NEW YORK (CelebrityAccess) – Media giant Verizon has announced that it is selling off early social media darling Tumblr to WordPress owner Automattic, according to The Associated Press.
Long known for its devoted fan base and highly visual, meme-friendly culture, the platform’s popularity has waned in recent years in the face of competition from Facebook, Instagram, Twitter and YouTube.
Verizon originally acquired Tumblr through its 2017 purchase of Yahoo. Yahoo reportedly bought Tumblr for $1.1 billion in 2013, but ended up writing off much of its value, according to AP.
Terms of Verizon’s sale to Automattic were not disclosed, though reports indicate it is a fraction of what Yahoo paid.