The once-prominent online blogging network was sold for an undisclosed amount.
Topline
: Verizon will sell Tumblr to Wordpress owner Automattic, the companies announced Monday, allowing Verizon to unload the once-prominent blogging website it acquired in 2017. Tumblr, which allows users to upload and share pictures, videos and text, was once a popular social media network with an active young user base, but has languished recently as Twitter, Instagram and Reddit have grown.
Automattic also owns e-commerce tool WooCommerce, Longreads and Simplenote, but the Tumblr acquisition is the company’s highest-profile deal to date.: Automattic would be Tumblr’s third owner in addition to founder David Karp. Verizon acquired Tumblr in 2017 when it purchased Yahoo in a bid to strengthen its editorial and advertising business. Before that, Yahoo bought it from Karp at the height of its buzz in 2013 for $1.1 billion.
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