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 the entrepreneur and former Republican presidential hopeful Vivek Ramaswamy disclosed that he had taken a 7.7 percent activist stake in the company, and would seek strategic changes.
This is not the first time that NBCU has taken opportunistic advantage of a stock price surge in BuzzFeed. A year ago it sold 5.7 million shares in the company after it announced a pivot to artificial intelligence and announced deals with OpenAI and Meta.
it is also worth noting that NBCU is also likely to lose the vast majority of its initial investment in BuzzFeed, despite the opportunistic sales. The company...
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 the entrepreneur and former Republican presidential hopeful Vivek Ramaswamy disclosed that he had taken a 7.7 percent activist stake in the company, and would seek strategic changes.
This is not the first time that NBCU has taken opportunistic advantage of a stock price surge in BuzzFeed. A year ago it sold 5.7 million shares in the company after it announced a pivot to artificial intelligence and announced deals with OpenAI and Meta.
it is also worth noting that NBCU is also likely to lose the vast majority of its initial investment in BuzzFeed, despite the opportunistic sales. The company...
- 5/23/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
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.
Ramaswamy dropped out of the GOP presidential race after the Iowa Caucus, and endorsed former President Donald Trump.
According to an SEC filing, Ramaswamy owns shares and call options worth just under $4 million, and equivalent to about 7.7% of BuzzFeed shares.
“The Reporting Person believes the securities of the Issuer are undervalued and represent an attractive investment opportunity,” the filing continues, adding that Ramaswamy “will seek to engage in a dialogue with the Issuer’s Board of Directors (the “Board”) and/or management about numerous operational and strategic opportunities to maximize shareholder value, including a shift in the Company’s strategy.
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.
Ramaswamy dropped out of the GOP presidential race after the Iowa Caucus, and endorsed former President Donald Trump.
According to an SEC filing, Ramaswamy owns shares and call options worth just under $4 million, and equivalent to about 7.7% of BuzzFeed shares.
“The Reporting Person believes the securities of the Issuer are undervalued and represent an attractive investment opportunity,” the filing continues, adding that Ramaswamy “will seek to engage in a dialogue with the Issuer’s Board of Directors (the “Board”) and/or management about numerous operational and strategic opportunities to maximize shareholder value, including a shift in the Company’s strategy.
- 5/22/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Complex has a new parent company. Ntwrk has acquired the pop culture publication in a $108.6 million deal with Complex’s previous owner BuzzFeed.
The acquisition is described as an all-cash deal, according to Variety. BuzzFeed had previously gained control of Complex Networks in a 2021 deal that covered multiple verticals. Though Ntwrk is acquiring the rights to the flagship Complex brand (which published its final print issue in 2016), BuzzFeed is hanging onto some of the brands in the Complex Networks portfolio, including Hot Ones home First We Feast.
Ntwrk, like Complex, has made a name for itself by partnering with celebrities — especially musicians. Two years after raising a $50 million funding round, Ntwrk has harnessed the power of “drop culture” to sell exclusive items alongside big-name partners like T-Pain and Blackpink.
Through its acquisition of Complex, Ntwrk plans to establish a digital hub that will focus on some of its key themes,...
The acquisition is described as an all-cash deal, according to Variety. BuzzFeed had previously gained control of Complex Networks in a 2021 deal that covered multiple verticals. Though Ntwrk is acquiring the rights to the flagship Complex brand (which published its final print issue in 2016), BuzzFeed is hanging onto some of the brands in the Complex Networks portfolio, including Hot Ones home First We Feast.
Ntwrk, like Complex, has made a name for itself by partnering with celebrities — especially musicians. Two years after raising a $50 million funding round, Ntwrk has harnessed the power of “drop culture” to sell exclusive items alongside big-name partners like T-Pain and Blackpink.
Through its acquisition of Complex, Ntwrk plans to establish a digital hub that will focus on some of its key themes,...
- 2/22/2024
- by Sam Gutelle
- Tubefilter.com
A still frame from a web episode of the popular show “Hot Ones.” BuzzFeed will retain the show and its production company, First We Feast, after selling former parent Complex Networks. (Courtesy image)
BuzzFeed is laying off around 16 percent of its global workforce as it works to trim costs amid a weak advertising market.
