The rumors were true after all. Yahoo’s board has approved a deal to buy blogging service Tumblr for a cool $1.1 billion in cash, according to the Wall Street Journal. The deal that would see Tumblr continue to operate as an independent business could be officially announced as early as Monday. Rumors that Yahoo was circling Tumblr were first reported by All Things D that said the purchase would be a way for the company to become “cool again” and attract the coveted 18-to-24-year-old demographic. Ad Week also reported on the rumors saying the acquisition could be what CEO Marissa Mayer has been looking for “to turn around Yahoo’s momentum.” The move could also help Yahoo make more advertising revenue. (via Yahoo reportedly set to buy Tumblr for $1.1 billion.)