BuzzFeed, CNN partner on YouTube venture

Time Warner's (NYSE: TWX) CNN and BuzzFeed introduced a new online video business called CNN BuzzFeed hosted on YouTube. The move is part of a broader investment by BuzzFeed meant to expand its presence on YouTube.

"BuzzFeed has built a remarkably engaged audience and their YouTube channels are a testament to their understanding of news and entertainment," said Jed Simmons, director and global head of news content partnerships at YouTube.

Under the deal with CNN, BuzzFeed will have access to CNN footage to create mash-up videos designed to be shared on social media, the company said. "It's the perfect modern day media collaboration," said KC Estenson, senior vice president of CNN digital.

The deal marks the latest venture by an established media company into short-form online video. Last week, Discovery's Revision3 unit introduced a new online video site, TestTube.

BuzzFeed said its videos will be produced in a new facility in Los Angeles with a team of 30 people. The company will invest a low "eight-digit sum," Jon Steinberg, its chief operating officer, told the Wall Street Journal.

For more:
- read the press release
- the Wall Street Journal had this story (sub. req.)

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