Jonah Peretti, the CEO of BuzzFeed, is also the co-founder of Huffington Post, which was launched in 2005 along with Kenneth Lerer, Andrew Breitbart and Arianna Huffington.
The sale of HuffPost would combine the two digital platforms and Peretti would run the combined company, according to WSJ.
Under the agreement, WSJ reports Verizon Media will receive a minority stake in BuzzFeed and the companies will syndicate content on each other’s platforms and together explore advertising opportunities.
In 2015, Verizon acquired AOL and two years later acquired Yahoo. AOL and Yahoo were merged into a new division named Oath Inc., now known as Verizon Media.
Verizon shares were trading down 0.52% at $60.02 at publication time. The stock has a 52-week high of $62.22 and a 52-week low of $48.84.