Once they had digital media almost to themselves, reports The New York Times, but  in a deal led by BuzzFeed founder Jonah Peretti, shown above, “two giants of the web plan to join forces to better compete in an increasingly crowded field.

“After falling prey to some of the same business difficulties that have plagued newspapers and magazines, the digital-media giants BuzzFeed and HuffPost have decided to join forces.”

Under the plan, BuzzFeed will acquire HuffPost from its owner, Verizon Media, as part of a larger stock deal, the companies said. The BuzzFeed and HuffPost websites will remain distinct, each with its own editorial staff.

Peretti, who helped found HuffPost 15 years ago, will serve as the chief executive.

As part of the arrangement, Verizon Media will become a minority shareholder in BuzzFeed, the companies said, but it will not have a seat on BuzzFeed’s board.

More here.