Yahoo to acquire Tumblr for $1.1 billion

Yahoo OfficeIt seems that Yahoo’s board has approved a $1.1 billion cash deal for the purchase for blogging platform Tumblr, according to The Wall Street Journal. The news came a day early as it was originally thought that Yahoo would announce the acquisition during an NYC Media event to be held tomorrow.

During the event, the CEO Marissa Mayer will most likely announce the details of the company’s plan of integrating the popular platform. There are no details about how the company intends to use the site, but with a price tag so high, whatever they do it will be serious business.

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