Yahoo to acquire Tumblr for reported $1.1 billion

The WSJ is reporting that Yahoo's board of directors has approved a $1.1 billion cash buyout of the blogging site Tumblr

Since taking over the CEO reins at Yahoo, Marissa Mayer has been on an absolute mission to transform Yahoo from a has-been back into a relevant tech company once again.

In an effort to further such efforts, the Wall Street Journal is confirming today that the Yahoo board of directors has approved the company's rumored plan to purchase the blogging site Tumblr. The buyout price is a cool $1.1 billion in cash.

Kara Swisher notes that the deal will be announced on Monday morning, perhaps putting to rest initial reports that some Tumblr employees felt that Yahoo's $1.1 billion offer was too low.

It'll be interesting to see what Yahoo does with its brand new web property, especially since Mayer has been driving to cater to a more mobile, and by extension, younger demographic.

via All Things D

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