Yahoo! to buy Tumblr?

Yahoo! are expected to announce a $1.1 billion purchase of online blogging/image sharing site Tumblr later today.

Yahoo! and Tumblr have refused to discuss rumours of the deal, but Yahoo! Chief Exec Marissa Meyer has scheduled a news conference in New York at 10pm (UK time) where she has promised to unveil "something special".

Tumblr was founded in 2007 by web developer David Karp as a 'tumblelog' (a mini blog where users post pictures, videos, links and songs). Based in New York, the company now employs 175 staff and hosts 108 million blogs.

In 2011 the company was reportedly valued at $800m (£526m).

What Yahoo!'s plans for the service might be remain unclear. Tumblr has weathered significant criticism for its tolerance of pornographic material and sites devoted to self-harm and eating disorders - content that will not sit comfortably with Yahoo!'s family-friendly image.

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