David Karp, founding father of the micro-blogging web site Tumblr, opens the NASCAQ Change in New York Metropolis.
Verizon is promoting Tumblr, the running a blog social community that Yahoo bought for $1.1 billion, to the maker of WordPress for a small sum.
WordPress guardian Automattic will purchase Tumblr together with its employees of about 200, based on the Wall Avenue Journal, which first reported the deal on Monday and mentioned the worth “isn’t material to Verizon.” Representatives from Tumblr and Automattic confirmed the acquisition to CNBC.
Automattic CEO Matt Mullenweg — in a Tumblr submit — mentioned his firm will attempt to “preserve the passion and sense of community that so many people around the world — and all over the web — have come to associate with Tumblr.”
The Tumblr deal is Automattic’s largest acquisition so far, a spokesman for the corporate instructed CNBC.
“When the possibility to join forces became concrete, it felt like a once-in-a-generation opportunity to have two beloved platforms work alongside each other to build a better, more open, more inclusive — and, frankly, more fun web,” Mullenweg wrote. “I knew we had to do it.”
Tumblr, based in 2007 by David Karp, is a web site that gained recognition by permitting individuals to publish blogs at no cost. Verizon inherited Tumblr as a part of its 2017 acquisition of Yahoo, which purchased Tumblr in 2013.
The market has changing into more and more crowded in recent times, with opponents like Squarespace, Wix and Weeby (now owned by Sq.) offering web site templates for small companies and freelancers, and as Medium grew to become a well-liked web site for bloggers.
Learn the complete report on the Wall Avenue Journal.
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