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ReportTT: Yahoo's Board approves Tumblr acquisition for $1.1 billion

Report: Yahoo's Board approves $1.1 billion acquisition of Tumblr

By: Trace Hagan from May 19, 2013 @ 23:45 CDT

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.

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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.

NEWS SOURCES:allthingsd.com