Verizon Media (VZ -0.6%) is unloading The Huffington Post to BuzzFeed as part of a bigger stock deal, the WSJ reports - bringing together two of the bigger names in digital media.
BuzzFeed will give Verizon Media a minority stake through the transaction and draw some cash in return; the deal also allows the companies to syndicate content on each other's platforms and explore joint advertising opportunities.
BuzzFeed founder/CEO Jonah Peretti will run the combined company, and BuzzFeed will lead a search for a new editor in chief at HuffPost.
The two have been hashing out deal terms for months, according to the report.
Rapid growth at new-media companies has moderated substantially, not only due to the COVID-19 pandemic but also continuing draws of digital ad dollars by the duopoly of Facebook and Google.
