Yahoo's board reportedly approves $1.1B deal to buy Tumblr

Yahoo's board gave the go-ahead over the weekend to a $1.1 billion deal to buy Tumblr, a social networking service with a strong following among young adults and teens, sources said. The move is part of Yahoo CEO Marissa Mayer's strategy to win back younger Internet users. Tumblr was valued by investors in 2011 at $800 million.

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