Verizon Media and BuzzFeed reported a new partnership across content and advertising. The acquisition of HuffPost by BuzzFeed will make Verizon Media a minority shareholder in BuzzFeed. Both companies will be able to leverage this partnership to unlock new revenue opportunities. “Verizon Media’s strategy has evolved over the past two years to focus on our core strengths- ads, commerce, content and subscriptions,” said Guru Gowrappan, CEO, Verizon Media. “We’ve created a powerhouse ecosystem, built on a trusted network, that delivers an end-to-end experience for consumers and advertisers. The partnership with BuzzFeed complements our roadmap while also accelerating our transformation and growth.”
“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 Jonah Peretti, Founder and CEO, BuzzFeed.
“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,” Peretti continued. “With the addition of HuffPost, our media network will have more users, spending significantly more time with our content than any of our peers.”
Both entities will syndicate content across each other’s platforms to create an innovation group to explore monetization opportunities. “While considering opportunities to work together, naturally, Jonah and I also discussed the property he co-founded, HuffPost,” said Gowrappan. “We quickly realized BuzzFeed’s strategy would complement HuffPost’s roadmap, injecting it with new energy and growing the brand into the future. We are deeply invested in the continued success of HuffPost and I couldn’t think of a better partner to take HuffPost to the next level.”