Yahoo's board has approved a deal to purchase Tumblr for $1.1 billion, according to the Wall Street Journal.
Tumblr generated $13 million in revenue last year, and spent $25 million, Business Insider has reported. Sources close to the talks told Tech Crunch last week that Tumblr could have rejected the $1.1 billion offer because it was too low. For the purchase to be finalized, Tumblr must accept.
The deal is by far the largest move by CEO Marissa Mayer who joined Yahoo! in July.