Buzzfeed and Huffpost unite in deal with Verizon
Deal creates digital giant
BuzzFeed is acquiring HuffPost in a deal that will unite two of the first major digital media firms.
The deal will see BuzzFeed take over HuffPost from parent firm Verizon Media and allow it to use content from other Verizon properties including Yahoo, according to a statement from the companies.
Verizon Media, which bought HuffPost as part of a deal with AOL in 2015, will become a minority shareholder in BuzzFeed, with the two firms agreeing to a strategic partnership for content and advertising.
Jonah Peretti, chief executive of BuzzFeed cofounded HuffPost in 2005, when it launched as The Huffington Post.
He said: “We’re excited about our partnership with Verizon Media, and mutual benefits that will come from syndicating content across each other’s properties.”
The early success of HuffPost and BuzzFeed prompted optimism about the future of digital-first media, but in recent years both have faced struggles in a difficult economic environment for the sector.
The deal is the latest between digital media companies as they compete against tech giants such as Google and Facebook. Last September, Vox Media acquired New York Media. The following month, Vice Media acquired Refinery29.