Yahoo's board of directors has approved spending US$1.1 billion [b] in cash to buy popular blogging site Tumblr, according to The Wall Street Journal.
The plan is for Tumblr to operate as an independent business, the Journal reported on Sunday, quoting anonymous sources.
Asked via email about the Journal's report, a Yahoo spokeswoman declined to comment. Tumblr didn't immediately respond to a request for comment.
Rumors that Yahoo might be in discussions to buy Tumblr emerged last week, and on Friday Yahoo called for a mystery press event to be held in New York City on Monday afternoon. Tumblr's headquarters are in Manhattan.