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Verizon Media Announces Tumblr Sale to Automattic

Summary

Verizon reportedly selling Tumblr to WordPress owner for nominal amount Description video: CNBC’s \”Squawk on the Street\” crew discuss Verizon’s sale of Tumblr to WordPress parent company Automattic. Verizon Media Announces Tumblr Sale to Automattic Verizon Media and Automattic, parent […]

Verizon reportedly selling Tumblr to WordPress owner for nominal amount

Description video:
CNBC’s \”Squawk on the Street\” crew discuss Verizon’s sale of Tumblr to WordPress parent company Automattic.

Verizon Media Announces Tumblr Sale to Automattic

Verizon Media and Automattic, parent company of WordPress.com, have announced a definitive agreement under which Automattic plans to acquire Tumblr.

Terms of the deal were not disclosed.

«Tumblr is one of the most iconic brands on the Internet, said Automattic CEO Matt Mullenweg. “It is an important platform for the exchange of new ideas, cultures and experiences, helping millions of people to create and build communities around their common interests. We’re happy to add it to our lineup, which already includes WordPress.com, WooCommerce, Jetpack, Simplenote, Longreads and more.».

Tumblr is a media network powered by a huge community of independent authors, hosting 475 million blogs.

«Today’s announcement is the culmination of a thoughtful, thorough and strategic process, said Verizon Media CEO Guru Gaurappan. – Tumblr is a brand that started a movement, allowed true personalities to blossom and became home to many creative communities and fandoms. We are proud of what the team has accomplished and are delighted to have found the ideal partner at Automattic, whose experience and track record will open up new and exciting opportunities for Tumblr and its users.».

Verizon Media has a robust media ecosystem reaching nearly a billion consumers through its premium brands – including Yahoo, HuffPost, TechCrunch and AOL – and best-in-class ad and media streaming platforms. The company’s state-of-the-art technologies and innovations are uniquely positioned to create real-time and video-on-demand digital, audio and mobile applications that target both local markets and global audiences..

The transaction is subject to the usual closing conditions.

Verizon Media Announces Tumblr Sale to Automattic