NBCUniversal is in advanced talks to invest $250 million in BuzzFeed, Re/Code reports. The proposed deal would give BuzzFeed, which had $100 million in revenue last year, a valuation of $1.5 billion.
The company is also in discussions to invest in Vox Media, though the amount has not been disclosed. NBCUniversal already has a 14 percent stake in Vox.
"As in all dealmaking, these negotiations could fall apart. But sources said that both investments are close to being consummated," write Kara Swisher and Peter Kafka.
According to Re/Code, the proposed investment stems from a plan by NBCUniversal CEO Steven Burke to tap into millennial audiences, which tend to navigate news sites online rather than watch cable news.