Automattic, the San Francisco, CA-based parent company of WordPress.com, is to acquire media network Tumblr from Verizon Media.
The terms of the deal – subject to customary closing conditions – were not disclosed.
Founded by David Karp in 2007, Tumblr is a media network powered by a community of independent creators and today home to 475 million blogs.
With the acquisition, Tumblr will be added to the current offering of the company.
Founded in August 2005 by CEO Matt Mullenweg, Automattic operates WordPress.com, Jetpack, WooCommerce, WordPress.com VIP, Simplenote, Longreads, and more to allow people, companies and organizations to create websites and blogs for free and enhance those sites with premium services.
A fully distributed company, it has more than 940 employees working from 71 countries.
Key Investors include Insight Venture Partners, Tiger Global Management, True Ventures, Polaris Venture Partners, Radar Partners, and New York Times Company.
Verizon Media operates a media ecosystem reaching nearly one billion consumers through premium brands including Yahoo, HuffPost, TechCrunch and AOL – and media streaming platforms.