Home Business BuzzFeed acquires information web site HuffPost from Verizon Media

BuzzFeed acquires information web site HuffPost from Verizon Media

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© Reuters. FILE PHOTO: Jonah Peretti, Founder and CEO, Buzzfeed, speaks on the Wall Road Journal Digital Convention in Laguna Seaside

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By Helen Coster

(Reuters) – BuzzFeed on Thursday purchased information web site HuffPost from Verizon Communications Inc (N:) within the newest signal of consolidation within the on-line media world.

The deal brings two once-hot digital properties – considered as the way forward for information media however which have suffered from competitors for advert {dollars} from Alphabet’s (O:) Google and Fb (O:) – beneath the management of one in every of HuffPost’s co-founders.

Verizon, which additionally owns Yahoo and TechCrunch, stated it should put money into the brand new mixed firm and take a minority stake.

The businesses will syndicate content material throughout one another’s platforms, discover monetization alternatives and leverage advert codecs, the businesses stated in a press release.

Phrases of the deal weren’t disclosed.

In an interview, BuzzFeed Chief Government Officer Jonah Peretti, who co-founded the Huffington Put up in 2005, stated he was interested in the property’s extra prosperous and age-diverse viewers which “enhanced the dimensions and scale of our media community.”

Verizon has struggled to develop its media properties, declaring them almost nugatory with a $4.6 billion write-down in 2018. Final yr it offered running a blog platform Tumblr for an undisclosed sum. It additionally examined the marketplace for potential patrons of Yahoo Finance, in keeping with Reuters reporting, however in the end ended that search.

Verizon Media has no plans to promote different properties right now, stated CEO Guru Gowrappan in an interview.

Previously few years, HuffPost has struggled with declining promoting income and adopted a sequence of cost-cutting measures, together with layoffs. The outlet has tried to pivot to a subscription mannequin since final yr, with restricted success, in keeping with an individual aware of its operations.

Unbiased digital media retailers have consolidated to compete for advert {dollars} towards large rivals. Vox Media final yr acquired New York Media – the writer of a print journal and a number of other on-line properties – and Vice Media purchased Refinery29, a web-based publication geared to girls.

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