BuzzFeed Buys HuffPost From Verizon Media
BuzzFeed is acquiring HuffPost, the 15-year-old internet news outlet, in a stock deal with Verizon Media, the companies announced.
The HuffPost purchase is part of a larger strategic partnership across content and advertising between BuzzFeed and Verizon, under which Verizon Media will take a minority investment stake in BuzzFeed.
Terms of the deal were not disclosed. Verizon Media had been reportedly trying to offload HuffPost for several months.
“Verizon Media’s strategy has evolved over the past two years to focus on our core strengths — ads, commerce, content and subscriptions,” said Guru Gowrappan, CEO, Verizon Media, in announcing the pact. “The partnership with BuzzFeed complements our road map while also accelerating our transformation and growth.”
BuzzFeed CEO Jonah Peretti added, “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.”
More to come.