Yahoo's board has approved a $1.1 billion acquisition of blogging site Tumblr, according to the Wall Street Journal.

The Journal first reported the news on Sunday via Twitter.

An imminent announcement of the acquisition had been expected. AllThingsD reported Friday that Yahoo's board was meeting this weekend to

finalize a deal. Rumors about the possible tie-up first surfaced on Thursday. The deal could be announced on Monday as part of a product

announcement event Yahoo is holding in New York tomorrow. According to reports, Tumblr's board of investors, including Sequoia Capital, Union

Square Ventures and Spark Capital, who have put $125 million into the company, have already approved Yahoo's bid.

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