Yahoo's Board of Directors has reportedly approved a $1.1 billion acquisition of the blogging site Tumblr. News broke on Friday that Yahoo was considering picking up the blogging site that has slowly been gaining popularity among Internet users.
The deal is expected to be announced tomorrow at the press conference that Yahoo hastily scheduled on Friday. Tumblr CEO David Karp will reportedly remain with Yahoo for a minimum of four years and he is said to be retaining a lot of control over the blogging service, much like Instagram's CEO did when acquired by Facebook.
If Yahoo does announce this deal tomorrow, we'll let you know.