The plan was disclosed by BuzzFeed CEO Jonah Peretti in an email to staff on Wednesday.
“Digital publishers are facing multiple headwinds in the current market, and our recent revenue performance reflects the fact that a bundled portfolio approach is not aligned with current advertiser or platform trends,” Peretti wrote. “More importantly, our performance does not reflect the value or future growth potential of our individual brands.”
Peretti said it was imperative to “reduce the size of our business and administrative teams” so that each individual brand can “operate more autonomously.”
“Moving forward, we will focus...
BuzzFeed is laying off around 16 percent of its global workforce as it works to trim costs amid a weak advertising market.
The plan was disclosed by BuzzFeed CEO Jonah Peretti in an email to staff on Wednesday.
“Digital publishers are facing multiple headwinds in the current market, and our recent revenue performance reflects the fact that a bundled portfolio approach is not aligned with current advertiser or platform trends,” Peretti wrote. “More importantly, our performance does not reflect the value or future growth potential of our individual brands.”
Peretti said it was imperative to “reduce the size of our business and administrative teams” so that each individual brand can “operate more autonomously.”
“Moving forward, we will focus...
- 2/22/2024
- by Matthew Keys
- The Desk
BuzzFeed is selling Complex to Ntwrk for $108.6 million in cash plus $5.7 million for use of NYC office space, severance and other employee costs. It also announced a strategic restructuring including laying off 16% of its workforce that it expects will save $23 million a year.
The company said it will discuss details on Feb. 28. Ntwrk is a live video shopping network and marketplace. Universal Music Group and Jimmy Iovine are investors in the combined Ntwrk-Complex combinatio, which aims “create a new destination for “superfan” culture that will define the future of commerce, digital media, and music.”
A for BuzzFeed, the struggling company sold itself in a Spac deal in 2021 and went public. It shut its news division last year amid ongoing challenging economics. Unloading Complex was necessary, it said, to enhance profitability and allow for greater focus on BuzzFeed, HuffPost, First We Feast and Tasty.
Cash proceeds will be used to pay down debt,...
The company said it will discuss details on Feb. 28. Ntwrk is a live video shopping network and marketplace. Universal Music Group and Jimmy Iovine are investors in the combined Ntwrk-Complex combinatio, which aims “create a new destination for “superfan” culture that will define the future of commerce, digital media, and music.”
A for BuzzFeed, the struggling company sold itself in a Spac deal in 2021 and went public. It shut its news division last year amid ongoing challenging economics. Unloading Complex was necessary, it said, to enhance profitability and allow for greater focus on BuzzFeed, HuffPost, First We Feast and Tasty.
Cash proceeds will be used to pay down debt,...
- 2/21/2024
- by Jill Goldsmith
- Deadline Film + TV
The media meltdown continues, with BuzzFeed being the latest company to slash its workforce.
The digital media company says that it will cut its workforce by 16 percent amid a challenging environment for media companies.
“Digital publishers are facing multiple headwinds in the current market, and our recent revenue performance reflects the fact that a bundled portfolio approach is not aligned with current advertiser or platform trends,” BuzzFeec CEO Jonah Peretti wrote in an email to staff Wednesday. “More importantly, our performance does not reflect the value or future growth potential of our individual brands. The changes we are making to reduce the size of our business and administrative teams will position each brand to operate more autonomously. Moving forward, we will focus on bringing each of our brands to market with a focus on their differentiation for our advertising and platform partners.”
BuzzFeed also said Wednesday that it would sell...
The digital media company says that it will cut its workforce by 16 percent amid a challenging environment for media companies.
“Digital publishers are facing multiple headwinds in the current market, and our recent revenue performance reflects the fact that a bundled portfolio approach is not aligned with current advertiser or platform trends,” BuzzFeec CEO Jonah Peretti wrote in an email to staff Wednesday. “More importantly, our performance does not reflect the value or future growth potential of our individual brands. The changes we are making to reduce the size of our business and administrative teams will position each brand to operate more autonomously. Moving forward, we will focus on bringing each of our brands to market with a focus on their differentiation for our advertising and platform partners.”
