Rumors on Yahoo acquiring Tumblr have been swelling over the past couple of days and it’s been widely expected that Yahoo CEO Marissa Meyer would formally announce the deal at a media event scheduled for tomorrow in New York (where Tumblr is headquartered). However, The Wall Street Journal has just reported that Yahoo’s board has approved a deal to acquire the microblogging site in a massive $1.1 billion cash deal — which pretty much confirms it at this point.

Tumblr is home to over a hundred million blogs, and over 80 million posts are being made there daily. It’s built a very substantial audience since its launch back in 2007, many of which are of the younger audience that Yahoo has been seeking.

Yahoo is also expected to announce an update to Flickr at the event tomorrow, its once dominant photo-sharing site that has been largely surpassed by the likes of Instagram — which Facebook acquired for $1 billion dollars.

[via WSJ (Twitter)]