Verizon Media & BuzzFeed ink strategic pact across content & advertising
Verizon Media and BuzzFeed have entered into a strategic partnership across content and advertising, which includes BuzzFeed acquiring BuzzFeed, and Verizon Media acquiring a minority stake in BuzzFeed. The partnership will unlock new revenue opportunities for both media companies encompassing new consumer shopping experiences, content syndication, introducing innovative ad products and more.
As part of the agreement, Verizon Media and BuzzFeed will syndicate content across each other’s platforms, create an innovation group to explore monetisation opportunities, and leverage emerging ad formats, including extended reality (XR) and AR applications. BuzzFeed will also have the opportunity to leverage Verizon Media Immersive, the largest online XR platform for advertising and content. Additionally, BuzzFeed will also be able to tap into Verizon Media’s ad platform, which provides access to powerful, qualified data sets while reaching consumers across all channels, including mobile, desktop, video, native, addressable TV, Connected TV (CTV), Digital Out of Home (DOOH), and audio.
In a release issued, Guru Gowrappan, CEO, Verizon Media, said, “Verizon Media’s 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.”
Jonah Peretti, Founder and CEO, BuzzFeed, added here, “We’re excited about our partnership with Verizon Media, and mutual benefits that will come from syndicating content across each other’s properties, collaborating on innovative ad products and the future of commerce, and tapping into the strength and creativity of Verizon Media Immersive.”
As part of the agreement, HuffPost will continue to contribute to Verizon Media’s portfolio as an official publishing partner, joining premium content partners such as The New York Times, USA Today, Associated Press, and Reuters. HuffPost content will be amplified via Yahoo channels and products, boosting traffic and monetization. BuzzFeed will be able to syndicate content across Verizon’s Media brands, including Yahoo – a huge driver of traffic for HuffPost – and more. Additionally, Verizon Media will continue to manage sales for HuffPost’s ad inventory.
BuzzFeed plans to extend its lines of business across Huffpost’s complementary demographic. BuzzFeed News and HuffPost will operate as separate, distinct news organisations.