Verizon has struck a deal with WordPress’ parent company Automattic Inc. to sell Tumblr for an undisclosed amount.
Verizon, a telecommunications company, acquired Tumblr back in 2017 after purchasing Yahoo. The company began exploring the option of selling the site earlier this year. According to The Wallstreet Journal, Automattic bought Tumblr for only a fraction of its price at USD3 million. The drop in value is astonishing considering that it was acquired for USD1.1 billion by Yahoo back in 2013.
The CEO of Verizon Media, Guru Gowrappan confirmed the news in a statement praising the blog site for being a platform “that has started movements, allowed for true identities to blossom and become home to many creative communities and fandoms.” Gowrappan claims to find the “perfect” partnership with Automattic.
While Tumblr used to be one of the most prominent forces amongst blogging and social media platforms. However, times have changed and the site has been struggling to keep up since Yahoo and Verizon’s ownership. Both companies had decided to censor and ban adult content which was against what the brand is known and used for as there were no limits to the content you can post.
Now, social media sites like Instagram and YouTube have taken over. But Tumblr continues to remain relevant thanks to its active and dedicated community of bloggers. Tumblr is even known to launch the start of prominent figures such as Troye Sivan and Tyler the Creator.
On Automattic’s part, the company’s CEO Matt Mullenweg said that it won’t be reversing the complete ban on adult content.