marissa mayer is baking the biggest acquisition buying blogging forum tumblr. reporter is in the newsroom with more on the announcement that marissa mayer made this morning. >> to make the announcement that yahoo is buying tumblr she tweeted a link on her own tumblr pay saying "i am delighted to announce we have reached an agreement to buy tumblr and we promise not to screw it occupy." the first time an acquisition has been announced by animated gift, from "keep calm and carry on "and now "panic and freak out." they are paying $1.1 billion for the blogging forum tumblr. but the users, 105 million blogs, 300 million monthly visitors and 120,000 new sign ups each day, not all of them are happy. one user posted a petition telling users to reblog and sign "don't let yahoo buy tumblr." it will be independently operated as a separate business and the founder and c.e.o. a 26-year-old will stay on as c.e.o. and marissa mayer reiterated that vow on a conference scale with investors in morning. >> we are making sincere promise to not screw it up. we will keep the tumblr

first yahoo's marissa mayer. she just spent over $1 billion to buy a blog site. but will the move pay for for shareholders? >> jp morgan's jamie dimon. shareholders vote on whether he could keep the job. >> and apple's tim cook arguing over the tax code and facing tough questions about his big pile of overseas cash. all that and more tonight on "nightly business report" for monday, may 20th. >>> good evening, everyone. our top story tonight is yahoo, the granddaddy of internet search, older, if not bigger than google, is paying more than $1 billion for tumblr, a website that brings thousands of blogs and hundreds of millions of young users together every month. and those younger eyeballs, along with the money they could bring but haven't yet may be what yahoo's ceo marissa mayer is really after. john ford has more now on yahoo's big bet on tumblr. >> reporter: david karp is 26, a high school dropout, and now he's mega-rich. that's because karp is founder of tumblr, the blogging site yahoo just bought for $1.1 billion in cash. >> this isn't a get rich quick scenar

marissa mayer joined yahoo and is trying to reinvograte the website. she hopes that tumblr will help do that. 50 percent of users are younger than 25 and she needs them. this is the boldest move to date. yahoo c.e.o. marissa mayer calls the blogging site a "game changer." >> today is an exciting day for yahoo, tumblr and the users. yahoo c.e.o. marissa mayer spoke town vestors by conference call announcing the $1.1 billion cash purchase of tumblr. she started with a vow that has become the headline of the acquisition. >> we are making sincere promise to not screw it up. >> she tweeted a link to her own tumblr page with this gift "yahoo, tumblr panic and freak out, keep calm, carry on." the first time an animation has been created with an animate gift, but many are not buying it, worried this acquisition will mean user policy changes or ads flooding the blogging platform. the founder and c.e.o. of tumblr wrote to his employees and followers that yahoo will only help tumblr get better faster. they will continue to be independently operated as a separate

. >>> the power of mayer, the marisa mayer, as she tries to save yahoo! from oblivion. she is almost a year into her tenure. we get a panel of experts to fill out her report card. even when they say it's not it is all about the power of money. melissa: we are starting with all the corporate shuffling at the top these days. ceo's are coming and going. most of them with one thing in common, a huge payday on the way out the door even if they get fired. while execs may think the packages are their insurance policy for taking the job in the first place is it really fair to shareholders? it comes down to the power of money. i had a great discussion with steve forbes, chairman of forbes media, steve moore from the "wall street journal," and daniel johnson chairman of the economics department at colorado college. we started off on hewlett-packard's leo apeker. >> the thing you have to remember if you want talent like sports you have to pay for it f it turns out, by golly it ace real bargain. if it doesn't turn out every penny looks like it is wasted. you don't know until the gu

it was marissa mayer, formerly googel and now at yahoo!.isten to what he said to me. >> not only is she a genius of the geniuses, she is something that i really value which is she is one of the most uniquely happy and productive people i have ever met, certainly in this industry. that's something that we have just strive for in our team is that sense of eternal optimism and purpose. she just brings that in a profound way. >> i will say this. i immediately sat down with him like let's talk about the acquisition and he corrected me. he had let's talk about the partnership because he doesn't want to be seen as just a part of yahoo!. tumblr very independent, the cool kids blog. they don't want to change now that they're at ya hoochlt he made that very clear. >> it is so clear. people think he made $250 million of his own money on this. here is a good born and raised in manhattan, his parents let him drop out of high school because, you know, high school wasn't really feeding his brain. they let him work on his own and make his own programs and

