The deal brings together two of the most prominent digital-media outlets.
As part of the deal, Verizon Media will become a minority shareholder in Buzzfeed, Verizon Media said.
Verizon Media is also making an undisclosed cash investment in BuzzFeed the Wall Street Journal reported.
Additional terms of the deal were not disclosed. The transaction is subject to customary closing conditions.
Shares of Verizon at last check were down 0.41% to $60.10.
“With the addition of HuffPost, our media network will have more users, spending significantly more time with our content than any of our peers,” said Jonah Peretti, founder and chief executive at Buzzfeed.
"BuzzFeed is making this acquisition because we believe in the future of HuffPost and the potential it has to continue to define the media landscape for years to come,”
As part of the agreement, HuffPost will continue to contribute to Verizon Media’s portfolio as an official publishing partner joining the likes of The New York Times, USA Today, Associated Press, and Reuters.
“Verizon Media’s strategy has evolved over the past two years to focus on our core strengths -- ads, commerce, content and subscriptions,” said Guru Gowrappan, chief executive of Verizon Media.
“The partnership with BuzzFeed complements our roadmap while also accelerating our transformation and growth.”
Both companies have agreed to syndicate content across each other’s platforms and create an innovation group to figure out how to profit from different ad formats.
According to The Wall Street Journal, Gowrappan said the idea for a partnership between Verizon and BuzzFeed was first discussed during a meeting with Peretti at the CES tech show in Las Vegas earlier this year.