This Saturday, the Yahoo Inc's board of directors would meet to decide on whether to offer to purchase Tumblr for US$1.1 billion. The said transaction was first reported in the technology blog AllThingsD, who cited sources close to the matter.
The acquisition would be current Yahoo CEO Marissa Mayer's largest one to date since she took the helm of the firm back in July 2012. Yahoo is set on acquiring Tumblr because of the age group of its user base would upgrade the iconic website's 'cool factor'. This was one of the main reasons according to the AllTechD blog report.
The plan can be announced as early as Monday, according to the blog. This comes after Yahoo had sent out press invitations to a Manhattan event promising to 'share something special' without providing further details.
Mayer was with the executive management team of Google for over a decade is trying to rebuild the internet search engine company that has been on the decline in the past few years because of increased market competition.
As for Tumblr, according to its website, it hosts ten million blogs with 50.7 billion posts on record.
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