Yahoo! to buy blog-maker Tumblr for US$1.1b: report

Yahoo!’s board has approved a deal to purchase the popular blogging platform Tumblr for US$1.1 billion (HK$8.5 billion) in cash, according to a report in The Wall Street Journal.

The deal, if confirmed, would be the largest for Yahoo! since Marissa Mayer took over as chief executive last year and could help the struggling Internet pioneer regain traction with younger Internet users.

Neither Yahoo! nor Tumblr commented on the report. But Mayer has scheduled a news conference in New York on Monday at which the company said it will unveil “something special.”

via Business feed http://www.scmp.com/business/companies/article/1241825/yahoo-buy-blog-maker-tumblr-us11b-report