Tumblr has just been sold for an estimated $US20m

According to an article by The Wall Street Journal, once-dominant blogging platform, Tumblr, has just been sold for an undisclosed price tag.

Six years ago, Yahoo purchased Tumblr for over US$1 billion. And now, its parent corporation, Verizon, has sold the platform to WordPress owner, Automatic Inc. Although the selling price is currently unknown, Axios has reported that it is “well below US$20 million.”

Tumblr has taken a hit in recent times with the rise of platforms such as Instagram, Facebook and Reddit, with Sensor Tower reporting that first-time users for Tumblr’s mobile app delined 33 per cent year-over-year in the last quarter.

However, Automattic Inc. is optimistic about the acquisition, with CEO, Matt Mullenweg, saying the company couldn’t be more excited to be joining a team with a shared vision of “building passionate communities around shared interests” and "giving a voice to marginalised communities."

“Tumblr is one of the web’s most iconic brands,” he added. “It is an essential venue to share new ideas, cultures and experiences, helping millions create and build communities around their shared interests. We are excited to add it to our lineup, which already includes WordPress.com, WooCommerce, Jetpack, Simplenote, Longreads, and more.”