Yahoo to Buy Tumblr for $1.1B

Board approves cash deal in 'foregone conclusion'
By Polly Davis Doig,  Newser Staff
Posted May 19, 2013 11:50 AM CDT
Yahoo to Buy Tumblr for $1.1B
Tumblr would be the latest feather in Yahoo CEO Marissa Mayer's cap.   (AP Photo/NBC Peter Kramer/NBC/NBC NewsWire)

The rumors were apparently pretty accurate: Yahoo will indeed acquire Tumblr, and its board has approved a $1.1 billion cash deal for the blogging site. The board met today and unanimously OKed the deal, in what AllThingsD's Kara Swisher reports was "a foregone conclusion." It's the biggest acquisition of Yahoo CEO Marissa Mayer's 10 months at the helm, adds the AP. (More Yahoo stories.)

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