British online newspaper The Independent is reportedly in talks to take over the operations of BuzzFeed and Huffington Post UK.
Under a multi-year licensing deal, The Independent will assume editorial and commercial oversight of Buzzfeed’s brands, including HuffPost UK, Seasoned and Tasty, according to the Financial Times.
Shares in BuzzFeed surged over 50 per cent following reports of the negotiations on Thursday and remain high above their previous close, up nearly 38 per cent on Friday morning.
The partnership is seen as a strategic opportunity to expand audience reach and enhance commercial offerings, including e-commerce and events.
Staff at the US media group Buzzfeed, known for its quizzes and pop culture stories, are expected to be relocated to London.
It will continue to offer global content, technological support, and strategic assistance to The Independent.
Founded in 2006 by Jonah Peretti and John Johnson, Buzzfeed went public on the Nasdaq in New York via a blank-check merger in 2021. But it had to close its news division in April last year after consistently haemorrhaging cash.
City A.M. approached The Independent and Buzzfeed. Both declined to comment to the Financial Times.
It comes as many media outlets have battled through a tough year of declining advertising revenues, prompting heavy lay offs and some to even shutter altogether, such as The Messenger in the US.