Early in the week, there were reports of Yahoo buying Tumblr for the sum of $1 billion. Looks like the company’s board of directors just approved the payout (all cash) for the popular blogging site. Nothing is official as of yet, seeing how Tumblr CEO David Karp and co. must accept the terms. Plans are for Yahoo to make the announcement at its media event in NYC tomorrow.
Tumblr will bring Yahoo the necessary social media and web presence boost it so desperately desires, with the former already playing host to 108 million blogs. Whether or not the move will be embraced by communities of both sites has yet to be seen, but the Twitterverse is already going nuts over the announcement. Your thoughts?