Verizon (VZ) said Monday it has agreed to sell Tumblr to Automattic, the parent company of WordPress.com. Terms of the deal were not disclosed.
The move will make Automattic the third company to own Tumblr in just six years.
“Tumblr is one of the Web’s most iconic brands,” Automattic CEO Matt Mullenweg said in a statement. “It is an essential venue to share new ideas, cultures and experiences, helping millions create and build communities around their shared interests.
Yahoo acquired Tumblr for $1.1 billion in 2013, making it the largest acquisition of former CEO Marissa Mayer’s tenure. It was an ambitious bet to revive Yahoo’s fortunes by attracting a younger generation of hyper-engaged users.