Yahoo’s board has agreed to buy Tumblr, the popular blogging service, for about $1.1 billion in cash, a person with knowledge of the agreement said on Sunday.
The deal, sealed at a meeting of Yahoo’s board, is expected to be announced as soon as Monday, said the person, who was not authorized to speak ahead of the announcement.
The acquisition is the biggest yet under Yahoo’s chief executive, Marissa Mayer, as she attempts to reinvent the once-embattled Web pioneer’s fortunes. Under her, the company is seeking to make up for years of missing out on the growing use of social networks and mobile devices. For Full Story Click Here.
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