Verizon Media and BuzzFeed have agreed to share or syndicate content across each other’s platforms. They intend to create an innovative group to explore monetization opportunities and leverage emerging ad formats, including extended reality and AR applications.
BuzzFeed has agreed to acquire Verizon Media-owned HuffPost in a stock deal that will unite the two digital media platforms and unlock revenue for the two. The acquisition is a part of a partnership between the two companies and includes an investment made by Verizon Media and thereby rendering it the position of a minority shareholder in BuzzFeed.
The agreement states that the two digital media majors will share content on each other’s platforms. The new deal will be beneficial for both the digital media house and they will get benefited from each other’s assets.
Jonah Peretti the founder and CEO of BuzzFeed and one of the original co-founders of HuffPost will initiate and work on the merged entity. Peretti claimed “ We’re excited about are a 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,”
HuffPost has grown into a major new channel and BuzzFeed made the business acquisition as it feels the future of HuffPost is promising and has immense power and content that can change the media landscape for good. Importantly the merge of two media houses will increase the number of users. Under the agreement, BuzzFeed can leverage Verizon Media Immersive, the largest online XR platform for advertising and content.