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.