Wordpress owner buys Tumblr for bargain price
Automattic, the owner of Wordpress, has acquired popular blogging platform Tumblr from Verizon.
The future of Tumblr had been unclear since Verizon announced that it was exploring a sale of the platform earlier this year.
But today the Wall Street Journal reports that Automattic has bought Tumblr for less than $3 million - dramatically down on the $1.1 billion price tag that Yahoo paid in 2013.
Tumblr had huge penetration amongst younger users, and was seen as the natural home for a number of internet subcultures that couldn't find space elsewhere.
But the platform's fortunes changed under Verizon's ownership, and it lost ground to other upstart competitors such as Snapchat and Instagram.
This was compounded last year when Tumblr banned 'adult content' in a move that also saw huge swathes of its LGBTQ users pushed off the site.
Commenting on the sale, Verizon Media CEO Guru Gowrappan said: “Tumblr is a marquee brand that has started movements, allowed for true identities to blossom and become home to many creative communities and fandoms.
“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.”