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BuzzFeed Buys HuffPost From Verizon in Latest New Media Deal November 22, 2020 Family of Late Sen. Bill Armstrong Transfers Assets December 4, 2020 KKR Acquires Two Fulfillment Centers December 4, 2020 FedEx Buys ShopRunner to Boost E-Commerce December 3, 2020 Align Capital-Backed Alliance Makes Add-on December 3, 2020 AEI-Backed NuWave Acquires BigBear December 3, 2020 Platinum Backs Rental Equipment Merger December 3, 2020 Dyal Capital in Talks to Merge with Owl Rock December 3, 2020 Insight Parts Backs CommerceHub December 2, 2020 Imprivata Acquires FairWarning December 2, 2020 FuboTV Buys Balto Sports to Expand in Sports Betting December 2, 2020 MidOcean Acquires FullSpeed Automotive December 1, 2020 West Monroe Purchases Private Equity Data Provider Two Six Capital December 1, 2020 Caryle Backs Men’s Grooming Products Maker Every Man Jack December 1, 2020 Church & Dwight Buys Zicam Cold Remedy Brand for $530 Million December 1, 2020 Global M&A Activity Experiences Record Second Half, Says Refinitiv December 1, 2020 PPG Purchases Pavements Markings Maker Ennis-Flint November 30, 2020 FP Backs Acquires Auto Software Provider from CDK November 30, 2020 Thuzio Bets on Virtual Events Growth, Buys Robin November 25, 2020 Jacobs Purchases Cybersecurity Firm The Buffalo Group November 24, 2020 TransDigm Acquires Cobham Aero Connectivity for $965M November 24, 2020 McCormick Buys Hot Sauce Maker Cholula from L Catterton for $800M November 24, 2020 HelloFresh Expands U.S. Presence with Acquisition November 23, 2020 People Moves: Chris Dorn, Andrew Harris, Bhoomica Reddy November 22, 2020 Blackstone Invests $400 Million in FireEye November 22, 2020 Warburg Pincus Backs Quantum to Help Members and Employers Save on HealthCare Costs November 22, 2020 Pike Street Capital Closes First Fund with a Focus on Lower Middle Market Industrial Technology Businesses November 19, 2020 Stop & Shop Owner Royal Ahold Delhaize, CenterBridge Buy FreshDirect November 19, 2020 Retail Ecommerce Ventures Sets Deal Strategy on Distressed Assets November 19, 2020 Nasdaq Steps Up Crime Fighting Tech with $2.75 Billion Verafin Deal November 19, 2020 Bally’s Acquires Bet.Works, as More Companies Wager on Growth in Sports Betting November 19, 2020 Clearlake Bets on Increasing Healthcare Technology Needs During Pandemic November 19, 2020 Deutsche Boerse Buys Institutional Shareholder Services to Seize on the Growing Appetite for Sustainable Investing November 18, 2020 IBM Buys Instana to Help Businesses Manage Multiple Cloud Platforms November 18, 2020 Shore Capital Seeks Partnerships with OB/GYN Practices November 18, 2020 Honeywell Expands Smart Cities Capabilities with Trinity Investment November 18, 2020 Pet Humanization Attracts PE Investors November 18, 2020 Home Depot Reunites With HD Supply in Deal Catering to Pros November 17, 2020 Sverica Capital Invests in Defy, as Cybersecurity Threats Grow November 17, 2020 Clearlake Creates Insurance Technology Platform November 17, 2020 Growing Global Population Drives Autodesk’s Acquisition of Construction Software Firm November 17, 2020 PNC Finds a Use for BlackRock Cash With $11.6 Billion BBVA Deal November 16, 2020 Walmart Sells Most of Japan’s Seiyu to Rakuten and KKR November 16, 2020 BC Partners Nears Deal to Buy Puzzle Business Keesing November 13, 2020 ByteDance Desperate for Extension as TikTok Sale Deadline Hits November 12, 2020 Blackstone Reportedly Buys Piramal Glass for $1 Billion November 12, 2020 Apollo Buys Great Canadian Gaming in $2.5 Billion Deal November 11, 2020 Adobe Buys Workfront for $1.5 Billion to Aid Collaboration November 10, 2020 Canaccord Sees Capital-Markets Boom Lasting Into Next Year November 9, 2020 W.R. Grace Gets $4 Billion Bid From Top Shareholder 40 North November 9, 2020 Bilfinger Said to Explore Sale After Getting Private Equity Interest November 6, 2020 SoftBank-Backed GoPuff Buys Liquor Store Chain BevMo November 6, 2020
Media & Entertainment

BuzzFeed Buys HuffPost From Verizon in Latest New Media Deal

November 22, 2020 | By Bloomberg News

The digital media industry has increasingly sought ways to gain heft in an ad landscape dominated by Facebook and Google. In 2019, Vox Media bought New York Media, the parent of New York Magazine.

