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BuzzFeed acquires news website HuffPost from Verizon Media

Verizon, which also owns Yahoo and TechCrunch, said it will invest in the new combined company and take a minority stake

November 20, 2020 / 04:38 PM IST

BuzzFeed on November 19 bought news website HuffPost from Verizon Communications Inc in the latest sign of consolidation in the online media world.

The deal brings two once-hot digital properties - viewed as the future of news media but which have suffered from competition for ad dollars from Alphabet's Google and Facebook - under the control of one of HuffPost's co-founders.

Verizon, which also owns Yahoo and TechCrunch, said it will invest in the new combined company and take a minority stake. The companies will syndicate content across each other's platforms, explore monetization opportunities and leverage ad formats, the companies said in a statement. Terms of the deal were not disclosed.

In an interview, BuzzFeed Chief Executive Officer Jonah Peretti, who co-founded the Huffington Post in 2005, said he was attracted to the property's more affluent and age-diverse audience which "enhanced the size and scale of our media network."