Yahoo to Buy Tumblr for $1.1B

The rumors were apparently pretty accurate: Yahoo will indeed acquire Tumblr, and its board has approved a $1.1 billion cash deal for the blogging site. The board met today and unanimously OKed the deal, in what AllThingsD's Kara Swisher reports was "a foregone conclusion." It's the biggest acquisition of Yahoo CEO Marissa Mayer's 10 months at the helm, adds the AP.