Buzzfeed to take over online news site HuffPost

guest · Nov 20, 2020

Buzzfeed to take over online news site HuffPost
...a deal that brings together two of the most high-profile digital media firms
November 19, 2020
https://www.bbc.co.uk/news/business-55009742

Seller Verizon Media will become a minority shareholder in Buzzfeed as part of the deal and invest in the combined company.

The two firms will also join up for advertising and sharing content, a partnership they said would "create new revenue opportunities".
The price was not disclosed.
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Buzzfeed chief executive Jonah Peretti will lead the combined business. He co-founded HuffPost, formerly known as the Huffington Post, in 2005 with publisher Arianna Huffington and started Buzzfeed a year later.
Buzzfeed made its name creating content like listicles and quizzes, which drew young audiences. It also brought on reporters for its news site.

But digital media firms have struggled to draw online advertising dollars away from tech giants such as Facebook and Google. In recent years, Buzzfeed and HuffPost have both shed staff. In May, Buzzfeed closed its newsrooms in the UK and Australia and slashed staff pay.
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Tough times for new media
A few years ago companies like BuzzFeed and HuffPost were growing fast.

The business model was simple. Produce viral content aimed at younger, online savvy audiences and cash in on online advertising revenue.
That hasn't been as lucrative as they would have hoped.
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This takeover should be seen in this context - the latest attempt to find a better way of making digital media work financially.
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Verizon: 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

Partnership between Verizon 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 Media invests in BuzzFeed, taking minority stake in company

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