Tumblr came into the spotlight previous year when it introduced a ban on all adult content, and anyone hoping for this to change is going to be disappointed. According to The Verge, Tumblr lost 30 percent of its traffic since the ban started in mid-December.
Last year, it wrote down the online business by $4.6 billion.
The terms of the deal have not been disclosed, but according to the Wall Street Journal, Automattic will "take on about 200 staffers" from Verizon at the same time.
Verizon Communications has found a buyer for Tumblr, the blogging platform it acquired in 2017 as part of its deal to buy Yahoo. The Tumblr team also has some exciting functionality they're eager to unlock once we close the acquisition officially in a few weeks.
'Today's announcement is the culmination of a thoughtful, thorough and strategic process, ' added Verizon Media CEO Guru Gowrappan.
Verizon said Tuesday it will sell microblogging platform Tumblr to Auttomattic, consolidating it with two companies that are "philosophically aligned".
In a statement made up of words that definitely mean something, Verizon characterised its sale of Tumblr as "the culmination of a thoughtful, thorough and strategic process" and called Automattic "the flawless partner" which "will unlock new and exciting possibilities for Tumblr and its users". It's a shocking drop in value, especially when you recall that Yahoo initially paid US$1.1 billion (~RM4.61 billion) for it back in 2013.