The price of the deal was called "nominal" compared to Tumblr's last purchase price of $1 billion, according to a Wall Street Journal report.
The price of the deal was not disclosed, suggesting a big reduction from the $1.1 billion that Tumblr fetched the last time it was acquired.
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Facebook cofounder Chris Hughes called on the federal government to break apart the company's monopoly in a New York Times op-ed.
Tumblr was once worth more than $1 billion, but the site has faded in popularity and Verizon is shopping it around.