BuzzFeed also said Wednesday that it would sell...
- 2/21/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
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, including $198 million in cash and $96 million in stock. BuzzFeed will retain First We Feast, the Complex food content brand that produces the hit YouTube series Hot Ones, and it says that BuzzFeed, First We Feast, HuffPost and Tasty will operate independently of each other, with their own strategies and revenue lines.
The sale will bring Ntwrk and Complex together in a new company, with Main Street Advisors, Jimmy Iovine, Universal Music Group, and Goldman Sachs among its investors. The company also inked a strategic partnership with Umg, which will “collaborate with the new company to deliver industry-leading and culture-moving experiences and exclusive collaborations,...
The deal marks a retreat for BuzzFeed, which acquired Complex Networks in 2021 for just under $300 million, including $198 million in cash and $96 million in stock. BuzzFeed will retain First We Feast, the Complex food content brand that produces the hit YouTube series Hot Ones, and it says that BuzzFeed, First We Feast, HuffPost and Tasty will operate independently of each other, with their own strategies and revenue lines.
The sale will bring Ntwrk and Complex together in a new company, with Main Street Advisors, Jimmy Iovine, Universal Music Group, and Goldman Sachs among its investors. The company also inked a strategic partnership with Umg, which will “collaborate with the new company to deliver industry-leading and culture-moving experiences and exclusive collaborations,...
- 2/21/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Semafor founder Ben Smith’s book Traffic: Genius, Rivalry, and Delusion in the Billion-Dollar Race to Go Viral, is set to get the docuseries treatment.
Atlas Media Corp., the non-fiction production company, has optioned the book for a docuseries.
Traffic chronicles the rise and heyday of digital media companies like BuzzFeed and Gawker Media.
But Smith looks at the digital media brands through the lens of the people who founded them, in particular Gawker’s Nick Denton and HuffPost and BuzzFeed’s Jonah Peretti. That focus on ego and competition between founders craving, well, traffic, would naturally lend itself to the personality-driven docuseries treatment.
Smith, of course, sat at the middle of that era. Smith wrote for Politico before becoming the first editor-in-chief for BuzzFeed, building out its news operation. he would go on to write the media column for The New York Times before founding Semafor last year.
Now,...
Atlas Media Corp., the non-fiction production company, has optioned the book for a docuseries.
Traffic chronicles the rise and heyday of digital media companies like BuzzFeed and Gawker Media.
But Smith looks at the digital media brands through the lens of the people who founded them, in particular Gawker’s Nick Denton and HuffPost and BuzzFeed’s Jonah Peretti. That focus on ego and competition between founders craving, well, traffic, would naturally lend itself to the personality-driven docuseries treatment.
Smith, of course, sat at the middle of that era. Smith wrote for Politico before becoming the first editor-in-chief for BuzzFeed, building out its news operation. he would go on to write the media column for The New York Times before founding Semafor last year.
Now,...
- 11/10/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
FilmRise has secured worldwide digital media rights to a collection of content from the portfolio of brands under BuzzFeed Studios, which includes “Hot Ones” and the “Unsolved” franchise, Jonitha Keymoore, VP of Global Content
Acquisitions at FilmRise and Nick Wang, SVP of Business Development and
Partnerships at BuzzFeed Studio, jointly announced on Friday.
The library spans over 1,200 hours of content and includes “Worth It,” “BuzzFeed Unsolved: True Crime” and “BuzzFeed Unsolved: Supernatural.”
“Hot Ones,” the acclaimed series that earned Emmy Award nominations and Streamy Awards, showcases host Sean Evans engaging in spicy wing interviews with A-list celebrities. The show originally debuted on YouTube in 2015 and quickly skyrocketed to viral fame.
“BuzzFeed and Complex carry a library of content that taps into the zeitgeist of today’s culture by taking an innovative perspective to traditional formats, whether that be the unique way “Hot Ones” approaches the classic talk show format or...
Acquisitions at FilmRise and Nick Wang, SVP of Business Development and
Partnerships at BuzzFeed Studio, jointly announced on Friday.
