(USA Today) --Yahoo's board of directors has approved a $1.1 billion purchase of blog site Tumblr, The Wall Street Journal is reporting.

Word of the deal comes after earlier reporting by Adweek, which said unnamed sources had expected a deal, and one with a price tag possibly as high as $1 billion.

On Friday Yahoo announced a press event for Monday in New York, where Tumblr is based.

Yahoo has been on an acquisition streak under CEO Marissa Mayer as part of the company's efforts to reach a younger, more mobile audience.

Image-intensive social media platform Tumblr - popular among a younger crowd - would align with that strategy.

Until now, Yahoo's deals have been mostly with smaller startups. In March, it announced it was scooping up social recommendation site Jybe and mobile news reader Summly, run by 17-year-old Nick D'Aloisio. It then said it would shut down Summly and incorporate it into existing Yahoo products.

Among its most recent announcements, mobile games developer Loki Studios this month said it would be coming into the Yahoo fold.

Mayer spoke briefly to USA TODAY late Friday after accepting an innovation award at a fundraiser in San Francisco for disadvantaged students.

"We're focused on building the service (with acquisitions) and enriching the customer experience," said Mayer, who added she will be at the New York event.

Yahoo stock dipped 0.23%, to $26.52, in trading Friday.

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