Yahoo Approves Bid to Acquire Tumblr for $1.1 Billion

Yahoo CEO Marissa Mayer

The Internet company's board reportedly cleared the deal on Sunday.

Yahoo appears to be inching closer to acquiring Tumblr.

The board of directors for Yahoo approved a deal to buy the popular blogging platform for $1.1 billion in cash, reports The Wall Street Journal.

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Tumblr would still operate independently after the planned acquisition, the newspaper's sources stated. 

Sources told tech site All Things D -- which first reported news of the impending acquisition -- that the deal is "the stake in the ground of what [CEO Marissa Mayer's] strategy is going forward for Yahoo." 

As reports of the talks unfolded, other tech giants -- including Microsoft and Facebook -- were also said to have expressed interested in acquiring Tumblr.

Tumblr was founded in 2007 by David Karp and currently counts 175 employees among its staff. 

Yahoo's recent acquisitions include Summly, an app that summarizes news headlines, Astrid, a to-do list app, and Loki Studios, a mobile gaming company. The site also unveiled a redesigned homepage portal in February.