BuzzFeed acquires HuffPost from Verizon and brings CEO Jonah Peretti again along with the web site he co-founded
Jonah Peretti, founder and CEO of Buzzfeed, speaks at the Wall Street Journal digital conference in Laguna Beach, California, the United States, on October 18, 2017.
Lucy Nicholson | Reuters
BuzzFeed is acquiring the HuffPost news aggregator and blog from Verizon Media for an undisclosed amount, the companies said in a statement.
In addition to selling HuffPost, Verizon will become a minority investor in BuzzFeed, the companies said. Verizon Media and BuzzFeed will also syndicate content on each other's platforms.
The deal brings BuzzFeed CEO Jonah Peretti back together with HuffPost. Peretti co-founded the website in 2005 with Andrew Breitbart, Arianna Huffington, and Kenneth Lehrer. HuffPost became famous in the early 2000s when digital media companies were founded to provide instant opinions on news and politics. Over the years, HuffPost expanded its scope to include celebrity blog posts and award-winning long-form journalism, culminating in a 2012 Pulitzer Prize for David Wood's 10-part series on wounded veterans.
"I have vivid memories of how I made HuffPost a major news channel in the early years, but BuzzFeed is making this acquisition because we believe in the future of HuffPost and the potential it has to keep the media landscape growing for years to come define." Said Peretti. "With HuffPost, our media network will have more users and spend significantly more time on our content than any of our colleagues."
Verizon hasn't focused on media properties since acquiring Yahoo in 2017 and AOL in 2015. Verizon acquired HuffPost by acquiring AOL after AOL bought HuffPost for $ 315 million in 2011. Hans Vestberg, CEO of Verizon, has focused the company on delivering 5G wireless since it was acquired as chief executive in 2018.
BuzzFeed has flirted with profitability this year as it weathered a decline in digital advertising from pandemic quarantines.
WATCH: JPMorgan says buy Verizon now