Online news and lifestyle site Buzzfeed is taking over the Huffington Post in a deal that brings together two of the most high-profile digital media firms.
Seller Verizon Media will become a minority shareholder in Buzzfeed as part of the deal and invest in the combined company.
The two firms will also join up for advertising and sharing content, a partnership they said would "create new revenue opportunities".
The price was not disclosed.
Buzzfeed chief executive Jonah Peretti will lead the combined business. He co-founded Huffington Post in 2005 with publisher Arianna Huffington, and started Buzzfeed a year later.
BBC News - Buzzfeed to take over Huffington Posthttps://t.co/ewyu1DBEmX
— SelbyCollegeBusiness (@SelbyBusiness) November 19, 2020
Huffington Post rose to prominence during the George W Bush presidency as a site for liberal bloggers, many of whom contributed for free.
Buzzfeed made its name creating content like listicles and quizzes, which drew young audiences. It also brought on reporters for its news site.
But digital media firms have struggled to draw online advertising dollars away from tech giants such as Facebook and Google. In recent years, Buzzfeed and Huffington Post have both shed staff. In May, Buzzfeed closed its newsrooms in the UK and Australia and slashed staff pay.
Mr Peretti said the new deal would increase Buzzfeed's heft, by adding Huffington Post readers to its audience and allowing it to tap into Verizon's ad network.
Huffington Post is expected to remain a standalone brand, alongside other Buzzfeed sites, including Tasty and Buzzfeed News.
A spokeswoman for Buzzfeed declined to comment on the possibility of job losses triggered by the tie-up.
Verizon Media is part of a US telecom giant, which is known primarily for its pay-TV and mobile phone service. It acquired Huffington Post in 2015 when it bought AOL for $4.4bn (£3.32bn), later combining it with Yahoo.
Just a few years later, it wrote down the value of the properties by nearly $5bn.
"While considering opportunities to work together, naturally, Jonah and I also discussed the property he co-founded, HuffPost," said Verizon Media boss Guru Gowrappan.
"We quickly realised BuzzFeed's strategy would complement HuffPost's roadmap, injecting it with new energy and growing the brand into the future.
"We are deeply invested in the continued success of HuffPost and I couldn't think of a better partner to take HuffPost to the next level."
Latest Stories
-
Ogum and Kotoko’s March malaise
1 hour -
2 repair vessels dispatched for undersea cable repairs – says NCA’s latest update
2 hours -
Multimedia Group Limited’s Clinton Yeboah shortlisted for 2 International Sports Press Association Awards
2 hours -
Supreme Court upholds High Court verdict on fraudulent sale of property by Senior Police Officer
2 hours -
NHIS Biometric Membership Authentication System limited rollout satisfactory – NHIA Deputy CEO
3 hours -
Yara Ghana donates 1,107 bags of fertilizers to women farmers, farmers with disabilities
3 hours -
Tinubu forms team to find solutions to ailing economy
3 hours -
Jacob Zuma barred from running in South Africa election
3 hours -
Western Cape Education wins national primary school track and field championships
3 hours -
Cyber Security Authority issues Public Alert over Easter and Eid al-Fitr season scams
3 hours -
Sandro Tonali charged by FA for alleged betting rules breaches after joining Newcastle
3 hours -
Scancom PLC holds 6th AGM, declares dividend of 17.5 pesewas per share
4 hours -
Former Deputy AG accuses Godfred Dame of unethical legal behaviour
4 hours -
John Kumah goes home on May 18
4 hours -
Tema General Hospital: If a baby died, it wasn’t because of ‘dumsor’ – GHS Accra Director
4 hours