Yahoo to Acquire Tumblr for USD 1.1 B - Report

Yahoo CEO Marissa Mayer and Yahoo's board have reportedly made a bid for blogging site Tumblr. Photo by CNN

The Yahoo board has approved a deal to pay USD 1.1 B in cash for the blogging site Tumblr, the Wall Street Journal reported.

Yahoo is expected to hold an event in New York City on Monday to announce the news, the report said.

A Yahoo spokeswoman wouldn't confirm the news.

If confirmed, the large deal will be the latest step Yahoo CEO Marissa Mayer undertakes to get users excited about using Yahoo again.

She recently unveiled a new homepage, a redesigned Yahoo Mail and a refreshed Flickr service, but none of those updates have yet translated into financial success.

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