BuzzFeed To Buy HuffPost
BuzzFeed is taking out its competitors by buying them!
In a deal with Verizon Media, BuzzFeed will acquire the HuffPost. Verizon will be a minority shareholder in BuzzFeed and will be providing a cash payment as the two companies will partner on content and ads, and syndicate each other’s content.
In an email to its staff about the partnership, BuzzFeed News Editor in Chief Mark Schoofs said the two news organizations would continue to remain separate.
“I will weigh in on major strategy decisions, but I will not be involved in or focused on daily editorial decisions at HuffPost,” Schoofs said. “I will also provide one point of contact to the company’s leadership for its news divisions. But my primary job is and will remain leading BuzzFeed News.”
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Per CNN, Jonah Peretti, who co-founded HuffPost in 2005 released a statement,
“I have vivid memories of growing HuffPost into a major news outlet in its early years, but BuzzFeed is making this acquisition because we believe in the future of HuffPost and the potential it has to continue to define the media landscape for years to come,” Peretti said in a statement. “With the addition of HuffPost, our media network will have more users, spending significantly more time with our content than any of our peers.”
Peretti will remain at his position as CEO and will run the combined company.