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Verizon reportedly sells Tumblr for a mind-boggling loss

Automattic Inc., the online software and publishing company that owns WordPress.com and Longreads, is adding Tumblr to its lineup.

Verizon, which acquired the multimedia blogging platform in 2017 when it bought out Yahoo, is selling Tumblr for an undisclosed amount considered "nominal" to its previous $1.1 billion worth, reports The Wall Street Journal. A source for Axios put the number "well below" $20 million.

This marks Automattic's largest ever acquisition, in terms of both monetary value and personnel. Tumblr's current staff of around 200 will reportedly join the company.

The Tumblr community went into an existential tailspin back in December when the site banned all NSFW content. Many users abandoned the platform for other websites in a move reminiscent of the exodus following Yahoo's takeover of the site in 2013. Automattic CEO Matt Mullenweg says his company doesn't plan on changing what makes Tumblr "fun," but this shakeup may be the last straw for the remaining holdouts on the website.