The Yahoo board has approved a deal to pay $1.1 billion for the blogging site Tumblr, according to The Wall Street Journal's All Things D. Yahoo will pay for the blogging site in cash, All Things D reported. Yahoo nor Tumblr released official statements. Tumblr's media team did not respond to repeated requests for comment. In a statement to NBC News, a Yahoo spokeswoman said Yahoo would not comment on "rumors or speculation." Yahoo no doubt has something up its sleeve, as the company invited CNBC to a press event on Monday afternoon where it would "share something special." It is unclear whether that is related to a deal with Tumblr. Also unclear is whether Tumblr has accepted Yahoo's reported offer. Talk of a deal began circulating Friday, after All Things D reported that the two companies had been in talks for several weeks. Read more http://www.nbcnews.com/business/report-yahoo-buys-tumblr-1-1-billion-cash-1C9990083
