Verizon Media and Automattic, the parent company of WordPress.com, today announced that they have entered into a definitive agreement under which Automattic plans to acquire Tumblr.

Terms of the deal were not disclosed.

“Tumblr is one of the Web’s most iconic brands,” said Automattic CEO Matt Mullenweg. “It is an essential venue to share new ideas, cultures and experiences, helping millions create and build communities around their shared interests. We are excited to add it to our lineup, which already includes WordPress.com, WooCommerce, Jetpack, Simplenote, Longreads, and more.”

Tumblr is a media network powered by a massive community of independent creators and home to 475 million blogs.

“Today’s announcement is the culmination of a thoughtful, thorough and strategic process,” said Verizon Media CEO Guru Gowrappan. “Tumblr is a marquee brand that has started movements, allowed for true identities to blossom and become home to many creative communities and fandoms. We are proud of what the team has accomplished and are happy to have found the perfect partner in Automattic, whose expertise and track record will unlock new and exciting possibilities for Tumblr and its users.”

Verizon Media houses a trusted media ecosystem reaching nearly one billion consumers through its premium brands - including Yahoo, HuffPost, TechCrunch and AOL - and best-in-class ad and media streaming platforms. The company’s state of the art technology and innovation is uniquely positioned to create live and video on demand digital, audio and mobile experiences that are both market tailored and globally distributed.

The transaction is subject to customary closing conditions.