Yahoo Inc’s board has approved a deal to buy blogging and social networking site Tumblr for $1.1 billion in cash, the Wall Street Journal cited people familiar with the matter as saying on Sunday.<\/p>\n
Such an acquisition would be Marissa Mayer’s largest deal since taking the helm of the once-iconic Internet company in July 2012. Yahoo is keen on fast-growing Tumblr because its younger user base would bolster the older website’s “cool factor,” the technology blog AllThingsD cited the sources as saying.<\/p>\n
Mayer, who spent 13 years at Google Inc, is trying to revitalize a former Internet powerhouse that in recent years has struggled with declining business. On its home page, Tumblr says it hosts 108 million blogs, with 50.7 billion posts between them.<\/p>\n
Yahoo declined to comment, while Tumblr did not respond to requests for comment.<\/p>\n
The deal comes after a recent failed attempt to buy a controlling stake in French video site Dailymotion, owned by France T\u00e9l\u00e9com SA. Tumblr, one of the more successful Internet start-ups out of New York, has only just begun earning revenue through advertising. On its home page, Tumblr says it hosts 108 million blogs, with 50.7 billion posts between them.<\/p>\n
Yahoo has invited press to an event in Manhattan on Monday at which it promised to “share something special,” without elaborating.<\/p>\n
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