Matt Mullenweg, stressing the more important aspects of the Tumblr sale:
First, they chose to find a new home for Tumblr instead of shutting it down. Second, they considered not just how much cash they would get on day one, but also — and especially — what would happen to the team afterward, and how the product and the team would be invested in going forward. Third, they thought about the sort of steward of the community the new owner would be. They didn’t have to do any of that, and I commend them for making all three points a priority.
It isn't surprising that the press, and even me, commented on the rumored sale price of Tumblr. Tumblr skyrocketed from the little platform that could to $1B+ acquisition - only to be sold for far, far less. That is a story.
However, Matt is right, Verizon could have handled the sale of Tumblr and Flickr very differently - focusing on their upside. Or, they could have simply cancelled them altogether. They didn't do that.
So kudos to Verizon's BD team for finding good homes for these services they inherited.