Verizon is selling blogging site Tumblr to the owner of WordPress for a 'nominal' amount of money

• The Wall Street Journal reported Monday that Verizon is planning to sell blogging site Tumblr to Automattic, the parent company of other blogging site WordPress.
• WSJ cited the deal as a "nominal amount" compared to its previous $1 billion purchase price.
• Automattic will take on 200 Tumblr employees, the report stated.
• Visit Business Insider's homepage for more stories.

Automattic, the parent company of publishing site WordPress, is planning to purchase blogging site Tumblr from Verizon for an undisclosed amount, according to a Wall Street Journal report Monday.

The price of the acquisition is unclear, but the report stated it was a "nominal amount" compared to Tumblr's previous $1 billion purchase price by Yahoo several years ago. As part of the deal, Automattic will take on 200 Tumblr employees.

Read More: On-demand food delivery app Postmates is set to unveil its IPO filing in September

NOW WATCH: This company turns shredded plastic and clothing into new bottles for Pepsi, Evian, and Coca-Cola