Online news and lifestyle site Buzzfeed is buying the Huffington Post in a deal that will bring together two of the most high-profile digital media firms.
Seller Verizon Media will take a minority stake in Buzzfeed as part of the deal and invest in the combined company.
The two firms will also work together to share content, a partnership they said would “create new revenue opportunities”.
Terms of the deal were 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.
“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.”