NBCUniversal Set to Invest $250 Million Into BuzzFeed

Comcast-owned company also eyeing an investment in Vox media

Old media and new media continue to marry as NBCUniversal and BuzzFeed are reportedly going into business with one another.

Re/code reported on Thursday that the two companies have a handshake agreement for NBCUniversal to invest $250 million into the viral video and news website.

NBCU also is negotiating to invest in Vox Media, the deal would value Vox at $850 million. The move is NBCUniversal CEO Steve Burke’s mad dash for millennials, who have been departing legacy media like outlets like broadcast and cable news in droves in the second screen and cord cutting era.

Burke will aim for BuzzFeed/Vox to distribute NBC content as well as leverage the two companies mass digital apparatus and knowledge to boost NBC’s properties.

For BuzzFeed, the deal might serve as a springboard to make its TV debut, using NBCUniversal’s large arsenal of networks as a home for its content.