Verizon unloads Tumblr for peanuts

Tumblr, a site that was once compared to Facebook or Instagram many moons ago, has found a new home. In a headline that looks like it’s from another world, it was acquired by Automattic, the creator of the WordPress CMS and its hosted service, Wordpress.com.  Back in 2013, Yahoo purchased Tumblr for a staggering $1.1 billion, but it wound up in the hands of Verizon Media when it acquired the scraps of Yahoo in 2017 for $4 billion, largely leaving Tumblr to its own devices. Thus began the long, slow slide into irrelevance as Verizon largely ignored the site. That makes the purchase price of Tumblr this time around all the more shocking: Automattic grabbed the entire company for less than $20 million, with some reports claiming it sold for less than $3 million. Surely the domain name alone is worth at least that much!  It’s a bittersweet outcome for Tumblr, because it’s shed so much –Wordpress buys Tumblr ↗