The Wall Street Journal reports that BuzzFeed, Inc. will purchase the news site HuffPost from Verizon Media as part of a stock deal.
A source close to the agreement states that Verizon will remain onboard as a minority stakeholder and invest an undisclosed amount of money into BuzzFeed as part of a larger deal. Furthermore, both parties will collaborate on advertising and content opportunities.
Despite having a new parent company, HuffPost’s day-to-day operations will not change. Both websites will remain separate entities, according to BuzzFeed’s Editor-in-Chief Mark Schoofs. Also, BuzzFeed will begin the search for a new editor-in-chief for HuffPost.
“For several years, I spent my every waking moment on HuffPost and how to grow it and how to turn it into a leading media brand on the internet,” said Jonah Peretti, who co-founded HuffPost in 2005, told the Journal.
“So I have a deep connection to that brand because of the history. But this is not about nostalgia for me. It’s about the future, the brand, and the audience.”
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
