Report: Yahoo nearing $1.1B acquisition of Tumblr
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NEW YORK (AP) -- Yahoo may be on the verge of closing its biggest acquisition under CEO Marissa Mayer, as she tries to attract more traffic and advertising to the Internet company's website.
The technology news site All Things D is reporting that Yahoo's board will meet Sunday night to consider whether to approve a proposed $1.1 billion acquisition of Tumblr, a popular online service for sharing stories, photos and other content.
The report from All Things D cited anonymous sources.
If Yahoo's board signs off on the deal, it could be announced Monday.
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In an invitation sent Friday, Yahoo Inc. promised to unveil "something special" Monday evening in New York. The event is being held in a Times Squares lounge located about two miles away from Tumblr's headquarters.
Mayer will be there to make the announcement.
Yahoo Inc. has won over investors under Mayer, even though the company's revenue is still barely growing even as advertisers are spending more money on the Internet. Yahoo's stock price has risen 69 percent under Mayer's leadership.
Yahoo's stock closed down 6 cents at $26.52 on Friday.
