Marissa Mayer, the Chief Executive Officer of Yahoo! is moving ahead with her plans to acquire blogging site Tumblr in a deal valued at $1.1 billion.

Mayer called Yahoo's board on Sunday afternoon to discuss the proposal to acquire Tumblr and there are indications that the board might have approved the plan. Mayer said that the discussions are going on with Tumblr's David Karp for the proposed acquisition. The takeover will allow Yahoo! to expand its reach to the internet users with 15 billion page views a month. Tumblr has been doing well with the marketers and investors where Yahoo! has faced problems in recent times.

The deal if finalised would become the biggest since previous year's takeover of Instagram by social networking giant, Facebook for US$ 715 million. Tumblr has been successful in expand its presence in the mobile platforms with advertising and its mobile audience has now surpassed its web audience. Tumblr was founded in 2007 by its CEO David Karp in New York. The blogging site had 75,000 users within a fortnight and there are about 110 million blogs on the site today.

Yahoo declined to comment before the announcement scheduled for Monday in NewYork but some reports already suggest that the company will acquire the blogging site and will allow tow work it as an independent unit.