Yahoo is reportedly undergoing negotiations to purchase the popular social networking site Tumblr, Daily Beast reports.
The deal would include a $1 billion buyout by the search engine giant and could take place as soon as this weekend. Yahoo would acquire the blogging haven for its young, 18-24 year-old artsy crowd.
In its sixth year of existence, Tumblr has been searching for ways to monetize its micro-blogging platform and capitalize off of its 100 million plus viewers per month. Tumblr's value is an estimated $800 million.
While neither party has confirmed reports, Yahoo is also exploring ventures with Pinterest, Zynga and Media Ocean.