Buzzfeed acquired HuffPost as digital media companies join forces

Digital culture and news company BuzzFeed has agreed to buy HuffPost from Verizon Media, the companies announced on Thursday, a move that combines the Internet’s two largest consumer media properties.

Verizon will also make an investment and become a minority shareholder in Buzzfeed, and the deal will see both companies with a shopping experience for consumers, content syndication on each other’s platforms and advertising products. Buzzfeed paid for HuffPost with company shares, the value of which was not disclosed.

The merger follows other similar partnerships in the media industry, such as Vice Media, which acquired Refinery 29 in a $ 400 million deal, and Vox Media, which acquired New York Media, developed and developed in the changing digital landscape It seems to be happening. Verizon Media acquired HuffPost when it bought AOL in 2015 for $ 4.4 billion.

NBCUniversal, the parent company of NBC News, is an investor in BuzzFeed.

The merged company will be run by Jonah Peretti, the co-founder and CEO of Buzzfeed, one of the co-founders of the original HuffPost site, originally called The Huffington Post. An editor-in-chief will be brought to Head HuffPost, which will run as its own brand and separate site.

“I still remember the night we launched HuffPost and the excitement of developing it into a major news outlet in those early years,” Peretti said in an internal email to Buzzfeed staff obtained by NBC News. “But we are not buying HuffPost because of my wonderful past or my personal relationship; We followed this opportunity because we are excited about HuffPost’s future and have the ability to continue to define the media landscape for years to come. “

Founder of Huffington Post on Thursday Ariana Huffington tweeted She was “very happy” to see the company join forces with BuzzFeed 15 years after Peretti got help. “There is such exciting news and everyone’s looking forward,” she said.

The deal combines two of the most successful digital media companies from different eras. HuffPost emerged as one of the first successful digital media outlets of the 2000s. BuzzFeed, launched in 2006, became a major digital media operation over the years with the number of readers arriving via social media platforms, particularly Facebook.

While each was able to attract an oversized audience and millions of dollars in private investment, both struggled to make a profit. Facebook and Google remain the primary destinations for digital advertising spend, with most digital media websites facing challenges such as BuzzFeed and HuffPost.

Peretti said that the Kovid-19 epidemic has accelerated the shift for digital and benefiting digital-first companies, and Buzzfeed hopes the deal will “be able to become a formidable leader in our space.” He said that the details of the employees will be discussed at the company’s global all-hands meeting on Thursday.

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