Yahoo to buy Tumblr

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(PIX11)- Yahoo has an interesting purchase in the works, the popular blog website Tumblr.

In a meeting via telephone on Friday the Yahoo board approved a deal to pay $1.1 billion for the site.

A concrete deal could be announced as early as Monday.

Despite the purchase sources say Tumblr will still operate as an independent business.

Last year the non-profit site generated $13 million in revenue.

Since the site launched in 2007 Tumblr has been opposed to advertising, which could change once the deal with Yahoo goes through.

Reports say the sale will be made in cash.

Yahoo is rumored to be eyeing Hulu next.