The Yahoo board have agreed to pay US$1.1 billion for blogging platform site Tumblr, after holding discussions over the weekend.

That is according to reports from the Wall Street Journal, who claims both companies are close to securing a deal.

CEO Marissa Mayer allegedly called a board meeting yesterday, where the directors approved the proposal and set about plans to secure the 2007 founded company.

Yahoo is expected to let Tumblr, created by then 21-year-old David Karp in his New York bedroom, to continue running as a standalone business, as the company continues to invest in successful tech start-ups.

The blogging website allows users to set-up personal blogs within minutes, holding as many as 108 million blogs as of last week.

Most popular amongst teen and college-aged user groups, over 75.8 million posts were created on the site each day this month, receiving over 13 billion views per month.

A high-profile press conference is scheduled for Monday afternoon New York Time, where Yahoo is expected to confirm the acquisition.

Since taking over the company in July last year, former Google executive Mayer has instantly made her mark on the once struggling firm, buying 17-year-old Nick D'Aloisio's smartphone news app for US$30 million in March.

Citing a mobile vision for the company in an exclusive interview with Fortune last month, Mayer will be hoping the acquisition of Tumblr is one of many smart moves moving forward for the ever-changing company.

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