The service allows users to post multimedia and other content to a short-form blog. As of August 12, 2019, Tumblr hosts over 475 million blogs.
On May 20, 2013, it was announced that Yahoo! would Tumblr for $1.1 billion in cash. David Karp remained CEO and the deal was finalized on June 20, 2013. Advertising goals were not met and in 2016 Yahoo wrote down $712 million of Tumblr's value. Verizon Communications acquired Yahoo in June 2017, and placed Yahoo and Tumblr under its Oath subsidiary.
On August 12, 2019, Verizon Media announced that it would sell Tumblr to Automattic, known for their development and operation of WordPress, for an undisclosed amount. Automattic CEO Guru Gowrappan stated that the site will operate as a complimentary service to WordPress.com.