SAN FRANCISCO -- Yahoo's board of directors has approved a $1.1-billion cash acquisition of blogging site Tumblr.
A deal could be announced as soon as Monday, the Wall Street Journal reported Sunday.
It's the biggest -- and riskiest -- deal yet for Yahoo Chief Executive Marissa Mayer, who is trying to make pioneering Internet company relevant to younger generations who have gravitated to other services and to mobile devices.
The board of the Sunnyvale, Calif., Internet company met Sunday to consider the transaction, which Mayer negotiated. The deal -- a major statement about the direction she plans to take Yahoo -- is expected to be announced Monday.
In an invitation sent to the news media Friday, Yahoo promised to unveil "something special" late Monday in New York. The event is being held two miles from Tumblr’s headquarters.