(Reuters) - Verizon Media, a unit of Verizon Communications Inc ( VZ ) , said on Thursday it would sell its news website HuffPost to BuzzFeed, in a deal that will make it a minority shareholder in the online media firm.
The companies did not disclose more details on the deal.
Verizon Media and BuzzFeed will syndicate content across each other's platforms, explore monetization opportunities and leverage emerging ad formats, the companies said in a statement.
"With the addition of HuffPost, our media network will have more users, spending significantly more time with our content than any of our peers," BuzzFeed Chief Executive Officer Jonah Peretti said.