Verizon Media and BuzzFeed have 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.
Both HuffPost and BuzzFeed continue to operate in Australia, but on a much-reduced scale after their initial launches.
HuffPost and Fairfax abandoned their JV in Australia last year and cut staff numbers, while BuzzFeed Australia closed its offices here in 2020 six years after launch and also axed staff.
“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 in a statement. “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.
BuzzFeed News and HuffPost will operate as separate, distinct news organizations.