Verizon Media To Sell HuffPost, Takes Minority Stake In BuzzFeed

(RTTNews) - Verizon Communications Inc. (VZ) announced that Verizon Media has signed a partnership deal with tech-powered media company BuzzFeed across content and advertising. Under the deal, Verizon Media will sell HuffPost to BuzzFeed, and will take a minority stake in BuzzFeed.

Additional terms of the deal were not disclosed. The transaction is subject to customary closing conditions.

HuffPost is a global, premier media platform for news, commentary, entertainment, features, and lifestyle content, and has been part of the Verizon Media portfolio since 2011.

According to the company, BuzzFeed's acquisition of HuffPost will bring it back full circle to its original co-founder, Jonah Peretti, who is also founder and CEO of BuzzFeed.

As part of the agreement, HuffPost will continue to contribute to Verizon Media's portfolio as an official publishing partner. BuzzFeed News and HuffPost will operate as separate, distinct news organizations.

BuzzFeed will be able to syndicate content across Verizon's Media brands, including Yahoo - a huge driver of traffic for HuffPost - and more. Additionally, Verizon Media will continue to manage sales for HuffPost's ad inventory.

Through the partnership, the companies will power new consumer shopping experiences, content syndication, innovative ad products, aiming to unlock new revenue opportunities for both media companies.

As part of the agreement, Verizon Media and BuzzFeed agree to syndicate content across each other's platforms, create an innovation group to explore monetization opportunities, and leverage emerging ad formats, including extended reality and AR applications.

BuzzFeed will have the opportunity to leverage Verizon Media Immersive, the largest online XR platform for advertising and content, and will also be able to tap into Verizon Media's ad platform.