Yahoo is buying Tumbler. There are reports that the online giant is going to announced that its board will be moving forward with the acquisition of the tumbler blogging service.

Yahoo will pay $1.1 billion in cash, about a third of its total cash holdings, to make the deal happen.

The Yahoo board had a Sunday meeting to say yes to the deal. They are hoping that Tumblr will attract a younger audience and pull in the social media numbers while the service scrambles to pull in more ad revenue.

This is the biggest purchase and may be the boldest move that Yahoo’s CEO, Marissa Mayer, has made in her attempts to turn around the online giant’s fortunes. The former Google executive joined Yahoo in 2012. She bought Summly in March for a rumored $30 million. Summly was a news-summarization app created by a 17-year-old.

Yahoo, which is based in Sunnyvale, Calif., will hold a press conference in New York, Tumblr's hometown, on Monday, where they are expected to formally announce the acquisition.

On Saturday, Forbes reported that Tumblr's board also Okayed the acquisition. CEO David Karp is expected to continue to lead Tumblr, but it is not clear whether Tumblr will continue under its own brand name. David Karp created Tumblr in 2007. The purchase is a crowning achievement for the startup that counts Chernin Group as one of its many backers. Tumblr provides easy-to-use publishing tools that mix text, images and video. It was an immediate hit with young people. Yahoo has had trouble reaching the young demographic

Tumblr has been seeing more pressure from investors lately to start generating a profit. The site only brought in about $13 million in revenue in 2012. Karp has a stated goal was to earn $100 million in revenue in 2013.