BuzzFeed is acquiring HuffPost as part of a larger deal with Verizon Media Group, the companies announced Thursday.
Verizon Media, which bought HuffPost as part of a deal with AOL in 2015, will become a minority shareholder of BuzzFeed. Verizon Media, which also owns Yahoo and TechCrunch, have agreed to content syndication deals.
BuzzFeed CEO Jonah Peretti cofounded The Huffington Post in 2005. The site, like BuzzFeed, rose to prominence for disseminating news quickly for a digital audience.
“I still vividly remember the night we launched HuffPost and the excitement of growing it into a major news outlet during those early years. But we aren’t buying HuffPost because of its illustrious past or my personal connection; we pursued this opportunity because we are excited about the future of HuffPost and all the potential it has to continue to define the media landscape for years to come,” Peretti wrote in an internal memo Thursday obtained by CNN Business.
Peretti said Huffpost will operate as its own brand and a search will begin for a new editor in chief of HuffPost. The position, first held by HuffPost founder Arianna Huffington, has been vacant since Lydia Polgreen left for Gimlet Media in March.
The Wall Street Journal first reported the news.
The deal is the latest in a series of acquisition between digital media companies as they all compete for advertising dollars against tech giants like Google and Facebook. Last September, Vox Media acquired New York Media. The next month, Vice Media acquired Refinery29.
“Verizon Media’s strategy has evolved over the past two years to focus on our core strengths-ads, commerce, content and subscriptions,” said Verizon Media CEO Guru Gowrappan said in a statement. “We’ve created a powerhouse ecosystem, built on a trusted network, that delivers an end-to-end experience for consumers and advertisers. The partnership with BuzzFeed complements our roadmap while also accelerating our transformation and growth.”