Report: Yahoo Will Announce Acquisition of Tumblr Tomorrow

By Cameron Scott 

yahoo, email, internet, marissa mayer,Yahoo’s board met today and agreed to acquire Tumblr for $1.1 billion in cash, according to AllThingsD.

The company was quickly targeted by incoming CEO Marissa Mayer as a larger acquisition target, according to AllThingsD reports. The Sunnyvale, California-based media company sees Tumblr as a way to play to its strengths while also appealing to the younger audiences Tumblr attracts.

Tumblr founder David Karp will reportedly stay on at Yahoo with say-so over the fast-growing blogging platform.

Neither Yahoo nor Tumblr would confirm the deal, but a Yahoo press event is set for tomorrow afternoon in New York City, where Tumblr has its offices.