BuzzFeed is acquiring HuffPost from Verizon Media in a stock deal, according to The Wall Street Journal. Under the terms of the deal, BuzzFeed and Verizon will also syndicate content on each others' platforms and "jointly explore advertising opportunities." Exact terms of the deal were not disclosed, and Verizon is also reportedly making a cash investment in BuzzFeed.
- BuzzFeed CEO Jonah Peretti will continue to manage the company and lead the search for a new editor-in-chief of HuffPost.
- Peretti is an original co-founder of HuffPost (formerly The Huffington Post) with Arianna Huffington and Kenneth Lerer.
- The acquisition is the latest in a media consolidation trend exacerbated by Facebook and Google's dominance of digital advertising dollars over the last decade.
- Verizon acquired HuffPost when it paid $4.4B for AOL in 2015.