From Automattics News Blog:
Since Automattic acquired Tumblr we’ve made it more efficient, grown its revenue, and worked to improve the platform. But there’s one part of the plan that we haven’t yet started, which is to run Tumblr on WordPress. I’m pleased to say we’re kicking off that project now!

We’re not talking about changing Tumblr. We’re not turning Tumblr into WordPress. That would defeat the purpose. We acquired Tumblr to benefit from its differences and strengths, not to water it down. We love Tumblr’s streamlined posting experience and its current product direction. We’re not changing that. We’re talking about running Tumblr’s backend on WordPress. You won’t even notice a difference from the outside.

Running Tumblr on WordPress will make it easier to share our work across platforms. We can build something once and bring it to both WordPress and Tumblr. We can run Tumblr on the rock-solid infrastructure behind WordPress.com. Tumblr will benefit from the collective effort that goes into the open source WordPress project. And WordPress will benefit from the tools and creativity we invest into Tumblr and contribute back to WordPress.
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