In an effort to break into social networking and to appeal to the younger web generation, Yahoo! is reportedly close to buying the blogging site Tumblr. The move is the latest attempt to stay in the game, as names like Facebook, Twitter and Google dominate the web.
While Yahoo and chief executive Marissa Mayer have not made it official, several reports around the web report that it is a done deal and that it could be announced as early as today. According to The New York Times, Yahoo’s board agreed on the $1.1 billion deal Sunday.
According to AllThingsD, which first reported the deal, Yahoo had no competition for the blogging site, which is only six years old. However, it has become increasingly popular, with over 108 million blogs. The site reports that Yahoo has been considering acquiring Tumblr for at least six weeks
Sources later told AllThingsD that Yahoo will largely take a ‘hands-off’ approach with Tumblr.
Since Meyer took over Yahoo, the company has remained desperate to not get lost in the shuffle. The company has started to add more video content, including the Saturday Night Live archive. Last month, Yahoo announced several new exclusive shows that will be developed with stars like Ed Helms, John Stamos, Gillian Jacobs and Zachary Levi.
The San Francisco Chronicle notes that Tumblr was founded by David Karp, 26, in 2007. A Quantcast study showed that 29 percent of the site’s users are between 18 and 24. Karp will stay as the head of Tumblr once Yahoo takes over.
image: Tumblr.com