Automattic, the parent company of WordPress.com, today announced that they have entered into a definitive agreement with Verizon Media to acquire social blogging platform Tumblr. However, the terms of the deal were not disclosed.
Just like Pinterest, Tumblr is popular for sharing visual content especially among teens and young adults. Users can create blog posts and customise their blog theme as per their liking. If brands post great content, they can end up with thousands of re-blogs and likes depending on how far the content gets pushed in the Tumblr community.
Matt Mullenweg, CEO of Automattic, said,
"Tumblr is one of the web’s most iconic brands. It is an essential venue to share new ideas, cultures, and experiences, helping millions create and build communities around their shared interests. We are excited to add it to our lineup, which already includes WordPress.com, WooCommerce, Jetpack, Simplenote, Longreads, and more."
Automattic is a web development corporation that today runs WordPress and services like Gravatar, Akismet, PollDaddy, and more. WordPress’s open-source content management system (CMS) platform powers more than 26 percent of the world’s websites, as well as 59 percent of all websites that use CMS.
In a press statement, CEO of Verizon Media Guru Gowrappan said,
"Today’s announcement is the culmination of a thoughtful, thorough, and strategic process. 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."
Verizon Media houses a trusted media ecosystem, reaching nearly one billion consumers through its premium brands such as including Yahoo, HuffPost, TechCrunch and AOL. In July 2016, Verizon Communications Inc. had entered a definitive agreement with Yahoo! to acquire its operating business for approximately $4.83 billion in cash.
(Edited by Evelyn Ratnakumar)