BuzzFeed and Verizon Media have come to an agreement that will see BuzzFeed acquire HuffPost.

As part of the deal, Verizon Media will become a minority shareholder in BuzzFeed. The company will also team with BuzzFeed to syndicate content across platforms, create a working group to explore monetization opportunities and leverage emerging ad formats. Verizon has in its portfolio Verizon Media Immersive, an extended reality platform for advertising and content, which BuzzFeed is eager to leverage.

“We’re excited about our partnership with Verizon Media, and mutual benefits that will come from syndicating content across each other’s properties, collaborating on innovative ad products and the future of commerce, and tapping into the strength and creativity of Verizon Media Immersive,” says Jonah Peretti, founder and chief executive officer, BuzzFeed.

The deal will see HuffPost continue to contribute to Verizon Media’s portfolio as an official publishing partner. HuffPost currently shares content with partners such as The New York Times, USA Today, Associated Press, and Reuters. BuzzFeed will also be able to syndicate content across Verizon’s Media brands.

“Verizon Media’s strategy has evolved over the past two years to focus on our core strengths-ads, commerce, content and subscriptions,” adds Guru Gowrappan, chief executive officer, Verizon Media. “We’ve created a powerhouse ecosystem, built on a trusted network, that delivers an end-to-end experience for consumers and advertisers. The partnership with BuzzFeed complements our roadmap while also accelerating our transformation and growth.”