since marissa mayer took over yahoo stock has soared. tonight as we continue our week-long series on comeback companies, john takes a look at yahoo!'s turn around and mayer's role in that revival. >> yahoo!, it's one of the defining companies of the inteet era, but a year ago it had nearly fallen apart. it chewed up four ceos in as many years, cert share was dropping, parking lots took too long to fill in the morning, a sign of flagging morale. then new ceo marissa mayer came on board. >> what a difference ten months makes. new ceo, new game plan and suddenly yahoo! is a place people want to come take a look at the home page that's been redesigned with the hope that users will spend more time there. >> people said give me a reason to come backto yahoo! a few times a day. now the content is always updating. >>> iphone apps like weather have gotten a face lift. that app got more downloads in five days than her team had expected for the entire quarter. a main goal for these changes, make yahoo! cool again. that will be a long slog. even use

marissa mayer announced this $is .5 billion deal to -- $1.5 billion deal to buy tumblr.ost of the visitors are in their teens and 20s. the company will be operated independently. it won't be moving west. tumblr's headquarters will remain in new york. they are trying to breathe new life into this. a cnn analyst states there's a lot riding on this deal from mayer who came over from google a little less than a year ago. >> this is an acquisition to acquire user. that's a big bet, i mean, to spend over a billion dollars for a new ceo at a brand of yahoo!that's been around forever but struggling will rewrite her la legacy. >> reporter: this roof could change the fact that there's not many ads seen. they will work with tumblr to create ads that are tasteful and seamless. but the cnn analyst says this could backfire for yahoo!if ads are forced onto tumblr. mayer says she expects this increase to start to increase revenue for yahoo!starts next year. back to you. >> thank you. >>> a second person has died as a result of tornadoes that hit oklahoma, kansas and iowa yesterday. four

that will be one of marissa mayer's biggest goals and risks. yahoo will announce this at 2:00 our time this afternoon. in the invitation, they said only "they will unveil something special." >> speaking of "special" the super bowl committee is on the way to boston this morning ared to make a final play to host super bowl 50. nfl team owners will decide tomorrow between miami and the 49ers stadium under construction in santa clara. many believe the bay area has the advantage after the florida state legislature failed to approve funding to update the dolphins' stadium. the losing city faces houston in a bid to host super bowl 51. occupy the farm receptions on berkeley in east bay and took over a tract in albany. 20 activists remain there this morning after returning on saturday to weed and plant vegetables. some tents are set up on the property. ca almost owns the land and has approval to develop it. occupy members claim it is public land that should be used for a community farm. police are monitoring the situation. >> a week ago on saturday occu

that is where the story left off. >> and jane mayer article in the new yorker has pointed out the key role played by neil shapiro and beginning to exert pressure on itvs. neil shapiro had a long career as a network executive act nbc before he came over to the pbs duopoly in new york. did you get an indication sikhara was directing to intervene? >> they were not being completely honest with us. it was clear they were afraid of somebody. >> we now know from the article is built shapiro called itvs directly and issued some threats including that wnet would pull out of their series "independent lens" in the aftermath of that gibney film. i guess they freaked out when they saw harpham coming down the pike. they did not want to just change the title, they wanted as a to sanitize it, to scrub koch out of it altogether. >> can you explain the relationship between itvs and pbs? you are not automatically going on wnet or pbs, but it was your finding and distribution? >> independent television service is or exists to support financially support the work of independent filmmakers, and an advocate

it's oscar mayer. ♪ ♪ ♪ [ male announcer ] get sweep. order, automatically. ing s >> jimmy: welcome back. new order will be with us. our next guest comes to us from a land of oprinces and witches and magic and that place is chicago, illinois. her fairy tale adventure show "once upon a time" airs sunday nights at 8:00 here on abc. please say hello to jennifer morrison. >> jimmy: how are you doing? >> i'm great. >> jimmy: i love that dress. >> i wanted to wear something bright today. >> jimmy: you did indeed. did you just get here from vancouver? you shoot the show in vancouver? >> we do. i just finished friday in vancouver and drove my car back, which is great. i love vancouver. it's a great place. >> jimmy: vancouver is a great place. very cold this time of year. >> that's one very true statement. it's always cold. we found different ways to deal with the cold. >> jimmy: you can't always be shot, especially on a fairy tale show, you can't be wearing a big parka all the time. >> no. we do that in between takes. we discover these things ca

