NEW YORK (CNET) – Verizon is saying goodbye to Tumblr. The company’s media group said it agreed to sell Tumblr to Automattic, the parent of WordPress. Terms of the deal weren’t disclosed, but Axios reported that the price tag was “well below” $20 million.
“Tumblr is one of the Web’s most iconic brands,” Automattic CEO Matt Mullenweg said in a statement. “It is an essential venue to share new ideas, cultures and experiences, helping millions create and build communities around their shared interests.”
The sale isn’t a surprise, as reports earlier this year said Verizon was looking for a potential buyer. Tumblr became part of Verizon through the company’s 2017 acquisition of Yahoo. Verizon agreed to buy Yahoo’s operating business for $4.83 billion in 2016, though the price was slashed by $350 million after it was revealed Yahoo had suffered two massive data breaches. Yahoo bought Tumblr in 2013 in a $1.1 billion deal.
Read more about the deal at Cnet.com