Warm Southern Breeze

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Posts Tagged ‘VZN’

Automattic To Buy Tumbler from Verizon

Posted by Warm Southern Breeze on Monday, August 12, 2019

It’s just fun.
Or money.
It’s the same thing, isn’t it?
Can you hear me now?

–//–

Verizon to Sell Tumblr to WordPress.com Owner

Carrier sheds blogging site for nominal amount as part of media unit revamp

Tumblr is a free service that hosts millions of blogs where users can upload photos, music and art, but it has been overshadowed by rival social-media sites.

By Sarah Krouse
Aug. 12, 2019 4:00 pm ET

Verizon Communications Inc. (stock symbol VZ) has agreed to sell its blogging website Tumblr to the owner of popular online-publishing tool WordPress.com, unloading for a nominal amount a site that once fetched a purchase price of more than $1 billion.

Automattic Inc. will buy Tumblr for an undisclosed sum and take on about 200 staffers, the companies said. Tumblr is a free service that hosts millions of blogs where users can upload photos, music and art, but it has been dwarfed by Facebook, Reddit and other services.

Verizon became Tumblr’s owner through the carrier’s 2017 acquisition of Yahoo (symbol AABA) as part of a bid to build a digital media and advertising business. The wireless carrier began seeking a buyer for Tumblr earlier this year, The Wall Street Journal reported.

It discussed a potential transaction with a handful of parties, people familiar with the matter said. The sale price isn’t material to Verizon, one of the people said.

Verizon is in the process of revamping its media group, which struggled to meet revenue targets in recent years. The business, home to legacy Yahoo and AOL web properties such as HuffPost, TechCrunch, feminist media brand Makers and celebrity-interview site Build, is increasingly focused on subscription and original content.

The Tumblr acquisition is the largest ever in terms of price and head count for Automattic, the company’s Chief Executive Matt Mullenweg said in an interview. The San Francisco company has a stable of brands focused on Read the rest of this entry »

Posted in - Business... None of yours, - Did they REALLY say that?, - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , , , | 2 Comments »

 
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