Yahoo will pay for the blogging site in cash, All Things D reported. Yahoo nor Tumblr released official statements.
Tumblr’s media team did not respond to repeated requests for comment. In a statement to NBC News, a Yahoo spokeswoman said Yahoo would not comment on “rumors or speculation.”
Yahoo no doubt has something up its sleeve, as the company invited CNBC to a press event on Monday afternoon where it would “share something special.” It is unclear whether that is related to a deal with Tumblr.
Also unclear is whether Tumblr has accepted Yahoo’s reported offer.
Talk of a deal began circulating Friday, after All Things D reported that the two companies had been in talks for several weeks.
Since Marissa Mayer became CEO at Yahoo, the company has acquired several companies that appeal to younger audiences, including Summly, Astrid and Jybe. Yahoo has also been rumored to be eyeing Hulu.
Observers say Mayer is making these deals to attract a younger audience.