NBCUniversal revealed on Monday that it will continue to invest in BuzzFeed as it will now be doubling the original sum and investing another $200 million.
BuzzFeed is an internet media company which is based in New York and was founded in 2006. The company has managed to build itself up into a famous online entertainment and media website.
Its partnership with the NBCUniversal has led to an advertising sales relationship as the two companies have partnered up for several initiatives.
Amongst them, one can include their Snapchat and 2016 Rio Olympics coverage and also selling advertising.
The partnership was initiated last year and featured an initial value of $200 million. With the doubling of the original sum, the two companies declared their intentions of expanding their strategic partnership.
Just as in the case of the original investment, the current one will be funded by Comcast. Comcast is the United States cable colossus company which owns NBCUniversal.
NBCUniversal which is also known as NBCU is based in New York and was initially founded in 2004. The multinational media conglomerate is an important media and entertainment player.
It owns one of the United States “Big Three” televisions, the NBC, and also Universal Studios, one of the largest and best-known film studios.
During the investment announcement Maggie Suniewick, the NBCUniversal President of Digital Experiences, released a few statements about the partnership.
According to Suniewick, the BuzzFeed collaboration helps the media conglomerate get in touch with the millennial audience. As such, the Internet media readers are presented with the NBCU content.
The collaboration also gives NBCU the chance to attract and expand its client’s campaigns and their reach across the media.
Jonah Peretti, BuzzFeed chief executive and founder also went to release declarations. According to him, this further investment will help further maintain the website’s independent operations.
At the same time, just as with NBCU, the collaboration will help it grow due. BuzzFeed will beneficiate from a further access to the NBCUniversal resources.
The two companies have stated that they will be working and producing new short-form videos for its advertisers.
The advertiser short-form video content will then be distributed and shared across social networks.
Another beneficiary of the investment and its money infusion will also be the shared ad products area and Tasty. Tasty is a media network that is focused on food and which is owned and was developed by BuzzFeed.
Following its growth, BuzzFeed now has a global distribution and area of reach. As such, the company declares to have around 1,300 employees distributed across the 18 it owns around the world.
BuzzFeed has been praised by market analysts for its ability to capture the attention and attract the younger generations.
Most millennial readers and the generations coming after them are not big consumers and are mostly turning away from cable television and reading newspapers.
As such, an association between an Internet famous website that attracts such readers and the resources of a media colossus should be beneficial for both parties involved.
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