The library spans over 1,200 hours of content and includes “Worth It,” “BuzzFeed Unsolved: True Crime” and “BuzzFeed Unsolved: Supernatural.”
“Hot Ones,” the acclaimed series that earned Emmy Award nominations and Streamy Awards, showcases host Sean Evans engaging in spicy wing interviews with A-list celebrities. The show originally debuted on YouTube in 2015 and quickly skyrocketed to viral fame.
“BuzzFeed and Complex carry a library of content that taps into the zeitgeist of today’s culture by taking an innovative perspective to traditional formats, whether that be the unique way “Hot Ones” approaches the classic talk show format or...
- 9/29/2023
- by Umberto Gonzalez
- The Wrap
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 fell 22 percent to $31.5 million. Commerce and other revenues fell 17 percent to $11 million as the metaverse event ComplexLand took place a year ago and did not repeat this quarter.
Amid downsizing the organization, with the shuttering of BuzzFeed News, overall cuts of about 15 percent of its workforce and plans to reduce its real estate holdings, the company reported a second quarter net loss of $27.8 million, wider than a net loss of $23.6 million a year ago, but less than the $36.3 million net loss reported last quarter. BuzzFeed reported an adjusted Ebitda loss of $0.1 million for the second quarter, slightly missing their prior guidance of $0 to $4 million,...
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 fell 22 percent to $31.5 million. Commerce and other revenues fell 17 percent to $11 million as the metaverse event ComplexLand took place a year ago and did not repeat this quarter.
Amid downsizing the organization, with the shuttering of BuzzFeed News, overall cuts of about 15 percent of its workforce and plans to reduce its real estate holdings, the company reported a second quarter net loss of $27.8 million, wider than a net loss of $23.6 million a year ago, but less than the $36.3 million net loss reported last quarter. BuzzFeed reported an adjusted Ebitda loss of $0.1 million for the second quarter, slightly missing their prior guidance of $0 to $4 million,...
- 8/8/2023
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Exclusive: Amazon Freevee has acquired the Lionsgate movie Puppy Love, starring Pretty Little Liars alumna Lucy Hale and Grant Gustin, who is coming off a nine-season run as the star of the CW’s The Flash.
The Freevee Original film will premiere on the free, ad-supported streaming platform later this summer. It will also be available to rent or own digitally on its debut date.
Inspired by BuzzFeed’s viral 2015 digital series Puppyhood, Puppy Love was produced by BuzzFeed Studios through the company’s deal with Lionsgate. It was filmed in Canada last summer, with Hale and Gustin both posting on social media Aug. 29 that they had wrapped a movie together with no further detail.
Lucy Hale and Grant Gustin
In Puppy Love, after a disastrous first date, wild-child Nicole (Hale) and socially-anxious Max (Gustin) vow to lose each other’s numbers until they learn that their dogs find a love match,...
The Freevee Original film will premiere on the free, ad-supported streaming platform later this summer. It will also be available to rent or own digitally on its debut date.
Inspired by BuzzFeed’s viral 2015 digital series Puppyhood, Puppy Love was produced by BuzzFeed Studios through the company’s deal with Lionsgate. It was filmed in Canada last summer, with Hale and Gustin both posting on social media Aug. 29 that they had wrapped a movie together with no further detail.
Lucy Hale and Grant Gustin
In Puppy Love, after a disastrous first date, wild-child Nicole (Hale) and socially-anxious Max (Gustin) vow to lose each other’s numbers until they learn that their dogs find a love match,...
- 6/22/2023
- by Nellie Andreeva
- Deadline Film + TV
BuzzFeed will be relying on its creators and AI to propel the site forward, after shutting down BuzzFeed News and laying off 15 percent of its workforce.
In the first earnings report since the layoffs were announced, CEO Jonah Peretti said the layoffs and changes made to the company — which included reducing budgets, real estate, open roles, and cutting down on other expenses — had put the firm on the right path.
