The board of directors of Yahoo Inc has just recently approved a deal to purchase Tublr, the blogging and social networking site. The cost of the purchase is at US$1.1 billion, according to a Wall Street Journal report citing individuals familiar with the sale.
The acquisition is the largest under the tenure of Yahoo's CEO Marissa Mayer since July 2012. Yahoo has been keen on purchasing Tumblr because of its young population user base upgrading the iconic search engine's 'cool factor', according to the technology blog AllThingsD.
Yahoo declined to make any comment while Tumblr did not respond to requests for comments.
The deal comes after the failed bid by Yahoo to purchase the majority shareholdings in Dailymotion, the French video site. The video website is owned by France Telecom SA.
Tumblr for its part is one of the most successful Internet sites, with a hosting catalogue of 108 million blogs and with 50.7 billion posts within the site.
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