BuzzFeed is shopping for the HuffPost on-line information service from Verizon, marking the most recent shake-up for new-media publishers.
BuzzFeed and Verizon’s media arm additionally agreed to syndicate one another’s content material in a broader partnership, the businesses mentioned in an announcement Thursday. As a part of the deal, Verizon is buying a minority stake in BuzzFeed, which is able to use the telecom big’s promoting platform to achieve extra prospects. Particular phrases weren’t disclosed.
The deal is a reunion of kinds for BuzzFeed CEO Jonah Peretti, who co-founded HuffPost.
“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 consider 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 within the assertion.
The Wall Avenue Journal beforehand reported on the deal.
The 2 web sites will stay impartial of one another, and BuzzFeed has begun a seek for a brand new editor-in-chief of HuffPost.
The digital-media trade has more and more sought methods to achieve heft in an advert panorama dominated by Facebook and Google. Final 12 months, Vox Media purchased New York Media, the father or mother of New York Journal, and Vice Media acquired the female-focused Refinery29.
BuzzFeed, well-known for its lighthearted quizzes and lists, has been making an attempt to diversify into new strains of enterprise, together with cookware, after relying closely on making specialised advertisements for manufacturers.
The corporate has clawed its means again to profitability this 12 months after the pandemic led to the cancellation of profitable advert offers, forcing a spherical of layoffs and pay cuts. Earlier this month, Peretti instructed employees that BuzzFeed was again on strong monetary footing and would restore funds to workers who took wage cuts in April.
The deal heralds one more proprietor for the left-leaning HuffPost, which was co-founded in 2005 by Arianna Huffington and have become a mannequin for attracting massive quantities of net site visitors. AOL purchased Huffington Put up in 2011 for $315 million, then Verizon purchased AOL in 2015, turning the location right into a small piece of a telecom big. Huffington left in 2016 to show her consideration to her wellness startup. A 12 months later, the location shortened its title to HuffPost, underscoring the cut up from its namesake persona.
“HuffPost is without doubt one of the few digital content material manufacturers that’s universally recognized, with vital scale, and a passionate, loyal viewers that’s completely different from ours,” Peretti mentioned in a memo to workers. “That’s why we are going to proceed to function HuffPost as its personal model and its personal digital vacation spot.”
Verizon, in the meantime, has been in search of methods to pare down a media enterprise that was beforehand led by Tim Armstrong. Underneath his plan, the corporate got down to flip a group of dot-com manufacturers — like AOL and Yahoo! — right into a thriving online-advertising enterprise, however the technique by no means took off. After altering the title from Oath to Verizon Media Group and reducing employees, the service’s new CEO has targeted totally on what the corporate does greatest: wi-fi service.
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