KATHMANDU: WordPress bought the social network Tumblr. Verizon has has revealed that it is selling social network Tumblr to Automattic Inc, the owner of WordPress.
Reports say Tumblr has been bought for far less from the $1.1 billion Yahoo paid for it back in 2013. Tumblr later became part of the Verizon stable after its acquisition of Yahoo in 2017, with today’s sale marks a major drop in value, with some reports putting the deal at as little as $3 million.
“Tumblr is a marquee brand that has started movements, allowed for true identities to blossom and become home to many creative communities and fandoms,” Verizon Media CEO Guru Gowrappan said.