Delaware-based US multinational telecom conglomerate, the Verizon Communications Inc., said later on Monday, the 12th of August 2019, that it had agreed to sell its blogging platform Tumblr to San Francisco-based Automattic Inc., the owner of popular online-publishing platform WordPress.com.
Further inside the bid, founded back in 2007 by David Karp, microblogging site Tumblr was taken over by Yahoo back in 2013 at a $1 billion buyout deal, while Verizon Communications acquired it from Yahoo in 2015 as part of a deal.
While David Karp’s microblogging and social networking platform, Tumblr had been well-poised to be handed over for the third time in twelve years, neither Verizon nor Automattic Inc. commented over the ins and outs of the deal.
Besides, while being asked about the terms of the deal, a spokesman for Verizon Communication declined to disclose the financial terms of the deal, but confirmed that an announcement of the acquisition could come as early as this week.
In point of fact, a top official of Verizon Communications, the fifth-largest digital media broadcaster in United States and owner of more than 50 brands including TechCrunch, HuffPost alongside Tumblr, said earlier this year that the US-based tech conglomerate had been looking to a sell-off of its loss-making microblogging platform Tumblr.