But no, it didn’t buy the missing “E” in each site’s name.

Online media company Yahoo! paid approximately $1.1 billion to acquire the popular photo sharing and blogging site Tumblr — and CEO Marissa Mayer says they “promise not to screw it up.”

Tumblr will continue independently, Yahoo adds. David Karp, who founded the site in 2007, will stay on as CEO. “The product roadmap, their team, their wit and irreverence will all remain the same as will their mission to empower creators to make their best work and get it in front of the audience they deserve,” Yahoo says.

When you already own dozens of sites and brands, why buy another? Tumblr hosts 105 million different blogs, with 900 posts per second, Yahoo says, and its more than 300 million monthly unique visitors and 120,000 signups every day make it “one of the fastest-growing media networks in the world.” And Yahoo plans to accelerate that growth: “The combination of Tumblr+Yahoo! could grow Yahoo’s audience by 50 percent to more than a billion monthly visitors, and could grow traffic by approximately 20 percent.”

But lets not forget Yahoo already owns another image-centric site, one it bought only a few years ago. Flickr was once the favored online photo sharing site, but has faced criticism since the $35 million acquisition in 2005.

Not its getting a revamp with higher resolution images, more free storage, and an improved Android app.

First, Flickr says it’s now the only site to provide each person a full terabyte of free storage — enough for more than a half-million photos. [Flickr now stores 8 billion photos.]

Second, it’s easier to share shots with other services.

Third, the site sports a revamped appearance with full-screen shots and streamlined functionality.

And finally: the recently iOS app improved uploads 25 percent, the company says, and it hopes to duplicate that success with the new Android version.