UPDATE: Watch the Yahoo Announcement in New York City Live

Published:4:25 pm EDT, May 20, 2013| Updated:5:39 pm EDT, May 20, 2013|
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UPDATE 5:37 pm — So Yahoo announced that Flickr would receive a major UI change, getting rid of all of the white space on the Flickr webpage. They'll also provide 1TB of storage for Flickr users for free. So...very unrelated to early rumors that this event would talk about Tumblr.

UPDATE: 5:09 pm - Yahoo announced that they would be creating a new office in the middle of Times Square. So..not really product related yet.

UPDATE: So...it seems like this will be about Flickr. Did Yahoo announce the Tumblr acquisition so they could dupe press writers to cover Flickr? Is Yahoo combining Flickr and Tumblr? No idea what's going on, so keep your eyes on that livestream.

As you may have heard, Yahoo announced that they approved a $1.1 billion purchase of Tumblr, the popular micro-blogging platform. While rumors have been circulating about the potential acquisition for quite some time, they were jumpstarted when Yahoo announced on Friday that there would be a "product-related" event in New York City on Monday May 20th.

Rumors indicate that both Yahoo CEO Marissa Mayer and Tumblr CEO David Karp will be in attendance and speaking at the event to members of the press. The announcement of the event on Friday lent credence to the rumors that Yahoo would be acquiring Tumblr because Tumblr's headquarters are in Manhattan in the Flatiron District.

Yahoo gave us permission to embed the livestream of the event that will be held at 5pm EST in New York today. You'll be able to watch the event when it starts.

If you want to read more about the Yahoo-Tumblr acquisition, check out our links below:

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