BuzzFeed
BuzzFeed Sees Small Advertising Gain Amid Push Toward AI
Buzzfeed reported total revenue of $47 million for the second quarter, down from $62 million a year ago. Advertising revenue declined 19 percent year-over-year to reach $23.8 million, with programmatic advertising revenue at $16 million compared to $15.5 million a year ago. Content revenue plunged 48 percent to $11.4 million. Jonah Peretti, founder and CEO […]
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Vivek Ramaswamy Calls for New Board Members and Cuts at BuzzFeed in Letter to Jonah Peretti
Vivek Ramaswamy’s plans for BuzzFeed are becoming a bit clearer, with the entrepreneur turned activist investor releasing a lengthy letter outlining what he believes the company should do to turn itself around. Ramaswamy disclosed a sizable activist stake in BuzzFeed last week. In his letter Monday, Ramaswamy said that he has since upped his stake […]
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NBCUniversal Sold $10M in BuzzFeed Stock After Shares Popped Wednesday
NBCUniversal cashed in on Vivek Ramaswamy’s activist play on BuzzFeed. The entertainment giant sold more than $10 million worth of shares in BuzzFeed Wednesday (3,176,923 shares at an average price of $3.1936, to be exact, worth about $10.1 million), taking advantage of a brief surge in the company’s stock price. BuzzFeed stock soared Wednesday after […]
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Vivek Ramaswamy Acquires Activist Stake in BuzzFeed
BuzzFeed has an activist investor, and it is a familiar name to close followers of Republican politics. Vivek Ramaswamy, the entrepreneur who ran an unsuccessful campaign for the 2024 Republican presidential nomination, has acquired a significant stake in the digital media company, with an SEC filing indicating that he intends to pursue an activist approach. […]
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BuzzFeed to Lay Off 16 Percent of Its Workforce In Major Cuts
The media meltdown continues, with BuzzFeed being the latest company to slash its workforce. The Jonah Peretti-led digital media outlet says that it will cut its workforce by 16 percent amid a challenging environment. “Digital publishers are facing multiple headwinds in the current market, and our recent revenue performance reflects the fact that a bundled […]
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BuzzFeed Sells Complex to Live Stream Shopping Platform NTWRK in $109M Deal
The digital media landscape is shifting further, with BuzzFeed selling its Complex division to the livestream shopping platform NTWRK in a $108.6 million all-cash deal (plus an additional $5.7 million tied to office space and severance costs). The deal marks a retreat for BuzzFeed, which acquired Complex Networks in 2021 for just under $300 million, […]
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FilmRise Nabs BuzzFeed Studios Library Series, Including ‘Hot Ones’
FilmRise has picked a raft of BuzzFeed Studios content like the Hot Ones web series and the Unsolved franchise. The New York City-based film and TV network and streaming platform picked up in all over 1,2000 hours of library content like BuzzFeed Unsolved: True Crime, BuzzFeed Unsolved: Supernatural, Worth It, Sneaker Shopping and Full Size […]
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BuzzFeed Advertising Revenue Declines Amid Increased Competition
In the three months ended June 30, BuzzFeed reported revenues of $77.9 million, down 27 percent from the second quarter of 2022, but within the company’s guidance. This came as advertising revenue declined 33 percent year-over-year to reach $35.4 million, with the company citing increased competition for ad dollars and audience time, while content revenue […]
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BuzzFeed Receives Nasdaq Delisting Notice After Poor Stock Performance
BuzzFeed has until Nov. 27 to improve the performance of its stock or risk getting delisted from Nasdaq, according to a Friday filing with the Securities Exchange Commission. The media company received a notice from Nasdaq on Wednesday warning that for the past 30 business days, the bidding price for BuzzFeed’s common stock has closed […]
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BuzzFeed News Shutting Down Amid Major Layoffs
BuzzFeed News is being shuttered, with HuffPost remaining as the only news brand for the media company BuzzFeed. CEO Jonah Peretti sent a memo to staff Thursday, outlining the shutdown of BuzzFeed News, saying the company can “no longer afford to fund” the news section as a “standalone organization” and cutting the workforce by 15 […]
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BuzzFeed Posts $106.2M Quarterly Loss Over Impairment Charge
Digital media company BuzzFeed swung to a fourth-quarter loss on reduced overall revenues and a non-cash goodwill impairment charge. BuzzFeed brought in $134.6 million in overall revenues during the fourth quarter. The digital media company ended the quarter with $106 million in net losses, compared to a year-earlier profit of $41.5 million. During the latest […]
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Why Comcast Sold 5.7 Million BuzzFeed Shares
Comcast has sold more than 5.7 million shares of BuzzFeed in recent days as the stock has jumped amid investor excitement about artificial intelligence-focused deals that the digital media company has struck with Facebook and Instagram parent Meta and OpenAI, the firm behind ChatGPT and DALL-E. In a regulatory filing on Wednesday, Comcast unveiled the sale […]
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