Verizon’s bets on internet content and advertising never made sense. The embarrassing price tag on its Tumblr sale indicates that the telecommunications group should pull the plug on AOL and Yahoo, writes rob_cyran.
Verizon Communications said on Aug. 12 that its Verizon Media unit had agreed to sell Tumblr to Automattic, the parent company of WordPress.com. The two companies did not indicate a price. Axios reported that it was around $3 million, citing sources familiar with the deal.
Yahoo bought Tumblr for $1.1 billion in 2013. In 2016, Yahoo wrote down about two-thirds of its purchase price. Verizon bought Yahoo’s core business in 2017 for about $4.5 billion, combining it with AOL, which it had purchased for $4.4 billion in 2015. In 2018, Verizon wrote down $4.6 billion it spent to buy Yahoo and AOL.
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