The tech blog is reporting that the Yahoo board plans to meet Sunday to mull a $1.1 billion all-cash bid for Tumblr. ATD cautions that the deal could fall apart, but was on track as of Friday evening. If the board votes in favor of the deal, it could be announced Monday, a day in which Yahoo has already scheduled a major press conference.
Reps from Yahoo and Tumblr could not be reached for comment on the report.
The report goes on to say that Yahoo CEO Marissa Mayer has been intensely interested in Tumblr for the past six weeks and feels that the microblogging platform's young-skewing audience and mobile savvy are just what Yahoo needs to reinvent itself. Sources tell ATD that Tumblr CEO would continue to operate it as an autonomous, separate entity. Karp would be locked into a four-year deal that would reward him based on the business's performance.
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