NBCUniversal has doubled its $200m stake in digital content portal BuzzFeed, and has revealed plans to extend its ad sales partnership.
The companies will collaborate to produce and distribute NBCUniversal’s Content Studio’s platform-specific short form video content and create new digital consumer experiences. NBCUniversal will also represent BuzzFeed’s inventory to advertisers.
“Over the past year, BuzzFeed has proven to be a valuable partner across our business,” said NBCUniversal Digital Enterprises president Maggie Suniewick. “From the Olympics to the record-breaking launch of ‘Secret Life of Pets’, BuzzFeed has helped us engage Millennial audiences with our content and extend the reach of our clients’ campaigns to new platforms.
“We are looking forward to using the power of our brands to collaborate in more innovative ways that drive value for both companies.”
The investment aims to build on BuzzFeed’s developing data science and technology, create cross-platform ad products, and grow its Tasty food media network. It follows last year’s advertising partnership for Rio 2016 Games content on Snapchat.
“NBCUniversal has been a tremendous partner this past year and we can’t wait to do more with them,” added BuzzFeed chief executive and founder Jonah Peretti. “Our collaboration has allowed us to focus on our respective strengths, learn from each other, and serve our combined audience better with compelling news, entertainment, and advertising offerings that neither company could do on our own.
“The investment allows us to remain a fully independent company but have access to and resources from the strongest and best media company there is.”