In addition to the tens of thousands of attendees, thousands of start-ups, and hundreds of investors, this year’s Web Summit will bring more than €100m in revenue to the Dublin economy over the next three days.

US tech giant Yahoo has snapped up Tumblr in a major US deal that will reportedly net the blogging site’s 26-year-old founder a $250m (€194m) fortune six years after he started it.

Yahoo said it is acquiring blogging service Tumblr for $1.1bn (€850m) cash, a bold bet by chief executive Marissa Mayer to revitalise the struggling internet pioneer by co-opting a web property with strong visitor traffic but little revenue.

Yahoo is buying online blogging forum Tumblr for $1.1bn (€856.6m) as chief executive Marissa Mayer tries to rejuvenate an internet icon that has fallen behind the times.

Yahoo is on the verge of buying online content-sharing site Tumblr in a 1.1 billion dollar deal.