BuzzFeed buys HuffPost for undisclosed sum
The deal will include minority a stake in Buzzfeed for Verizon
Stocks impacted: BuzzFeed, Verizon Communications Inc (VZ)
BuzzFeed is buying the news aggregator and blog HuffPost from Verizon in a deal that includes a minority stake in Buzzfeed for Verizon. Verizon is acquiring a minority stake in BuzzFeed, which will use the telecom giant’s advertising platform to reach more customers. According to the statement, the companies will syndicate content across each other’s platforms, explore monetization opportunities, and leverage ad formats. At that, the terms of the deal (including the sum) were not disclosed. After the deal, the two websites will remain independent of each other. BuzzFeed has clawed its way back to profitability this year after the pandemic led to the cancellation of important ad deals.
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