SAN FRANCISCO | Sun May 19, 2013 4:36pm EDT
(Reuters) – Yahoo Inc’s board has approved a deal to buy blogging and social networking site Tumblr for $1.1 billion in cash, the Wall Street Journal cited people familiar with the matter as saying on Sunday.
Such an acquisition would be Marissa Mayer’s largest deal since taking the helm of the once-iconic Internet company in July 2012. Yahoo is keen on fast-growing Tumblr because its younger user base would bolster the older website’s “cool factor,” the technology blog AllThingsD cited the sources as saying.
via Yahoo’s board approves $1.1 billion Tumblr acquisition: WSJ | Reuters.