Verizon looks for Tumblr's next buyer

A user tries to install Tumblr on his phone. Photo: Nasir Kachroo/NurPhoto via Getty Images

Verizon is seeking to unload Tumblr, the social network acquired by Yahoo for $1.1 billion back in 2013, per WSJ.

Why it matters: Tumblr, while unprofitable, remains home to over 450 million blogs and once was at the vanguard of social media.

What to watch: No word yet on a possible sale price. Yahoo wrote the value of Tumblr down by $230 million before being acquired by Verizon, which subsequently hired a new CEO (Hans Vestberg) who has emphasized networking over media.

  • Tumblr founder and former CEO David Karp didn't return an emailed request for comment about Verizon's plans, or if he'd consider trying to repurchase the company. He left shortly after Verizon completes its Yahoo purchase.

The bottom line: Tumblr in its later years became known largely for personal pornography, until Verizon banned such content late last year. That may have been an effort to get the platform ready for auction but, as BuzzFeed reports, the only bidder to publicly express interest so far has been Pornhub.

Go deeper: Tumblr finally releases information about state-sponsored propaganda

Additional Stories

House Democrats subpoena White House in impeachment inquiry

Mick Mulvaney. Photo: Alex Wong/Getty Images

House committees leading the impeachment inquiry against President Trump subpoenaed acting White House chief of staff Mick Mulvaney on Friday.

The big picture: This comes after nearly a month of White House refusals to comply with House investigations into whether Trump jeopardized national security by pressing Ukraine to interfere in the 2020 presidential election, and by withholding security assistance provided by Congress to help Ukraine, per the subpoena. The committees are demanding documents by Oct. 18.

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Ron Johnson says Sondland told him of possible Ukraine quid pro quo

Sen. Ron Johnson. Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images

Sen. Ron Johnson (R.-Wis.) told the Wall Street Journal that he learned of a possible quid pro quo between the Trump administration and Ukraine's government from EU Ambassador Gordon Sondland.

The big picture: Johnson said that he pressed President Trump on the issue, which allegedly linked the distribution of $400 million in U.S. military aid with a Ukrainian investigation of former Vice President Joe Biden, in an Aug. 31 phone call. "He said ... 'No way. I would never do that. Who told you that?'" Johnson told the Journal of his conversation with the president.

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