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