Verizon Media, which Buy HuffPost
As part of an agreement with AOL in 2015, it will become the sole shareholder of BuzzFeed. Verizon Media, which owns Yahoo and TechCrunch, has agreed to a content distribution agreement.
Jonah Peretti, CEO of BuzzFeed, set up HuffPost in 2005, when it was launched as The Huffington Post. Like BuzzFeed, a generic website created by Arianna Huffington excels at delivering fast-paced news for digital audiences.
“I still vividly remember the night we launched HuffPost and the excitement of growing it into a major news outlet early in the year.
Peretti will retain the role of CEO and will run the consolidated company, but HuffPost Will operate under its own brand and search will begin for the editor-in-chief in HuffPost. The post, first held by Huffington, has been empty since Lydia Polgreen left Gimlet Media in March.
In a separate email to staff, BuzzFeed News Editor-in-Chief Mark Schoofs said the new editor-in-chief will report to you.
“I will weigh in on important strategic decisions, but I will not be involved in or focus on daily editorial decisions at HuffPost,” Schoofs wrote. “I will also provide a point of contact for the company leadership for its news department. But my main job is and will continue to lead BuzzFeed news.”
Bury The Wall Street Journal First reported
The deal is the latest in a series of acquisitions between digital media companies as they compete for dollar advertising against tech giants such as Google and Facebook. Last September, Vox Media acquired New York Media. The following month, Vice Media bought Refinery29.
Rumors of Verizon Media seeking to load HuffPost have been moving rapidly in recent years. The FT Report
Last October, Verizon was looking for a buyer. It went on sale on Tumblr last month. Guru Gowrappan, CEO of Verizon Media later accused the rumors and Said
Verizon does not sell HuffPost.
“Verizon Media’s strategy has evolved over the last two years to focus on our strengths – advertising, commerce, content and subscription,” Gowrappan Said
In a statement on Thursday on the deal. “We have built an energy ecosystem, built on a reliable network, providing an endless experience for consumers and advertisers.
Like many media organizations operating amid the outbreak, BuzzFeed has issued cost-cutting measures, including layoffs. But earlier this month, Peretti Tell the staff
The company expects to be able to achieve profitability.