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Verizon Media will take minority stake in Buzzfeed

Verizon Media, a unit of Verizon Communication Inc, said on Thursday it would sell its news website HuffPost to Buzzfeed, in a deal that will make Verizon Media a minority stake holder in the online media firm.

The HuffPost purchase is part of a large strategic partnership across content and advertising between BuzzFeed and Verizon.

Terms of the deal were not disclosed yet. Verizon media had been reportedly trying to off-lold HuffPost for more than a year. The companies didn’t say whether there would be layoffs at HuffPost with the transaction, which is subject to usual closing conditions.

It’s a developing story

News Source : Reuters

Tags : Buzzfeed buys HuffPostBuzzfeed deal with VerizonHuffPostNews Website HuffpostVerizon sells HuffPost

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