BuzzFeed will acquire HuffPost as part of a larger deal with Verizon Media, the companies announced on Thursday.
As a part of the agreement, the companies will syndicate content across both platforms and will look to explore advertising opportunities collectively, according to the Wall Street Journal. Another part of the deal gives Verizon Media, a unit within Verizon Communications Inc., a minority share in BuzzFeed, and the company will be providing an undisclosed cash investment.
“We’re excited about our partnership with Verizon Media, and mutual benefits that will come from syndicating content across each other’s properties, collaborating on innovative ad products and the future of commerce, and tapping into the strength and creativity of Verizon Media Immersive,” said BuzzFeed CEO and co-founder Jonah Peretti, also the co-founder of HuffPost, in a statement.
“I have vivid memories of growing HuffPost into a major news outlet in its early years, but BuzzFeed is making this acquisition because we believe in the future of HuffPost and the potential it has to continue to define the media landscape for years to come,” Peretti said. “With the addition of HuffPost, our media network will have more users, spending significantly more time with our content than any of our peers.”
Peretti will lead the joint company. The company will be looking to hire a new top editor at HuffPost, a position that has remained vacant since Lydia Polgreen stepped down in March.
“While considering opportunities to work together, naturally, Jonah and I also discussed the property he co-founded, HuffPost,” Verizon Media CEO Guru Gowrappan said. “We quickly realized BuzzFeed’s strategy would complement HuffPost’s road map, injecting it with new energy and growing the brand into the future. We are deeply invested in the continued success of HuffPost, and I couldn’t think of a better partner to take HuffPost to the next level.”
The terms of the deal were not announced.
