Washington, Aug. 10 (ANI): Internet Corporation Yahoo, who recently acquired Tumblr as part of its buying spree for a whopping 1.1 billion dollars, is reportedly going to pay the blogging site's founder David Karp 81 million dollars as retention payment.
According to Fox News, Karp will be paid the amount as long as he remains on the job for the next four years.
Yahoo's CEO Marissa Mayer had promised not to bring in any dramatic changes to the blogging service which mostly has teenagers and young adults and allowed Karp to run the service independently in New York.
The report said that Karp owns 20 to 25 percent stake in Tumblr which means he has already earned a premium by selling it to Yahoo. However, he must stay for the said time so as to claim the retention money.
The payment will consist of 41 million dollars in stock and 40 million dollars in cash.
Mayer, since becoming the company's CEO has been on an acquisition spree totaling to 1.15 billion dollars to buy around 10 start-ups including the most-paid for Tumblr. (ANI)