The Wall Street Journal broke the news and described this as a inventory spate. Verizon Media is also making an investment in BuzzFeed and becoming a minority shareholder in the digital media company.
The deal also includes an agreement to syndicate material between the two companies while collaborating on advertising and creating a joint innovation group to explore other monetization opportunities.
As BuzzFeed’s press release tones, this treat draws HuffPost full circle, since BuzzFeed founder and CEO Jonah Peretti was also one of the founders of what was originally known as The Huffington Post.
” I have vivid storages of originating HuffPost into a major word outlet in its early years, but BuzzFeed is making this acquisition because we believe in the future of HuffPost and its full potential it has to continue to define the media landscape for years to come, ” Peretti said in a statement. “With the additive of HuffPost, our media network will have more useds, spending significantly more time with our material than any of our peers.”
AOL acquired The Huffington Post for $315 million nearly a decade ago, just a few months after it acquired TechCrunch.
The acquisition was realized a major move into the world of journalism and digital media, but there have been a series of corporate converts since then, with AOL subsequently purchased by Verizon, Verizon likewise acquiring Yahoo then rebranding the combined society first as Oath and then as Verizon Media( which continues to be owns TechCrunch ). Tim Armstrong, the executive behind their purchases, left the company in 2018.
There have been on-and-of rumors of a HuffPost sale over the years. Last-place year, Verizon Media CEO Guru Gowrappan said that the company was ” not selling HuffPost “ because it was ” so core to our material .”
BuzzFeed is also searching for a new editor-in-chief at HuffPost. The situate has been empty since Lydia Polgreen differed in March.