Yahoo's board approves $1.1 billion all-cash Tumblr acquisition
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According to a tweet from The Wall Street Journal (below) the Yahoo board has approved a deal to pay $1.1 billion in cash for Tumblr. Yahoo CEO Marrissa Mayer is expected to officially announce the deal tomorrow at a media event in New York City. Not only will the purchase give Yahoo a rich blogging platform, it will acquire a large user base of young users that may be key to making the company cool again.