August 14, 2019 | Investopaper
Verizon has announced to sell Tumblr to WordPressowner on this Monday. Verizon acquired Tumblr in 2017. Tumblr was once a very popular social media network but the growing dominance of other social networks like Twitter and Instagram has halted its growth recently. Mainly young users were active in Tumblr which allowed them to upload pictures, videos, and texts.
The deal of acquisition is supposed to be made at around $3 million dollars. This is the highest-profile deal Word press owner Automattic has ever made till date. Automattic CEO Matt Mullenweg said that Word press and Tumblr are both philosophically aligned in a sense that both works towards democratizing by allowing users to post online.
He further said that it was a good opportunity to acquire Tumblr and work as a single force to create a more fun web. He also said that the website “will evolve on its own path” and that the Tumblr team has “exciting functionality they’re eager to unlock.”
Last year, many expressed their anger after Tumblr banned porn and adult contents on its website in an attempt to make Tumblr more friendly to advertisers.