Verizon is selling Tumblr to the owner of WordPress
In yet another shifting of owners, the Tumblr social blogging network has been acquired by the owners of WordPress from Verizon for a dramatically reduced rate in comparison to its previous valuation when it was last acquired.
Automattic Inc., the company that owns and operates services including WordPress and WooCommerce, will be acquiring Tumblr from Verizon. This was announced by Matt Mullenweg, Founder and CEO of Automattic, via a post on his personal Tumblr blog.
This Tumblr acquisition comes only 2 years following Verizon's acquisition of Yahoo, its previous owner. Back in 2013, Yahoo acquired Tumblr for $1.1 billion U.S., while Axios is reporting today's acquisition of the social blogging platform to be valued at under $20 million (with an m). Verizon's desire to sell Tumblr since its acquisition has been known.
Alongside the platform and its over 450 million blogs, Automattic will be acquiring and onboarding Tumblr's 200 employees. The exact terms of the transaction were not disclosed.
Further coverage: Axios TechCrunch Engadget
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