Kara Swisher, AllThingsD:
The Yahoo board has approved a massive $1.1 billion all-cash deal to buy Tumblr.
Sources close to the board said the deal was a foregone conclusion and was an unanimous vote by the Silicon Valley Internet giant.
The deal will be announced Monday morning, said numerous sources.
Some are born cool, some achieve coolness, and some buy it for over a billion dollars. And by “coolness”, I mean that Yahoo just bought a bunch of stupid blogs, animated GIFs, and porn, and I’m sure they’re thrilled about that.
I bet this works out well for Yahoo, though. They need people to think they’re still relevant, and this is an easy way of doing that. They haven’t been able to say that they own one of the hottest Web properties for a long time, but now they can.