Yahoo's board of directors has approved spending $US1.1 billion in cash to buy popular blogging site Tumblr, according to The Wall Street Journal.
The plan is for Tumblr to operate as an independent business, the Journal reported on Sunday, quoting anonymous sources.
Asked via email about the Journal's report, a Yahoo spokeswoman declined to comment. Tumblr didn't immediately respond to a request for comment.
Rumours that Yahoo might be in discussions to buy Tumblr emerged last week, and on Friday Yahoo called for a mystery press event to be held in New York City on Monday afternoon. Tumblr's headquarters are in Manhattan.
"Join us as we share something special," reads the invite, sent to members of the press.
The Journal's All Things D technology news site had reported earlier Friday, citing anonymous sources, that Yahoo might be interested in partnering with, investing in or outright buying Tumblr.
Adweek, in another report also citing unnamed sources, put the value of the deal at $1 billion.
Yahoo CEO Marissa Mayer is expected to be at the New York City event, according to CNBC.
The blogging and social networking site, founded in 2007, has 175 employees and hosts more than 100 million blogs.
Mayer is interested in Tumblr because she believes it can help boost Yahoo's advertising revenue and give Yahoo a bigger presence in the consumer social media market, according to the Journal.
Juan Carlos Perez covers enterprise communication/collaboration suites, operating systems, browsers and general technology breaking news for The IDG News Service. Follow Juan on Twitter at @JuanCPerezIDG.
What are Chris Riddell's qualifications to talk about technology? What are the awards that Chris Riddell has won? I cannot seem to find ...
Tareq
Digital disruption isn’t disruption anymore: Why it’s time to refocus your business
Enterprisetalk
Mark
CMO's top 10 martech stories for the week - 9 June
Great e-commerce article!
Vadim Frost
CMO’s State of CX Leadership 2022 report finds the CX striving to align to business outcomes
Are you searching something related to Lottery and Lottery App then Agnito Technologies can be a help for you Agnito comes out as a true ...
jackson13
The Lottery Office CEO details journey into next-gen cross-channel campaign orchestration
Thorough testing and quality assurance are required for a bug-free Lottery Platform. I'm looking forward to dependability.
Ella Hall
The Lottery Office CEO details journey into next-gen cross-channel campaign orchestration