BuzzFeed is shopping for HuffPost from Verizon Media as a part of an even bigger deal that has the wi-fi big investing within the digital-media firm.
BuzzFeed and Verizon didn’t disclose phrases of the deal. Verizon shall be a minority shareholder in BuzzFeed and the 2 firms will companion on content material and advertisements.
A downturn in promoting due to the pandemic has damage each conventional and digital-only media organizations, leading to layoffs and furloughs. Digital newsrooms had been consolidating even earlier than the pandemic, together with Vox’s buy of New York Journal and its digital arms.
Verizon got here to personal HuffPost, co-founded by Arianna Huffington, via its acquisition of AOL in 2015. The nation’s greatest wi-fi supplier additionally purchased Yahoo in 2017 in an try and construct a digital media enterprise that would problem Fb. That Verizon Media enterprise has struggled.
Deal closing in early 2021
BuzzFeed is thought for its quizzes and lists but additionally invested in its information division. Its founder and CEO, Jonah Peretti, additionally co-founded HuffPost, then often called the Huffington Publish, in 2005. AOL purchased it for $315 million US in 2011.
“I’ve vivid reminiscences of rising HuffPost into a significant information outlet in its early years, however BuzzFeed is making this acquisition as a result of we imagine in the way forward for HuffPost and the potential it has to proceed to outline the media panorama for years to come back,” Peretti mentioned in a press release.
“With the addition of HuffPost, our media community may have extra customers, spending considerably extra time with our content material than any of our friends.”
Peretti mentioned in a memo to BuzzFeed workers that he expects the deal to shut originally of 2021.