By Osagie Alonge
It has been reported that Yahoo‘s board of directors has approved a deal to buy the popular blogging platform Tumblr.
The Wall Street Journal reports that Yahoo will pay a third of its total cash holdings, $1.1 billion in cash for the microblogging platform and social networking website.
Yahoo will hold a press conference today (Monday, May 20, 2013) and is widely expected to announce its acquisition.
This will be the largest acquisition of CEO Marissa Mayer‘s tenure; the former Google exec resumed as head of the company in 2012. In March, Yahoo acquired Summly, a news-summarization app created by a 17-year-old, for a rumored $30 million.
Tumblr was created in 2007 by David Karp and Marco Arment.
