BuzzFeed on Thursday bought HuffPost news from Verizon Communications Inc at the latest online media consolidation signal.
The deal brings two virtual homes that were once fashionable, noted as the long-term media outlet that have still suffered a festival for Google’s advertising dollars and Alphabet’s Facebook, under the direction of one of HuffPost’s co-founders.
Verizon, which also owns Yahoo and TechCrunch, said it would invest in the new combined company and take a minority stake.
Companies will distribute content on other platforms, explore monetization opportunities, and take advantage of advertising formats, corporations said in a statement.
The terms of the contract are disclosed.
In an interview, Jonah Peretti, CEO of BuzzFeed, who co-founded the Huffington Post in 2005, said it attracted the property’s most prosperous and varied audience, which “improved the extent and scale of our media network. “
Verizon has struggled to expand its media properties, noting that they are nearly nugative with a $4. 6 billion amortization in 2018. Last year, it sold the Tumblr blog platform for an unreleased sum. He also tested the market for potential Yahoo Finance buyers, according to Reuters reports, but finished that search.
Verizon Media has no plans to sell homes at this time, CEO Guru Gowrappan said in an interview.
In recent years, HuffPost has struggled with declining advertising revenue and followed a number of cost-cutting measures, adding layoffs. The medium has moved to a subscription style since last year, with limited success, according to a user familiar with its operations.
Independent virtual media has established itself to compete for advertising money against big rivals. Vox Media acquired New York Media last year, the editor of a print magazine and several sites, and Vice Media bought Refinery29, a publication for women (Report through Helen Coster). in New York Additional Report via Krystal Hu in New York; Edited through Kenneth Li and Cynthia Osterman)
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