the announcement came from marissa mayer's own tumblr page.elighted to announce we've reached an agreement with tumblr. she is betting $1.1 billion that the venture will be a match made in digital heaven. created in 2007, the hugely popular tumblr allows users to share thoughts about everything from food to fashion to pop culture on their blogs. it boasts 108 million of them. more than 300 million monthly visitors spend a whopping 24 billion minutes on the site every month. it's the brainchild of david karp, the hipster high school dropout who founded the company from his childhood bedroom and will remain tumblr's ceo with mayer's full support. >> we are not going to screw this up. >> with that promise, let's welcome marissa mayer and david karp. great to have both of you here this morning. i do want to talk about the deal. but first one of the things we've seen with natural disasters like this tornado in oklahoma is the power of social media. so, what can you tell us about what yahoo! and tumblr are doing now? >> well, we do have people on th

that was entrepreneur and investor trace of mayer that we met at the big conference last week and san jose don't go away because at next i have an interview with the mood where they can go remey about the crowding i've investment spaces and how this will a systemic risk that goes all the way back to long term capital management then bob inglis and i are going to do over bloomberg eight and live or face him. here is mitt romney trying to figure out the name of that thing that we americans call i don't know. i'm sorry i'm just a guy who cares an awful lot of money sorry art school you know what kind of money are terrorist cells you. want to listen to feature a sunday on liberal democrats. could really go to the. you know the corporate media distracts us from what you and i should care about because they're profit driven industry that sells a sensationalistic garbage he calls it breaking news i'm abby martin and we're going to break this that. it. long-term capital management was a large hedge fund that nearly blew up in one thousand nine hundred eighty eight i spoke with the lewinsky ca

the beck wing conference and san jose california and now we have the opportunity to interview tracey mayer investor entrepreneur and owner of how to vanish dot com which is a website that teaches you how to attain financial privacy and i asked him how big into all of this and here's what he had to say. it is the first. digital currency it allows you to send money directly person a person over the internet and you're able to do so using just what's called a private key and that's not tied to an identity and so for people who want to protect their identity when they're purchasing the things they're able to use to coin in a way that doesn't tie it to an a and identity so you don't when you're ordering books off amazon. they don't know what you buy and so it's not database in archived and searchable for. the entire future with pick when you're able to keep that from appearing in the database and one of the things you talk about are these private keys actually being elements of speech and how does that relate to you know the bill of rights the first amendment and such yeah well congress shall m

that was entrepreneur and investor trace of mayer that we met at the big conference last week and san jose don't go away because at next i have an interview with the mood where they can go renia about the crowding i've investment spaces and how this relates to systemic risk that goes all the way back to long term capital management then bob english and i are going to do over bloomberg gate in life stadium. was a new alert animation scripts scared me a little. there is breaking news tonight and we are continuing to follow the breaking news. the alexander family cry tears of the war you are in grave things rather that there's. a wall around. there's a story many sort of movies playing out in real life. the worst you're going through. why don't. you go for a minute. what. did you never seen anything like i'm still. looking for somebody in the field that well we won't find it here if you're looking for relevant stories unique perspectives and tough questions to end our city. long-term capital management was a large hedge fund that nearly blew up in one thousand nine hundred eighty eight i

>> reporter: then there's mayer's own maternity experience.firestorm of criticism that she was setting an unrealistic example for working mothers. but according to the mommy blogger she's now making the right move saying, now i don't give two figs about all the work from home hoopla considering that marisa has officially announced a baller maternity leave" and moms-to-be we spoke with at a prenatal yoga center in new york city agree this new policy is a big bump in the right direction. >> i think it's absolutely wonderful and an absolute necessity. >> i think it's amazing and hopefully it's an inspiration for other corporations, big and small, to kind of follow in her footsteps. >> reporter: but how does the new policy compare to the competition? well, it's good but it still offers fewer days off than google and facebook. google offers 22 weeks of paid maternity leave and facebook offers 16. >> good to be in technology. >> wow. >> that's a lot more than other companies. >> it's a lot more than other companies and there are jobs for people in t

marissa mayer promised their company won't, quote, screw this up, but users are skeptical.at down with tumblr ceo david carp. it's so interesting, he didn't even finish high school, and now he's negotiating with marissa mayer, what was her role in all of this in. >> look, marissa mayer has for some reason this charm in the tech industry. you see all of these young entrepreneurs going to yahoo now, and they weren't able to get a lot of the younger start-ups to get involved. it wasn't cool to be acquired by yahoo, and i will say this, david carp really defined cool. he's a new york-based entrepreneur, he used to drive a vespa around the streets, has a beautiful girlfriend. >> listen to what he said to me, christine. >> not only is she a genius of the she is something that i really value. she's one of the most uniquely happy and productive people i've ever met certainly in this industry. that's something that i -- we just strive for in the sense of eternal optimism and purpose. she brings that in a profound way sglp so interesting. i think people think you made $250,000 of his

