Verizon is sounding out potential buyers for the HuffPost

Verizon is sounding out potential buyers for the HuffPost website, in the latest phase of the US telecoms group’s retreat from the digital media business. In recent weeks Verizon has raised a HuffPost sale with potential acquirers… No formal sale process has been launched and talks remain at an early stage… The attempt to sell the progressive news site is a sign of how Verizon is continuing to slim down the family of dotcom businesses it amassed with the costly acquisition of Yahoo and AOL, assets it wrote down by almost $5 billion earlier this year. Last month Verizon sold Tumblr for a reported “nominal” amount, after buying the social network for $1.1 billion in 2013. Verizon formed its media division from the merger of AOL, which Verizon bought for $4.4 billion in 2015, and Yahoo, which it paid $4.5 billion in 2017… Since the time of the deal, digital media groups once hailed as the future of the news business have struggled to meet the sky-high expectations for the sector, especially as online advertising revenues have been swallowed up by Google and Facebook… The Huffington Post, a liberal news site founded in 2005 by a group of publishers including Arianna Huffington, was bought by AOL for $315 million in 2011. It operates across more than a dozen countries through licensing agreements. 

Alex Barker, Anna Nicolaou and Eric Platt 

 

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