Maybe Yahoo's involvement with Tumblr will be limited, much like Conde Nast's management of Reddit.
Its obviously very hard thing to do, but I am (probably the only one in HN) rooting for Yahoo. Tired of 2-3 companies dominating the tech world. I am rooting for Marissa Mayer to succeed and give others a run for their money by doing an epic u-turn with yahoo and changing everyone's perception of what yahoo is usually associated with.