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Yahoo board reportedly approves Tumblr acquisition

May 19 2013, 10:43pm CDT | by , in News | Technology News

Yahoo board reportedly approves Tumblr acquisition

In a bid to look "cool" and to solve the problem of having an aging demographic, Yahoo sets its sights on Tumblr. With an approval from the Yahoo board, everything seems to be ready.

 

The Wall Street Journal is reporting that the board at Yahoo has already approved the company's rumored plan of buying the popular blogging platform, Tumblr. The publication took to Twitter to announce the breaking news, although no official statement was released.

AllThingsD is also backing up the news, saying that the board has already approved the deal which involves paying a reported $1.1 billion in cash to Tumblr. Sources close the board said that an official announcement could be released as early as Monday morning.

Sources added that the Tumblr brand will continue, and that its CEO, David Karp, will most likely stay for four years to help. You can read the rest of the report by hitting the source link below.

Source: AllThingsD
Photo Credits: Getty Images

 

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