NEW YORK ( TheStreet) -- The Yahoo! (YHOO) board of directors has unananimously approved a deal to purchase Tumblr for $1.1 billion, according to The Wall Street Journal and the Web site AllThingsD.com.
There was no immediate word about whether the Tumblr board had approved the all-cash deal but an announcement by Yahoo! was expected on Monday.
As part of the deal, Tumblr CEO David Karp would stay with Yahoo! for a least four years and would continue to run Tumblr with a certain amount of autonomy.
Yahoo! CEO Marissa Mayer was reported to be interested in Tumblr, a blogging and social media website, because it would bring a younger audience to Yahoo!. But some vocal Tumblr users have said they would not continue with that service if it became part of Yahoo!Tumblr's valuation had been put at $800 million. Among its investors are Spark Capital, Union Square Ventures, Sequoia Capital, Greylock Partners, Insight Venture Partners and the Chernin Group.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV