With a press conference due in New York's Times Square, just a couple of miles from Tumblr's headquarters, nobody expects Mayer will turn up empty-handed. According to the Wall Street Journal on Sunday evening, the Yahoo board have agreed to pay $1.1bn for Tumblr and will let it continue to operate as an independent business.
Yahoo declined to comment before the announcement, but pointed out that it would be streamed live. That is something the company has previously only done (in audio) for its quarterly financial results. For Yahoo, capturing the white-hot blogging site could catapult it back into the top flight of contenders in a web world that has become hugely more complicated since it was set up in March 1995 – before Google and nearly a decade before Facebook. The Guardian