Yahoo has reportedly agreed to pay $1.1bn to acquire blogging firm Tumblr.
According to the reports, the all-cash deal had been approved on Friday by Yahoo's board. Following the closing of the deal, Tumblr would continue acting as an independent entity.
If confirmed, the deal will give Yahoo a major boost to traffic for its advertising operations. Tumblr claims to host some 108.4 million blogs on its network and the company claims to be 17th among the Quantcast site rankings.
Founded in 2007, Tumblr's platform, which allows users to easily share and reblog popular posts, has arisen as a popular platform due to its social networking features. The company reports some 175 employees with offices in both New York and Virginia.
The acquisition would be the biggest so far for Yahoo in the Marissa Mayer era. Hired away from rival Google last year, Mayer has vowed to turn the company around as it looks to rebuild around its web platforms.
While the company remains embattled in its efforts for a turnaround, recent financial returns have offered a glimmer of hope that Mayer's plan is working.
The turnaround effort has not been without its bumps, however. Mayer has been criticised for her decisions to cut remote worker programmes.
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