experts are calling this mayer's boldest move since she was hired last year but they are also calling it one of her biggest gamblings. >> tumblr has not had much advertising. if yahoo wants to make much money off tumblr it will probably have to get more advertising on the site. tumblr only made $13 million in revenue last year. >> reporter: in addition, this deal isn't popular with some on tumblr. there's been a blocking backlash amongst some users, several posting threats of leaving the website once a deal was finalized. >> you always fight what your parents think is cool but i think yahoo and tumblr users will benefit from each other. >> reporter: the deal is expected to grow yahoo users by 50% to a billion monthly visitors. and yahoo execs are hoping this breathes new air into the fading once web pioneer. live in sunnyvale, cate caugiran, kpix 5. >> yahoo's stock after the big announcements went up. not a lot but it is a positive. it's up 11 cents today. let's check the big board on this monday. the first day of the workweek, the dow is down 7 so far. but they still have another ho

[ male announcer ] but not with the oscar mayer deli fresh clear pack.ou see is what you get food. you can come in and get half off the newest smartphones you know, the good stuff when you trade in your current smartphone. get it now for $99.99. ♪ choose your experience. choose your flavor. [ humming ] a tingling spearmint. [ ice crackling ] a cooling peppermint. 5 gum. stimulate your senses. >> jimmy: welcome back. this is pretty good. like most people, i have had enough of "the harlem shake." one of those internet trends that was amusing the first 80 times you saw it. but then it curdled. so when it -- i got this today and i almost didn't watch which as you'll see now would have been a terrible mistake. ♪ [ screaming ] [ screaming ] [ fire alarm sounding ] [ applause ] >> jimmy: that might be the action movie of the year, right? we have something special for you tonight. as twitter users know, twitter is a great way for famous people to connect to their fans. it's also a way for fans to say terrible things to those people without getting punched in the

marissa mayer, who joined the company just ten months ago from google. today, she wrote on a tumblr post: "we promise not to screw it up." rebecca leeb is research analyst of digital advertising and media for the altimeter group and joins us now. welcome to you. why does yahoo want to buy tumblr? what's the appeal? >> there are several appealing things about tumblr. there's certainly the size of the audience, as you just mentioned. but also perhaps more than that, the demographics of tumblr's audience. yahoo has been losing users, losing eyeballs for years now. tumblr represents the millen yells, those 20-somethings who didn't abandon yahoo because they probably never aligned with the platform in the first place. this is a group that is incredibly important to the advertisers yahoo is is trying to attract. >> brown: explain for our non-tumblr users in the audience what it is. how has it been able to rise so fast and appeal to so many people? >> tumblr is a blogging platform that is very, very imageson trick. it's very focused on users uploading photograp

pagesa mayer use her own to unveil the $1.1 billion vale -- deal. she assured users there was nothing to panic about. we promise not to screw it up, she said. david karp promised the site would not turn purple, yahoo's cover or leave its new york base. distinctlyff with a on managerial language. marissa mayer recruited from google to shake things up and yahoo, our hope is that the amblr deal will send out signal. corexit is new and trendy. it is sophisticated and interesting. i think it's a little piece of all of those things. it puts yahoo back on the map. this kind of technology takeover has a mixed record. google's purchase of youtube appears to be paying off. but news corp. never managed to make a success of myspace and aol lost a fortune after paying bebose be boast -- social network. >> culturally and geographically it is a risk. i think those risks are worth taking. this is what the company has to do if they want to resurrect themselves. >> some users are already complaining and yahoo will have to be careful. the new owners are confident that

last week was to work with mayor and represent the mayers of this country to push our country to make sure this month if not the next month, we get comprehensive immigration reform done, because that is part of why immigrants came to this country. we have established ourselves. immigrants from all of the different backgrounds. we have made san francisco one of the most special homes for immigrants. but we need to see our country modernized its immigration laws. we need to see that comprehensive immigration reform done and we need to celebrate more family unification and we need to get the dreamers here so they don't live in the shadows but live full lives. they earn the living that they have because we know, that if people live in shadows they are going to have to be forced to accept the worse conditions for their jobs for their families. but we also know that as soon as someone has a pathway to citizenship their check powers and their ability to earn and contribute to the communities grows exponentially and this is part of the work that we need to do as mayers and senator and let's g

