As per reports, Yahoo board met under the presidency of Marissa Mayer, the present in charge of Yahoo!, to discuss the acquisition of blogging site Tumblr.
Once in the lead, Yahoo has lost its glamour and fan following. The attempt is seen as the firm's latest effort to gain its lost popularity. According to the sources, the board has given approval of the same. Yahoo is planning the acquisition for $1.1bn.
The press conference over the same is expected on Monday in New York's Times Square. Experts have said that Mayer, who has also worked as Google executive in the past, will return with the acquisition in hand. Yahoo has agreed to pay the said sum and has said that it will allow Tumblr to operate as an independent business, reported the Wall Street Journal.
Meanwhile, Yahoo has refused to comment on the same and said that whatever decision will take place will be streamed live.
Tumblr was founded by David Karp in 2007 when he was 21. The site gained popularity within a few days and crossed a mark of 75,000 users within a fortnight. By January 2012, the site had over 42m users and at present, it has over 110m users. It is an easy-to-use interface with user friendly options to post pictures and texts within seconds.
According to a report, a Falcon 9 rocket has been launched into the orbit by the Elon Musk's commercial space company, SpaceX.
The Falcon 9 rocket is created to carry a Canadian Space Agency satellite, CASSIOPE, into the orbit.
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