NEW YORK (AP) — Yahoo may be on the verge of closing its biggest acquisition during the 10-month reign of CEO Marissa Mayer as she tries to attract more traffic and advertisers to the Internet company's website and mobile applications.
The Sunnyvale, Calif., company's board of directors will meet Sunday evening to consider approving a $1.1 billion acquisition of online content-sharing site Tumblr in a deal Mayer negotiated, according to the technology news site All Things D. The story posted late Friday cited anonymous sources.
If Yahoo Inc.'s board signs off, the deal could be announced Monday.
In an invitation sent Friday, Yahoo promised to unveil "something special" Monday evening in New York. The event is being held in a Times Squares lounge located about two miles from Tumblr's headquarters.
Yahoo has only said that Mayer will be on hand to unveil something related to a product. A company spokeswoman didn't immediately respond to a request for comment about the potential Tumblr acquisition.