BuzzFeed buys HuffPost from Verizon and signs an alliance with the telecom company
BuzzFeed and Verizon will syndicate content between their different platforms
The viral content portal BuzzFeed has reached a collaboration agreement with Verizon Media , the media division of the telecom Verizon, which contemplates the acquisition of HuffPost , both companies announced this Thursday in a statement.
The agreement also includes a content syndication and strategic partnership, as well as Verizon Media’s acquisition of a minority stake in BuzzFeed . The companies have not disclosed the economic terms of the agreement, although the newspaper ‘The Wall Street Journal’ has affirmed that the investment of Verizon is in cash.
The acquisition marks the merger of two outlets founded by Jonah Peretti , CEO of BuzzFeed. Peretti was one of the co-founders of HuffPost, although he left the company in 2011 after being acquired by AOL. After that, he devoted himself full time to BuzzFeed.
The new digital media sector in the United States has been going through a consolidation stage for almost two years . In recent months, Vice and BuzzFeed have announced layoffs, including the total closure of their editions in Spain , with the aim of achieving profitability. In 2019, Vice bought Refinery29, while Vox Media acquired New York Media and Group Nine acquired PopSugar.
“I have vivid memories of growing HuffPost into a large medium in its early years, but BuzzFeed made this acquisition because we believe that the future of HuffPost and its potential define the media landscape for years to come . With the sum of the HuffPost, our media network will have more users, spending more time with our content than our rivals, “said Peretti.
In accordance with the collaboration between the two firms, BuzzFeed and Verizon will syndicate content between their different platforms and create an “innovation group” to explore innovation opportunities. They will also invest in new advertising formats, such as augmented reality.
“Verizon Media’s strategy has evolved over the last two years to focus on our key strengths: ads, commerce, content and subscriptions, ” added Verizon CEO Guru Gowrappan.
BuzzFeed will take advantage of Verizon’s advertising platform to access qualitative consumer and user data. In addition, despite the acquisition, HuffPost will continue to appear as a partner of Verizon, which will also continue to manage its marketing, sales and advertising department.
Renault reduced its turnover by 21.7% in 2020, to stand at 43,474 million euros, compared to 55,537 million euros in Read more
Airbus expects aircraft deliveries to be stable after 2020 losses Airbus recorded losses of 1,133 million euros in 2020, a Read more
Reebok International Limited is an Anglo-American footwear and clothing company The German manufacturer of sporting goods Adidas announced on Tuesday that it will sell the American brand Reebok as part of Read more
Tesla's investment in the China market is paying off Tesla Inc's (NASDAQ: TSLA ) sales in China doubled in one year to $ 6.6 Read more
Apparel retailers cut orders while Asian factories fight to survive Clothes retailers in Europe and America sit on excess inventory Read more
Jeff Bezos to step down as Amazon CEO Amazon.com Inc founder Jeff Bezos will step down as CEO and become Read more
HNA Group Co., Ltd., is a Chinese conglomerate headquartered in Hainan, China. Founded in 2000, it is involved in numerous industries including aviation, real estate, Read more
Maximum tension in the dispute between Reddit and vulture funds over GameStop shares The combined action of a legion of Read more
Apple Does It Again: New Record Quarter In Sales Apple Inc’s smartphone shipments jumped 22% to record levels in the Read more
Revue - An editorial newsletter tool for writers and publishers Twitter reported on Tuesday that it has acquired the newsletter Read more