The buyer, Automattic, the parent company of WordPress, confirmed plans to acquire Tumblr earlier today.
Verizon Communications Inc. agreed to sell the blogging platform Tumblr to Automattic Inc., the latest sign the wireless giant is dismantling its online empire.
Terms of the deal were not disclosed. The sale of the social media platform comes almost two years after Verizon's purchase of it from Yahoo back in 2017.
Six years after it was sold to Yahoo for over $1 billion, Tumblr is set to be sold again for a little over what it costs to buy a house in Sydney. "We are proud of what the team has accomplished and are happy to have found the flawless partner in Automattic, whose expertise and track record will unlock new and exciting possibilities for Tumblr and its users", Verizon Media CEO Guru Gowrappan said in a statement.
Tumblr is getting a new owner. Around 200 Tumblr employees, along with the company's technologies, will be acquired by Automattic for an undisclosed amount as part of the deal. The Verizon-imposed porn ban will stay in place at Tumblr after the deal is completed, the Journal wrote.
"Tumblr is one of the Web's most iconic brands", Automattic CEO Matt Mullenweg said in the announcement.
"Automattic shares our vision to build passionate communities around shared interests and to democratize publishing so that anyone with a story can tell it, especially when they come from under-heard voices and marginalized communities", Tumblr's staff added. The transaction is subject to customary closing conditions. Automattic also plays a major role in maintaining WordPress.org, which is the free, open-source version of WordPress that's widely used by many websites on the internet to this date.
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