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‘They wanted to unload it bad’: Why HuffPost made sense for BuzzFeed – and Verizon Media Group

Digiday 20 Nov 2020 05:01
BuzzFeed
November 20, 2020 by Max Willens

This week, BuzzFeed acquired something that has grown increasingly important to them — access to an older audience.

On Thursday, Nov. 19, BuzzFeed announced it was acquiring HuffPost from Verizon Media Group in an all-stock transaction as part of a strategic partnership, which will see Verizon Media Group become a minority owner of BuzzFeed and allow the two companies to explore partnerships around advertising, commerce and content distribution across the two media companies.

The move, which some framed as Verizon Media Group paying BuzzFeed to take the unprofitable HuffPost off its hands, gives BuzzFeed a complementary battalion of reporters it can use to expand its news coverage after multiple rounds of layoffs to BuzzFeed News, which is also unprofitable, according to the Wall Street Journal.

While BuzzFeed News and HuffPost will remain independent from each other, according to a memo sent out by BuzzFeed News editor-in-chief Mark Schoofs, BuzzFeed effectively gets to choose its direction by picking HuffPost’s new editor, a job that has been vacant since Lydia Polgreen left in early March.

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BuzzFeedVerizon Media GroupBuzzFeed NewsBuzzFeed NewsMark Schoofs
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