Yahoo Considering $1.1 Billion Purchase of Tumblr (Report)

Yahoo board members reportedly meeting on Sunday to decide on whether to approve acquisition

The board members of Yahoo are reportedly going on a shopping spree this weekend.

According to All Things D, the Yahoo board will meet on Sunday to consider purchasing Tumblr.

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The purchase would be for $1.1 billion, in an all-cash transaction for the New York-based site.

The push to purchase Tumblr is apparently coming from Yahoo president and CEO Marissa Mayer, who believes that acquiring the site will make Yahoo attractive to new, younger audiences audiences.

Should the purchase be approved by the board, news of the acquisition would be announced Monday.

Yahoo had no comment for TheWrap.