Verizon Media and BuzzFeed Announce New Strategic Partnership Across Content and Advertising

BuzzFeed Acquires HuffPost, Expanding its Slate of World-Class Media Brands With Cultural Impact

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What you need to know:

• Partnership between Verizon Communications Media and BuzzFeed will unlock revenue for both companies through content syndication, new sales opportunities, commerce and AR
• BuzzFeed’s acquisition of HuffPost brings together the four best known new media brands (along with BuzzFeed, BuzzFeed News, and Tasty) to create a massive media network
• Verizon Communications Media invests in BuzzFeed, taking minority stake in company

NEW YORK, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Verizon Communications Media and BuzzFeed today announced a new strategic partnership across content and advertising, the acquisition of HuffPost by BuzzFeed, and an investment that will make Verizon Communications Media a minority shareholder in BuzzFeed. From powering new consumer shopping experiences, to content syndication, to innovative ad products, the partnership will unlock new revenue opportunities for both media companies. The addition of HuffPost - which BuzzFeed will acquire - brings BuzzFeed a universally known brand with significant scale, and an audience complementary to its own.

“ Verizon Communications 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 Communications 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 Communications 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 Communications 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.”

As part of the agreement, Verizon Communications 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 (XR) and AR applications. BuzzFeed will also have the opportunity to leverage Verizon Communications Media Immersive, the largest online XR platform for advertising and content. Additionally, BuzzFeed will also be able to tap into Verizon Communications Media’s ad platform, which provides access to powerful, qualified data sets while reaching consumers across all channels, including mobile, desktop, video, native, addressable TV, Connected TV (CTV), Digital Out of Home (DOOH), and audio.

“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.”

As part of the agreement, HuffPost will continue to contribute to Verizon Communications Media’s portfolio as an official publishing partner, joining trusted premium content partners such as The New York Times, USA Today, Associated Press, and Reuters. HuffPost content will be amplified via Yahoo channels and products, boosting traffic and monetization. BuzzFeed will be able to syndicate content across Verizon Communications ’s Media brands, including Yahoo - a huge driver of traffic for HuffPost - and more. Additionally, Verizon Communications Media will continue to manage sales for HuffPost’s ad inventory.

BuzzFeed’s acquisition of HuffPost will bring it back full circle to its original co-founder, Jonah Peretti. HuffPost is a global, premier media platform for news, commentary, entertainment, features, and lifestyle content, and has been part of the Verizon Communications Media portfolio since 2011. As a Verizon Communications Media property, HuffPost has become a premium destination for award-winning journalism and was the first fully digital U.S. publication to win the Pulitzer prize - a testament to its editorial excellence. With this acquisition, BuzzFeed’s scale, engagement and cultural impact will be unrivaled. Its diversified revenue model will expand across HuffPost, tapping into a broader, wealthier audience that is complementary to its own. BuzzFeed plans to extend its lines of business across Huffpost’s complementary demographic. BuzzFeed News and HuffPost will operate as separate, distinct news organizations.

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

For more information, visit VerizonMedia.com or follow along on Instagram and Twitter at @verizonmedia.

About Verizon Communications Media

Verizon Communications Media, a division of Verizon Communications ., houses a trusted media ecosystem of premium brands like Yahoo and TechCrunch to help people stay informed and entertained, communicate and transact, while creating new ways for advertisers and media partners to connect. From XR experiences to advertising and content technology, Verizon Communications Media is an incubator of innovation and is revolutionizing the next generation of content creation in a 5G world.

About BuzzFeed

BuzzFeed is the world’s leading tech-powered media company, with a cross-platform news and entertainment network that reaches hundreds of millions of people globally. The company produces articles, lists, quizzes, videos, original series; lifestyle content through brands including Tasty, the world’s largest social food network; original reporting and investigative journalism through BuzzFeed News; strategic partnerships, licensing and product development through BuzzFeed Marketing; and original productions across broadcast, cable, SVOD, film and digital platforms for BuzzFeed Studios.

Media contact
Verizon Communications Media:
Allison Butler
allison.butler@verizonmedia.com
202-669-9887

BuzzFeed:
Carole Robinson
carole.robinson@buzzfeed.com  
917-860-5891

Matt Mittenthal
matt.mittenthal@buzzfeed.com
917-597-4485