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Photo: Martin Bureau/AFP/Getty Images

Verizon is set to sell the social network Tumblr to Automattic Inc, the owner of online publishing tool Wordpress. A source familiar with the deal puts the price-tag "well below" $20 million, while another source puts it below $10 million.

The big picture: Tumblr, while unprofitable, hosts more than 450 million blogs and was once considered a major player in the social media space. The network was acquired by Yahoo for $1.1 billion in 2013, before moving under Verizon's umbrella through the carrier's acquisition of Yahoo in 2017. Verizon's desire to sell Tumblr had been previously known, but as of May, Pornhub had been the only bidder to show public interest.

Automattic Inc. will buy the network and take on its 200 employees.

Between the lines: Tumblr has faced backlash over the years for not properly monitoring pornographic content, which Verizon ultimately banned last year. Automattic's Chief Executive Matt Mullenweg told the Wall Street Journal that he plans to maintain the ban.

Go deeper

Updated 3 hours ago - Sports

Swimmer Chase Kalisz first American to win Olympics gold medal

Chase Kalisz of Team United States celebrates after winning the Men's 400m Individual Medley Final on day two of the Tokyo 2020 Olympic Games at Tokyo Aquatics Centre in Tokyo, Japan. Photo: Al Bello/Getty Images

Swimmer Chase Kalisz became on Sunday the first Team USA Olympian to win gold at the Tokyo Games.

The big picture: The Rio 2016 silver medalist's winning time in the men's 400 meters Individual Medley Final was 4 minutes 9.42 seconds. His teammate Jay Litherland took silver .86 seconds later.

California's largest wildfire razes homes as 88 huge blazes burn in U.S.

Firefighters on the scene as dozens of homes burn during the Dixie Fire in the Indian Falls neighborhood of unincorporated Plumas County, California, on July 24. Photo: Josh Edelson/AFP via Getty Images

Flames from California's biggest wildfire were engulfing homes in the state's north overnight — one of 88 large blazes raging in the U.S.

Driving the news: The Dixie Fire, which erupted July 14 near the origin of the deadly 2018 Camp Fire in Butte County, was tearing through the community of Indian Falls in the neighboring Plumas County, per AP.

Golfer Bryson DeChambeau will miss Olympics after testing positive for COVID

Bryson DeChambeau of the United States on the 18th tee during Day Two of the 149th Open at Royal St George’s Golf Club on July 16 in Sandwich, England. Photo: Andrew Redington/Getty Images

Bryson DeChambeau has tested positive for COVID-19 and will miss the Tokyo Olympic Games, USA Golf announced late Saturday.

What he's saying: "I am deeply disappointed not to be able to compete in the Olympics for Team USA," DeChambeau said in a statement.