HQ. We (only slightly drunkenly) approached a tall white dude donning Google Glass and timidly asked if we might be able to try it on. When we slipped on the device (in slate!), the display was incredibly blurry–not due to our eyesight, but because Glass specifically calibrates to the wearer’s eye. It was hard as hell to see, but the voice commands worked almost seamlessly, impressive since we were at a loud party.

The device’s functionality is fairly limited: you can take a picture, record video and get directions to and from places. It also has the added benefit of making you look like a complete dork while somehow also attracting swaths of attractive ladies to get up real close to your face. Read More

In what has to be the best endorsement of the mayor’s race so far, Jimmy McMillan from The Rent is Too Damn High Party has earned a nod from none other than Papaya King.

The cheapo hot dog eatery not only plans to promote Mr. McMillan and his mutton chops in its stores, but has invited him to treat its new location on St. Mark’s Place–which will be celebrating its grand opening tomorrow–as an “unofficial” campaign headquarters. It’s also planning to  introduce a new specialty hot dog, “The Jimmy McMillan,” in his honor. Read More