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Yahoo plans announcement Monday in N.Y., Tumblr's hometown

Yahoo is set to hold a news conference Monday, and many believe the company might announce it is acquiring Tumblr.

Rumors began swirling Friday about the possible acquisition, saying Yahoo is interested in buying Tumblr, a social network whose popularity has soared recently, especially among teens and young adults. According to reports, the deal could be worth as much as $1 billion.

Since Marissa Mayer took became chief executive of Yahoo last year, the company has been buying small start-ups, including one by a 17-year-old British entrepreneur for $30 million. Tumblr would be Mayer's biggest purchase yet.

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Yahoo did not say much about the event other than that it will be announcing "product-related news." The official event invitation says, "Join us as we share something special."

Adding intrigue to the event is the conference's location. It will be in New York City, where Tumblr is based. Additionally, Mayer herself will be speaking.

The conference is to start at 2 p.m. PDT, and users will be able to watch live on the Web.

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