Verizon Media inks strategic partnership with BuzzFeed

Verizon Media partners BuzzFeed

Verizon Media entered into a new “new strategic partnership” with BuzzFeed, which is acquiring HuffPost, a popular brand with significant scale and audience. 

As part of the deal, Verizon Media will acquire a minority stake in BuzzFeed. Both media companies believe that their partnership will unlock new revenue opportunities for both through content syndication, innovative ad products, and consumer shopping experience.  

This is one of the latest media partnerships in an effort to compete with tech giants Facebook and Google, which dominate the advertising market. 

Verizon Media noted that Buzzfeed with its acquisition of HuffPost together with BuzzFeed News and Tasty are “four best known new media brands.”

In a statement, Guru Gowrappan, CEO of Verizon Media said their “strategy has evolved over the past two years to focus on our core strengths- ads, commerce, content, and subscriptions. 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.”