Report: Yahoo’s board agrees to pay $1.1 billion for Tumblr

Yahoo’s board of directors has agreed to acquire Tumblr for $1.1 billion, the Wall Street Journal and AllThingsD reported Sunday. Forbes reported Saturday that Tumblr’s board had already voted to accept the offer, though that detail was not reported elsewhere.

Tumblr founder David Karp, who owns at least 25 percent of the company, has agreed to stay on for at least four years, according to ATD. The WSJ says Tumblr would remain an independent company.

comScore pegged Tumblr’s worldwide traffic at 117 million visitors in April. The site has raised about $125 million in funding, putting its valuation at $800 million. As my colleague Mathew Ingram points out, the company’s revenues were less than $15 million in 2012, though Karp has estimated they will hit $100 million this year.

Yahoo is holding a press event on Monday afternoon in New York, but hasn’t specified what the event will be about. We’ll be there.