BuzzFeed on Thursday purchased news site HuffPost from Verizon Communications at the latest sign of consolidation in the online media world.
The deal brings two once-hot digital properties – seen as the future of news media but that have suffered in competition for advertising dollars from Google and Facebook – under the control of among HuffPost’s co-founders.
The businesses will syndicate content across each other’s platforms, explore monetization opportunities and leverage advertising formats, the companies said in a statement.
Terms of the deal weren’t disclosed.
In a meeting, BuzzFeed Chief Executive Officer Jonah Peretti, who uttered the Huffington Post in 2005, said that he had been drawn to the house’s more affluent and age-diverse audience that “enhanced the size and scale of our media network.” Last year it offered blogging system Tumblr for an undisclosed amount.
Additionally, it examined the market for potential buyers of Yahoo Finance, according to coverage from our content partners at Reuters, but ultimately ended that hunt.
Verizon Media has no plans to market other properties at this time, ” said Chief Executive Guru Gowrappan within an interview.
In the last few years, HuffPost has struggled with declining advertising revenue and adopted a string of cost-cutting steps, including layoffs. The outlet has attempted to pivot to a subscription version since this past year, with limited success, according to a person familiar with its operations.
Independent digital media outlets have consolidated to compete for ad dollars against big competitors. Vox Media last year obtained New York Media – the writer of a print magazine and several online properties – and Vice Media bought Refinery29, an online publication geared to girls.
The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Helen Coster in New York. Additional reporting by Krystal Hu in New York. Editing by Kenneth Li and Cynthia Osterman.
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