David Karp, founder of the micro-blogging site Tumblr, opens the NASCAQ Exchange in New York City.
Verizon is selling Tumblr, the blogging social network that Yahoo purchased for $1.1 billion, to the maker of WordPress for a small sum.
WordPress parent Automattic will acquire Tumblr along with its staff of about 200, according to the Wall Street Journal, which first reported the deal on Monday and said the price “isn’t material to Verizon.” Representatives from Tumblr and Automattic confirmed the acquisition to CNBC.
Tumblr, founded in 2007 by David Karp, is a site that gained popularity by allowing people to publish blogs for free. Verizon inherited Tumblr as part of its 2017 acquisition of Yahoo, which bought Tumblr in 2013.
The market has becoming increasingly crowded in recent years, with competitors like Squarespace, Wix and Weeby (now owned by Square) providing website templates for small businesses and freelancers, and as Medium became a popular site for bloggers.
Read the full report on the Wall Street Journal.
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