BuzzFeed has acquired HuffPost from Verizon, while striking a strategic partnership that will see Verizon become a minority stakeholder in BuzzFeed.
HuffPost has now come full circle as it joins the company founded by one of its original cofounders, Jonah Peretti. Peretti founded BuzzFeed a year after HuffPost, focusing on it full time after AOL purchased HuffPost. Over the years, BuzzFeed has evolved into a serious news source, making HuffPost a natural fit for Peretti’s latest company.
“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 Jonah Peretti, Founder and CEO, BuzzFeed.
“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 continued. “With the addition of HuffPost, our media network will have more users, spending significantly more time with our content than any of our peers.”
As part of the agreement, Verizon will take a minority stake in BuzzFeed. The two companies will also syndicate content across each other’s platforms, as well as work together to monetize emerging ad formats.