In a wild move we didn’t see coming, digital media company BuzzFeed has acquired HuffPost in a Verizon Deal.
The deal has multiple moving pieces, with Verizon acquiring a minority equity stake in BuzzFeed, the digital publisher and telecom giant is partnering on advertising and content. HuffPost will join BuzzFeed, BuzzFeed News and Tasty in the publisher’s stable of digital media brands. Meaning they are all under the same corporate umbrella now, giving BuzzFeed even more reach in the digital sphere. BuzzFeed and Verizon will also syndicate each other’s content, the contract also stipulates they will explore augmented reality storytelling opportunities, and launch an “innovation group” to explore monetization opportunities. BuzzFeed will also utilize Verizon Media’s ad platform. The specific terms of the deal were not disclosed to the public. The newsrooms of HuffPost and BuzzFeed News will remain separate, which frees them from any monopoly/non-compete laws. Alot of this digital merger was possible thanks to the laws previous acquisition due to Disney’s conglomerate acquisition of 21st Century Fox.
To be noted, BuzzFeed’s founder and CEO Jonah Peretti was previously a co-founder of HuffPost.