Yahoo’s board of directors has approved a $1.1 billion acquisition of blogging platform Tumblr, according to a breaking news alert from The Wall Street Journal.

I’s  reportedly an all-cash acquisition, according to WSJ, and Tumblr will maintain control of its operations.

Tumblr and Yahoo have not released any official statements.

There were rumors circulating Friday about the Tumblr acquisition, which stated Yahoo’s board, under the direction of still-new CEO Marissa Mayer, would discuss the potential over the weekend.
More to come..