Yahoo’s board of directors is meeting this weekend to consider buying Tumblr for $1.1 billion in cash, AllThingsD reported Friday.

Unnamed sources told ATD that the deal is entirely in cash, which means Yahoo isn’t offering up any stock options for the hip blogging site. The sources also said Yahoo CEO Marissa Mayer — who has been trying to turn the large, struggling company around — thinks buying Tumblr is key to her vision of a new Yahoo.

Yahoo sent out an invitation to the press Friday for a product event in New York taking place on Monday. The abrupt announcement had journalists wondering if the company was going to unveil the rumored Tumblr deal, but Bloomberg is now reporting that Monday’s event is actually for an update to photo-sharing site Flickr.p