more recently, two months ago, mayer shut up the tech world by not allowing telecommuting.ouple working at it as dyahoo, the change in policy means an new moms and dads could have a combined six months of paid time off to bond with their new babies. they will even get four months of combined for babies and they have adopted or fostered. yahoo's policy for parents are hardly the best in silicon valley, wisconsin six would try to retain the brightest that workers. for instance google, where a mayer work before joining yahoo, offers up to 22 weeks unpaid leave for its new mothers, among several other perks for expectant google moms. what do you think of yahoo's maternity policy? is it enough? share your comments on kron 4 urs facebook page. that is facebook.com/kron4. >> welcome back the time is 5:45 a.m.. the top stories that we are following this morning. fire crews are working a fire in the yount areaville . this is just more and napa. the flames broke out on the 11:45 p.m. last night and have burned 15 a.. it is 40 percent contained, crews are expected to have full contain

marissa mayer. leaders behind the partnership are sitting down together on "good morning america" this morning. as we reported yesterday here on the abc7 news marissa mayer promised "not to screw this up." on "good morning america" she explained what she meant. >> i want to make sure they recognize that tumblr will be map vision it has had and we are setting up tumblr to do that. >> if you want to hear more they are on "good morning america" at 7:00 right here on abc7 news. >> vallejo firefighter is recovering from burns to his hands this morning but he may feel better knowing that a man's life was saved. a disoriented man in his 60's was trapped on a balcony as flames tore through the one-bedroom apartment. neighbors and firefighters sprang into action and put up a ladder and the firefighter climbed into the billowing smoke and flames. >> he was grabbing on to something and i got his hand free but i needed help with someone on the ladder to pass him off to. >> three neighbors steadied a leader so f

have gained better than 70% under mayer. >> thank you very much. jeffrey is still with us. deals here in the next couple of months? i mean, is the deal environment, is it ripe? >> i do. i think that on average, the companies in the u.s. are undervalued on a medium basis. and i do think you're going to see m&a activity pick the up. we're seeing it here at raymond james, as a matter of fact. >> jeffrey, thank you very much. just monday getting well under way. chief investment strategist at raymond james, getting up very early to be with us. thank you very much for that, as well. give yourself a bit of a walking when your feet hit the floor. >>> our florida ticket winner on the money, scooping this weekend's record breaking powerball loto. just how much, though, is the sum? stay tuned to find out. [ male announcer ] what?! investors could lose tens of thousands of dollars in hidden fees on their 401(k)s?! go to e-trade and roll over your old 401(k)s to a new e-trade retirement account. none of them charge annual fees and all of them offer low cost investments. e-trade. less fo

biggest acquisition since marissa mayer took over the company last summer.for today's market update. news of yahoo buying tumblr failed to boost the markets today. lower. here are the final numbers. the dow fell 19 points to close at 15,335. the nasdaq fell 2 points. and the s-and-p 500 fell one point. with our tech reporter. facebook, or at-gabeslate on twitter. you can also send him an e- mail, at slate-at-kron-4- >> we will be right backdot- com. look at 'em. living on cloud nine with that u-verse wireless receiver. you see in my day, when my mom was repainting the house, you couldn't just set up a tv in the basement. i mean, come on! nope. we could only watch tv in the rooms that had a tv outlet. yeah if we wanted to watch tv someplace else, we'd have to go to my aunt sally's. have you ever sat on a plastic covered couch? [ kids cheering ] you're missing a good game over here. those kids wouldn't have lasted one day in our shoes. [ male announcer ] add a wireless receiver. call to get u-verse tv for just $19 a month with qualifying bundles. rethink possi

a fistful of dollars and then trace mayer showed us how they coined their caring sway with mass lovers who are tired of being politicized currencies and professor kingery need to explain the fed's employees over the long term hedge fund bailouts and then we finally turn the screws on bloomberg tad and reveal the competition well that's all i have for today in light of memorial day i will be back until tuesday in the meantime you can follow us on facebook at facebook dot com slash prime interest and from everyone at prime interest i'm harry and boring have a safe weekend. loaded . little. little. pretty sure free. for charger free arrangement free. three stooges free. gold free blanquita cullum video for your media project c.e.o. don the r t v dot com. poll or. illegal. hello and welcome to technology update despite our five senses not everything is quite what meets the eye this episode looks to shed some light on devices they give us a glimpse i was hiding just out of sight. remember the earth was the center of the universe until copernicus and galileo came along man's origins were unk