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Stocks flat...Yahoo buying Tumblr...NBC hires news chief from Britain

Monday - 5/20/2013, 2:50pm  ET

NEW YORK (AP) -- Stocks are little changed in early trading on Wall Street as traders look for reasons to continue a four-week-long rally. Bed Bath & Beyond shares are falling today after an analyst lowered his rating and price target for the company.

SAN FRANCISCO (AP) -- Yahoo is buying online blogging forum Tumblr for $1.1 billion, mostly in cash. It's Yahoo's most expensive acquisition since it bought online search engine Overture a decade ago for $1.3 billion in cash and stock. The deal is CEO Marissa Mayer's boldest move yet since she left Google 10 months ago to lead Yahoo's latest comeback attempt.

NEW YORK (AP) -- NBC has gone out of the company and out of the country to find a president for its news division. The network says Deborah Turness, former editor of ITV News in Britain, will start her new job in August, replacing Steve Capus. She'll take over a news division bruised by the "Today" show losing its long-held dominant position in the morning to ABC's "Good Morning America." NBC also recently canceled Brian Williams' newsmagazine "Rock Center."

OKLAHOMA CITY (AP) -- Chesapeake Energy has named Anadarko Petroleum executive Robert Douglas Lawler as its new CEO. The appointment comes after a tough year for Chesapeake. Its former CEO Aubrey McClendon was ousted last year amid a scandal over his personal investments in the company's oil and gas wells.

CHICAGO (AP) -- Seamless North America and GrubHub have announced plans to combine and create an online food ordering service covering more than 20,000 restaurants in 500 cities across the U.S. Financial terms were not disclosed. GrubHub CEO Matt Maloney will become CEO of the combined company. Seamless CEO Jonathan Zabusky will serve as president.

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