Verizon sells Tumblr news is spreading as the website joins the WordPress.com family.
The news about Verizon (NYSE:VZ) selling Tumblr doesn’t reveal any of the financial details about the deal. However, it does note that WordPress.com parent company Automattic is the buyer of the website.
“Today’s announcement is the culmination of a thoughtful, thorough and strategic process,” Verizon Media CEO Guru Gowrappan, said about the Verizon sells Tumblr news. “We are proud of what the team has accomplished and are happy to have found the perfect partner in Automattic, whose expertise and track record will unlock new and exciting possibilities for Tumblr and its users.”
News that Verizon sells Tumblr likely won’t come as a surprise to anyone following the brand. There was talk earlier this year that adult website Pornhub was interested in taking it off of Verizon’s hands.
The interest from Pronhub was due to the previous adult nature of Tumblr. However, a ban in late 2018 resulted in most adult content being stripped from the website. VZ reportedly saw revenue fall after that and Pornhub wanted to bring that content back.
Verizon didn’t directly buy Tumblr itself. Instead, the company got it when it purchased Yahoo back in 2017. Yahoo had purchased the blogging website for $1.10 billion in 2013. If the reports are true, VZ is only selling Tumblr for $3 million.
VZ stock was up slightly as of Tuesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.