BuzzFeed, Inc. (NASDAQ:BZFD) shares are rising on Thursday.
The firm entered into a multi-year license and strategic partnership with Independent Digital News and Media.
The agreement merges well-known brands like The Independent, BuzzFeed UK, Tasty UK, Seasoned, and HuffPost UK, consolidating them under The Independent's leadership for operations in the U.K. and Ireland.
As part of the deal, BuzzFeed, Inc.'s UK staff – both commercial and editorial – will move over to The Independent.
Under The Independent's management, the collaboration establishes a "digital supergroup," uniting leading digital news brands to leverage expertise, innovation, and collaboration in media, marketing, and e-commerce, BuzzFeed said in a press release.
The collaboration merges publishing, data, and ad-tech platforms, enabling seamless ad buying across their sites.
With combined audiences reaching half of all British consumers, it offers slid reach and authority, especially among Gen Z and Millennial audiences on video, web, and social media.o
"The synergies between our companies have been clear from day one, and we know this partnership will unlock new business, drive growth and ultimately take both companies' brands to the next level in the UK and Ireland," said Richard Alan Reid, EVP Head of Studio & International of BuzzFeed.
According to Benzinga Pro, BZFD stock has lost over 48% in the past year.
Price Action: BZFD shares are trading higher by 9.14% to $0.4357 on the last check Thursday.
Photo by Matt Haughey via Flickr