The board of Yahoo has approved a deal to buy blogging and social networking site Tumblr for $1.1bn in cash, according to the Wall Street Journal newspaper.
The acquisition of Tumblr, a fast-growing platform popular with young users, would be Marissa Mayer's, Yahoo chief executive, largest deal since taking the helm of the once-iconic internet company in July 2012.
Mayer is expected to make an announcement later on Monday at an event in Manhattan in which the company promised to "share something special," without elaborating.
Peter Kafka, media reporter at the technology blog All Things Digital, told Al Jazeera that it will take a little time before being able to evaluate whether the potential billion-dollar gamble had paid off.
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