Mega Media Group, the parent of Vox Media, the owner of The Verge and TechCrunch, has struck a deal to buy the news and entertainment website BuzzFeed, in a deal valued at about $300 million, sources familiar with the transaction told Bloomberg News.
The deal will allow the online media company to buy out the parent company’s stake in Vox Media and its portfolio of content, including The Verge, which was acquired in 2014.
BuzzFeed will be a subsidiary of The Washington Post Company, a media holding company that owns the New York Times and The Wall St. Journal.
BuzzFeed also has a $1 billion investment from the venture capital firm Kleiner Perkins Caufield & Byers.
BuzzFeed was founded in 2004 and has more than 6,000 employees, including many former employees of Vice Media, BuzzFeed’s parent company.
BuzzFeed has about 1,500 employees, but it has struggled to keep up with the explosion of online content.
The company said in a statement on Friday that it is “excited to continue working together with the team at BuzzFeed to make our content more relevant to the millions of people who rely on BuzzFeed to stay connected to the world around them.”
BuzzFeed will be owned by The Washington Times Company, which has about $8 billion in assets.
BuzzFeed had previously been in talks with The Washington News Group, a unit of The New York Post Co. , for a separate purchase.
The company said it will be able to share content with its existing partners, including CNN and Vox Media.
The purchase of BuzzFeed comes as BuzzFeed has been criticized for its lack of focus on social media and the importance of news for users.
BuzzFeed has been a major player in social media, but the company has struggled with declining user engagement, its inability to drive revenue and has been accused of favoring conservative news over progressive content.
BuzzFeed said in September that it had closed a $100 million round of financing, and that it has raised about $600 million since 2015.