Tumblr Gets Acquired For Shockingly Low Price

Social networking site Tumblr has just been purchased by Automattic Inc. for a shockingly low price.

The site, which hosts more than 450 million blogs, was reportedly purchased for around $3 million, according to The Verge.

The price comes as a surprise, as the site was previously sold to Yahoo for $1.1 billion back in 2013. It was then acquired by Verizon in 2017.

“Tumblr is a marquee brand that has started movements, allowed for true identities to blossom and become home to many creative communities and fandoms. We are proud of what the team has accomplished and are happy to have found the perfect partner in Automattic, whose expertise and track record will unlock new and exciting possibilities for Tumblr and its users,” Verizon Media CEO Guru Gowrappan said in a statement.

Automattic Inc. CEO Matt Mullenweg told The Wall Street Journal that Tumblr will now act as a “complementary” site to their other property, WordPress.