Yahoo just bought Tumblr for $1.1 billion: Report

Say hello to Yumblr!

Aging online portal Yahoo! is set to buy the hugely popular blogging platform Tumblr after the $1.1 billion deal was cleared by Yahoo's board Sunday, according to All Things D, the tech blog of The Wall Street Journal.

The all-cash deal, which has been speculated about since last week, is the largest tech acquisition since Facebook bought Instagram in 2012.

Tumblr founder David Karp is set to get a huge cash windfall, and will stay on at Yahoo! as head of Tumblr for at least four years, All Things D reported.

Yahoo! is expected to announce the deal at a news conference Monday.