Yahoo! has reportedly decided to buy popular blogging website Tumblr. The move comes as CEO Melissa Mayer tries to breathe new life into the company.

A day ahead of Yahoo!’s top secret press conference in New York City, news agencies began circulating a report of a major acquisition for the Internet company. According to a Wall Street Journal article published Sunday afternoon, board members of Yahoo Inc agreed to a $1.1 billion takeover (857 million euros) over the weekend.

The website AllThingsD reported rumors of the acquisition last week.

The company’s spokespeople declined requests from the media to confirm the reports. However, the company had already sent out invitations for a Monday press conference during which CEO Melissa Mayer intends to unveil “something special.”

There was no indication whether Tumblr’s board had already approved the sale.

Since becoming CEO at Yahoo!, Mayer, 37, has sought to make the Internet giant more competitive in a market reshaped by social media, smart phones and tablets. Buying Tumblr was believed to be part of a strategy to attract a younger demographic.

New York-based Tumblr Inc has grown quickly since it was founded by David Karp in 2007. Today, it hosts a platform for some 108 million Internet users worldwide where they can personalize blog entries with photos, links, audio and video clips.

The blogging site took in $13 million in revenue in 2012.