Yahoo to buy blog-maker Tumblr for $1.4 billion: Report
NEW YORK (AFP) - Yahoo's board has approved a deal to purchase the popular blogging platform Tumblr for US$1.1 billion (S$1.4 billion) in cash, The Wall Street Journal reported on Sunday.
The deal, if confirmed, would be the largest for Yahoo since Marissa Mayer took over as chief executive last year and could help the struggling Internet pioneer regain traction with younger Internet users.
Neither Yahoo nor Tumblr commented on the report. But Ms Mayer has scheduled a news conference in New York on Monday at which the company said it will unveil "something special."
Yahoo has been looking at a range of acquisitions since Ms Mayer took over as chief executive last year and vowed to revive the company, which has faded in the face of competition from Google.