Yahoo! poised to announce Tumblr acquisition
Board to vote on $1.1bn transaction
Yahoo! Inc, which is in talks to buy blogging and image repository host Tumblr, is due to hold a board meeting today to vote on the acquisition, tech news site AllThingsD reported.
If the board votes to push through with the purchase, the $1.1bn transaction will be CEO Marissa Mayer's largest deal since taking the reins of the once-vibrant Internet services company.
Former Google executive Mayer, the youngest CEO in the Fortune 500 list of companies, has been tasked with revitalising a flagging enterprise and has chosen to do so by putting mobile technologies and services at the centre of Yahoo's offerings. Tumblr claims to host 108m blogs that have 50.7bn posts between them. The service also hosts a sizeable number of images and its user base represents the kind of youthful demographic that Mayer is keen to target.
The result of the board vote may be announced as soon as tomorrow, as Yahoo has invited media representatives to an event in New York to announce something "special".