MUMBAI: BuzzFeed has announced that it is in the process of acquiring HuffPost online news service, in a deal uniting two digital media pioneers seeking fresh momentum in a troubled sector.
The acquisition is a part of a larger deal between Buzzfeed and Verizon Media. The deal allows both the companies to syndicate content on each other’s platform including Yahoo, according to a statement issued by them.
It also makes Verizon a minority shareholder in BuzzFeed, with the two firms agreeing to a strategic partnership for content and advertising.
“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 chief executive Jonah Peretti.
The deal is a reunion of sorts for Peretti, who also happens to be one of the founders of HuffPost. “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,” he added. “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 co-founded HuffPost, formerly known as the Huffington Post, in 2005 with publisher Arianna Huffington, before starting Buzzfeed a year later.
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.
