Business News: Yahoo new owner of Tumblr

Business News

(CBS) - In Business News, Yahoo now officially owns the online blogging forum Tumblr.

The Internet giant completed its $1.1 billion dollar acquisition of the company. Yahoo hopes Tumblr will help bring in more advertising on smartphones and tablets.

High school drop out David Karp started Tumblr just six years ago. Karp will remain the company's CEO. 

(CNN) - A new, faster version of WiFi was officially rubber-stamped this week.

The latest Wi-Fi technology called offers speeds of up to 1.3 gigabits per second. 

That's fast enough to transfer an entire high-definition movie to a tablet in under four minutes. 

It could also share photo albums with friends in a matter of seconds or stream three HD videos at the same time.

It's more than double the top speed of the previous standard.The new WiFi standard comes at a crucial time. 

 The average number of WiFi devices in U.S. households has doubled since 2008. 



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