According to The Wall Street Journal, Yahoo's board of directors has approved the company's widely-rumored acquisition of Tumblr in an all-cash deal worth $1.1 billion. Assuming the terms are accepted by Tumblr, CEO Marissa Mayer is all but certain to announce Yahoo's latest pickup — easily its largest to date in a spree of acquisitions and content deals — at a media event tomorrow in New York City. Reports of the approval follow days of rampant speculation, with AllThingsD first reporting that Yahoo's board planned to meet today to reach a final decision.

The high-dollar buyout is seen as favorable for both sides, bringing Yahoo a massive community of the younger users it's desperately sought in recent years while offering Tumblr's investors a significant payday.