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Report: Yahoo board approves deal to buy Tumblr for $1.1B

2013-05-20 07:32:50| InfoWorld: Top News

Yahoo's board of directors has approved spending $1.1 billion in cash to buy popular blogging site Tumblr, according to the Wall Street Journal. The plan is for Tumblr to operate as an independent business, the Journal reported on Sunday, quoting anonymous sources. Asked via email about the Journal's report, a Yahoo spokeswoman declined to comment. Tumblr didn't immediately respond to a request for comment.

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