BuzzFeed plans to acquire HuffPost, the two companies announced on Thursday, in a deal that would join a pair of digital-media giants that have found themselves searching for readers and revenue as they have fallen prey to some of the same difficulties that once afflicted old-media properties.
HuffPost will become part of its onetime rival as part of larger stock deal between Verizon Media, the owner of HuffPost, and BuzzFeed.
“We’re excited about our partnership with Verizon 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 Media Immersive,” said Jonah Peretti, the BuzzFeed founder and chief executive, who got his start in digital media at HuffPost under its founder, Arianna Huffington, back when the site was called Huffington Post.
The companies said that, as part of the arrangement, Verizon Media will become a minority shareholder in BuzzFeed.
“Verizon Media’s strategy has evolved over the past two years to focus on our core strengths — ads, commerce, content and subscriptions,” Guru Gowrappan, the Verizon Media chief executive, said in a statement. “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.”
This is a developing story. Check back for updates.