The media group BuzzFeed takes over the news portal HuffPost from telecom giant Verizon. Both companies have announced this. They did not disclose financial details. Verizon will acquire a minority stake in BuzzFeed.
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Verizon and BuzzFeed are also entering into a strategic partnership for online content and advertising. That should “unlock new income opportunities”. Both companies have cut their workforce in recent years, mainly due to dwindling advertising revenues.
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The current CEO of BuzzFeed, Jonah Peretti, was one of the founders of HuffPost. In 2005 he co-founded the news portal – then called Huffington Post – with Arianna Huffington.
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