August 13 - 10:08
Verizon sells Tumblr to Automattic in cut-price deal
Tumblr has been sold to Wordpress owner Automattic Inc. Some reports suggest that Verizon fetched less than $3 million - only six years after Yahoo paid $1.1 billion for the social networking site. The actual price has not been disclosed. Tumblr continually failed to generate profits despite commanding a massive user base. Automattic will take on 200 staff as part of the acquisition.
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