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I don't see why Yahoo would make any visible changes to Tumblr[1]. They care about the ad inventory; if they are smart they will leave the actual form of the site up to the people who invented it.

[1] although, as with Flickr, any changes that people don't like will thenceforth be blamed on Yahoo, whether or not it had anything to do with them

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If they acquire the company, they'll need to monetize it which is a significant visible change. Tumblr's core demographic is notorious for responding to advertising very poorly, and the founder is clearly disinterested and clueless when it comes to monetization.

This is a dated sentiment. According to this Forbes article Tumblr is on track to make $100 million in revenue this year.

http://www.forbes.com/sites/jeffbercovici/2013/01/02/tumblr-...

Tumblr has actually managed to pull off ads very, very tastefully. With brand and product recognition and well thought out ad-campaigns that feel like a part of Tumblr rather than banner ads.

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