WASHINGTON (Pakistan Point News / Sputnik - 20th November, 2020) BuzzFeed Inc. acquired HuffPost in a strategic partnership deal with Verizon Media, US digital media giants announced on Thursday.
"Verizon 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 Media a minority shareholder in BuzzFeed," according to companies' statement.
As part of the agreement, Verizon Media and BuzzFeed agree to syndicate content across each other's platforms, as well as jointly explore monetization and advertising opportunities.
"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," the companies said.
HuffPost will continue to cooperate with Verizon Media as its official publishing partner with its content "amplified via Yahoo channels and products, boosting traffic and monetization."
The companies didn't disclose financial details of the deal.
