Verizon Media announced that it had entered into an agreement to sell social media network Tumblr to Automattic, the parent company of Wordpress.com.

New Blogging Home

“Tumblr is one of the Web’s most iconic brands,” said Matt Mullenweg, CEO of Automattic. He added that Tumblr is an essential venue to share new ideas, cultures, and experiences. The social media site will soon add to Automattic's media lineup, which includes WordPress.com, WooCommerce, Jetpack, Simplenote, Longreads, and more.

Verizon Media CEO Guru Gowrappan described Automattic as a perfect partner. He said the company's expertise and track record would help unlock new and exciting possibilities for Tumblr and its users.

Tumblr which became known as a short-form blogging site is currently powered by a massive community of independent creators and home to 475 million blogs. Mullenweg sees Tumblr as a complementary to Wordpress.com.

"When the possibility to join forces became concrete, it felt like a once-in-a-generation opportunity to have two beloved platforms work alongside each other to build a better, more open, more inclusive — and, frankly, more fun Web. I knew we had to do it," Mullenweg posted on Tumblr.

New Acquisition

The terms of the deal were not yet disclosed but will be subject to customary closing conditions. Automattic will also reportedly take on about 200 staffers from Verizon.

According to an Axios article, sources said sale price is well below $20 million while another source estimates it to be less than $10 million.

Verizon bought Tumblr in 2017 after it purchased Yahoo. It was Yahoo that originally acquired Tumblr for $1.1 billion from its founder David Karp in 2013. Tumblr traces its history way back to February 2007 and is considered a pioneer in tumbleblogging or microblogging.

Last year, a permanent ban on all types of adult content on Tumblr was imposed by Verizon, and Automattic declared that the porn ban would likely stay. The said ban has alienated a significant section of Tumblr user base.

Eclipsed By Other Media

Tumblr was once considered a major player in the social media space. Among Tumblr's greatest achievements was the ability to give users completely customizable blogs. However, it was eclipsed a long time ago by Facebook, Instagram, and even Pinterest and Reddit in terms of user levels. Even Twitter has overshadowed Tumblr.

ⓒ 2021 TECHTIMES.com All rights reserved. Do not reproduce without permission.