Yahoo Purchases Tumblr

Yahoo has reportedly signed a deal to purchase the blogging site, Tumblr, for $1.1 billion. According to the Wall Street Journal, the Yahoo board has approved the deal. It is also believed that the company will be announcing the news at an event in New York City on Monday.

The acquisition is one of the many new moves made by Yahoo CEO, Marissa Mayer during her first year in the position. Some of her previous changes have included a revitalized Yahoo services and a revamped Yahoo website. With the addition of Tumblr, Yahoo will be able to have access to a younger, more active online audience.