CURRENT AFFAIRS

Detailed explanation-1: -WordPress parent Automattic will acquire Tumblr along with its staff of about 200, according to The Wall Street Journal, which first reported the deal Monday and said the price “isn’t material to Verizon.” Representatives from Tumblr and Automattic confirmed the acquisition to CNBC.

Detailed explanation-2: -By 2010, it was racking up users and nearing a $1 billion valuation, the price Yahoo CEO Marissa Mayer would pay for it in 2013. She promised “not to screw it up,” but things did not go well and after passing from Yahoo to Verizon, Tumblr was sold to the owner of Wordpress for $3 million in 2019.

Detailed explanation-3: -Verizon took over Tumblr in 2017 when it acquired Yahoo.

Detailed explanation-4: -On May 19, 2013, internet company Yahoo announced it was purchasing the blogging service Tumblr for about $1.1 billion in cash. The acquisition was intended to put a fresh face on the aging Internet company and provide it with a profitable revenue source.

Detailed explanation-5: -Its latest acquisition, Tumblr, will help Automattic get better at helping people make money on the internet, as the digital service provider looks to expand its client base and the range of services it can offer to publishers trying to diversify their revenues.