Yahoo! to pay US$1.1 billion for Tumblr

US web portal Yahoo! has agreed to buy blog platform Tumblr for US$1.1 billion (€855 million) , according to US reports. 

All Things Digital reported Sunday night that the Yahoo! board had approved the all-cash deal, with an official announcement expected as early as today.

The deal will mark Yahoo! CEO Marissa Mayer’s biggest deal since taking charge of Yahoo! in 2012, and follows reports earlier this month that Yahoo! had also held preliminary talks with US video-on-demand site Hulu  as one of a number of firms considering making a bid for that business.