Verizon Media takes minority stake in BuzzFeed as part of strategic partnership
The alliance, which has also been strengthened by Buzzfeed's acquisition of Huffpost, will unlock revenue for both companies through content syndication, new sales opportunities, commerce and AR
HuffPost and Verizon Media have entered a strategic partnership with the former acquiring HuffPost. Verizon Media also made an investment, making it a minority shareholder in BuzzFeed. The new partnership will enable content syndication and ad product innovation, unlocking new revenue opportunities for both media companies.
“Verizon Media’s strategy has evolved over the past two years to focus on our core strengths- ads, commerce, content and subscriptions,” said Guru Gowrappan, CEO, Verizon Media. “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.”
“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, Founder and CEO, BuzzFeed.
“I have vivid memories of growing HuffPost into a major news outlet in its early years, but BuzzFeed is making this acquisition because we believe in the future of HuffPost and the potential it has to continue to define the media landscape for years to come,” Peretti continued. “With the addition of HuffPost, our media network will have more users, spending significantly more time with our content than any of our peers.”
"As part of the agreement, Verizon Media and BuzzFeed agree to syndicate content across each other’s platforms, create an innovation group to explore monetization opportunities, and leverage emerging ad formats, including extended reality (XR) and AR applications. BuzzFeed will also have the opportunity to leverage Verizon Media Immersive, the largest online XR platform for advertising and content. Additionally, BuzzFeed will also be able to tap into Verizon Media’s ad platform, which provides access to powerful, qualified data sets while reaching consumers across all channels, including mobile, desktop, video, native, addressable TV, Connected TV (CTV), Digital Out of Home (DOOH), and audio," read the official statement by Verizon.
“While considering opportunities to work together, naturally, Jonah and I also discussed the property he co-founded, HuffPost,” said Gowrappan. “We quickly realized BuzzFeed’s strategy would complement HuffPost’s roadmap, injecting it with new energy and growing the brand into the future. We are deeply invested in the continued success of HuffPost and I couldn’t think of a better partner to take HuffPost to the next level.”
"As part of the agreement, HuffPost will continue to contribute to Verizon Media’s portfolio as an official publishing partner, joining trusted premium content partners such as The New York Times, USA Today, Associated Press, and Reuters. HuffPost content will be amplified via Yahoo channels and products, boosting traffic and monetization. BuzzFeed will be able to syndicate content across Verizon’s Media brands, including Yahoo - a huge driver of traffic for HuffPost - and more. Additionally, Verizon Media will continue to manage sales for HuffPost’s ad inventory," read Verizon Media's statement.
Additional terms of the deal were not disclosed. The transaction is subject to customary closing conditions.
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