According to The Wall Street Journal, the Yahoo board of directors has unanimously approved the $1.1 billion purchase of blogging service Tumblr.
Breaking: The Yahoo board has approved a deal to pay $1.1 billion in cash for the blogging site Tumblr. wsj.com
— Wall Street Journal (@WSJ) May 19, 2013
As was reported late last week, Yahoo is said to have been in advance discussions with Tumblr about a potential purchase, and the amount of cash to change hands was first rumored to be $1 billion, and then slowly crept up to $1.1 billion. Some reports have suggested that internally the executives at the blogging company see this price as too low and may reject the buyout offer. Just because Yahoo has approved the offer does not mean that Tumblr must accept it.
Yahoo has a press event planned in New York City for Monday, the topic of discussion has not yet been revealed, but things definitely seem to be taking shape.