BuzzFeed Inc. is buying the HuffPost online news service from Verizon Communications Inc., marking the latest shake-up for new-media publishers.

BuzzFeed and Verizon’s media arm also agreed to syndicate each other’s content in a broader partnership, the companies said in a statement. As part of the deal, Verizon is acquiring a minority stake in BuzzFeed, which will use the telecom giant’s advertising platform to reach more customers. Specific terms weren’t disclosed.

The digital-media industry has increasingly sought ways to gain heft in an ad landscape dominated by Facebook and Google. Last year, Vox Media bought New York Media, the parent of New York Magazine, and Vice Media acquired the female-focused Refinery29.

Thursday’s deal is a reunion of sorts for BuzzFeed Chief Executive Officer Jonah Peretti, who co-founded HuffPost 15 years ago.

“I have vivid memories of growing HuffPost into a major news outlet in its early years, but BuzzFeed is making this acquisition because we believe in the future of HuffPost and the potential it has to continue to define the media landscape for years to come,” Peretti said in the statement.

The Wall Street Journal previously reported on the deal.

The two websites will remain independent of each other, and BuzzFeed has begun a search for a new editor-in-chief of HuffPost.

With a healthier balance sheet and more diverse revenue streams, New York-based BuzzFeed is looking to make more acquisitions, either in media or in commerce, according to a person familiar with the matter.

Verizon’s minority stake values BuzzFeed at about $1.7 billion, or roughly the same as it was in 2016, when Comcast Corp.’s NBCUniversal invested $200 million in the company, said the person, who asked not to be identified because the information isn’t public.

BuzzFeed, famous for its lighthearted quizzes and lists, has been trying to diversify into new lines of business, including cookware, after relying heavily on making specialized ads for brands.

The company has clawed its way back to profitability this year after the pandemic led to the cancellation of lucrative ad deals, forcing a round of layoffs and pay cuts. Earlier this month, Peretti told staff that BuzzFeed was back on solid financial footing and would restore payments to employees who took salary cuts in April.

The deal heralds yet another owner for the left-leaning HuffPost, which was co-founded in 2005 by Arianna Huffington and became a model for attracting large amounts of web traffic. AOL bought Huffington Post in 2011 for $315 million, then Verizon bought AOL in 2015, turning the site into a small piece of a telecom giant. Huffington left in 2016 to turn her attention to her wellness startup. A year later, the site shortened its name to HuffPost, underscoring the split from its namesake personality.

“HuffPost is one of the few digital content brands that is universally known, with significant scale, and a passionate, loyal audience that is different from ours,” Peretti said in a memo to employees. “That’s why we will continue to operate HuffPost as its own brand and its own digital destination.”

Verizon, meanwhile, has been seeking ways to pare down a media business that was previously led by Tim Armstrong. Under his plan, the company set out to turn a collection of dot-com brands — like AOL and Yahoo! — into a thriving online-advertising business, but the strategy never took off. After changing the name from Oath to Verizon Media Group and cutting staff, the carrier’s new CEO has focused primarily on what the company does best: wireless service.

Financial services

Family of Late Sen. Bill Armstrong Transfers Assets

December 4, 2020 | [email protected]

The family of the late U.S. Sen. Bill Armstrong (R-Colorado) has reached a deal to transfer its interest in Cherry Creek Mortgage. Under the restructuring, the company is 100 percent owned by the family of its co-founder, Jeffrey May.

May will serve as chairman and CEO of Cherry Creek Holdings and will continue to serve as president of Cherry Creek Mortgage.

The company also announced that Rick Seehausen has been appointed to president and COO of Cherry Creek Holdings.

Cherry Creek Mortgage offers of FHA, conventional and jumbo along with refinance mortgage loans services. The company originates loans through more than 70 retail branches, a consumer direct channel, wholesale, and joint ventures.