“We have reached an inflection point in digital media. Over the last few months, we have made significant strategic and organizational changes to position the business for long-term growth. Adaptation is in our DNA. By leaning into Creators and AI, I believe we can unlock new opportunities across our portfolio of trusted brands — including Tasty, First we Feast, Complex, HuffPost, and BuzzFeed,” Peretti said in the earnings release.
“Broadly speaking, I believe that generative AI will begin to replace the majority of static content.
In the first earnings report since the layoffs were announced, CEO Jonah Peretti said the layoffs and changes made to the company — which included reducing budgets, real estate, open roles, and cutting down on other expenses — had put the firm on the right path.
“We have reached an inflection point in digital media. Over the last few months, we have made significant strategic and organizational changes to position the business for long-term growth. Adaptation is in our DNA. By leaning into Creators and AI, I believe we can unlock new opportunities across our portfolio of trusted brands — including Tasty, First we Feast, Complex, HuffPost, and BuzzFeed,” Peretti said in the earnings release.
“Broadly speaking, I believe that generative AI will begin to replace the majority of static content.
- 5/9/2023
- by Caitlin Huston
- The Hollywood Reporter - Movie News
This is a dark moment for frazzled members of the writing fraternity.
Picketers in Hollywood and New York fear a prolonged standoff gripping film and TV. Also troubling, their colleagues in digital media are patching together their résumés as Vice Media and BuzzFeed prepare for crash landings. Will others follow?
Even a digital zealot like Ben Smith sees the moment as “a humbling experience.” His new book, titled Traffic, vividly revisits the picaresque adventures of the “muckrakers, dweebs and wing nuts” who set out to revolutionize legacy journalism. Some became at once rich and unemployed.
The New York Times liked Smith’s book, even though he quit that paper to start yet another digital adventure called Semafor — its fate still to be determined.
Here’s the irony: While Smith and his social media colleagues are making lots of noise for their next adventures, their colleagues in film and TV are frozen in silence.
Picketers in Hollywood and New York fear a prolonged standoff gripping film and TV. Also troubling, their colleagues in digital media are patching together their résumés as Vice Media and BuzzFeed prepare for crash landings. Will others follow?
Even a digital zealot like Ben Smith sees the moment as “a humbling experience.” His new book, titled Traffic, vividly revisits the picaresque adventures of the “muckrakers, dweebs and wing nuts” who set out to revolutionize legacy journalism. Some became at once rich and unemployed.
The New York Times liked Smith’s book, even though he quit that paper to start yet another digital adventure called Semafor — its fate still to be determined.
Here’s the irony: While Smith and his social media colleagues are making lots of noise for their next adventures, their colleagues in film and TV are frozen in silence.
- 5/4/2023
- by Peter Bart
- Deadline Film + TV
San Francisco, April 28 (Ians) Vice Media is laying off more than 100 employees as part of restructuring its global organisations, along with shutting down its Vice News Tonight broadcast, reports said.
According to The Wall Street Journal, the embattled media company has been looking to sell itself for several months.
“We are transforming Vice News to better withstand market realities and more closely align with how and where we see our audiences engaging with our content most,” co-CEOs Bruce Dixon and Hozefa Lokhandwala said in a note to staff seen by WSJ.
Vice World News produces digital and TV news content for international audiences.
Vice said Vice News would be its singular news brand worldwide, effectively putting an end to the Vice World News brand. Vice Media earlier this year secured $30 million in debt financing from Fortress Investment Group.
At its peak, Vice was valued at nearly $6 billion. Last month, reports...
According to The Wall Street Journal, the embattled media company has been looking to sell itself for several months.
“We are transforming Vice News to better withstand market realities and more closely align with how and where we see our audiences engaging with our content most,” co-CEOs Bruce Dixon and Hozefa Lokhandwala said in a note to staff seen by WSJ.
Vice World News produces digital and TV news content for international audiences.
Vice said Vice News would be its singular news brand worldwide, effectively putting an end to the Vice World News brand. Vice Media earlier this year secured $30 million in debt financing from Fortress Investment Group.
At its peak, Vice was valued at nearly $6 billion. Last month, reports...
- 4/28/2023
- by Agency News Desk
- GlamSham
For months, Twitter CEO Elon Musk repeatedly delayed phasing out blue verification checkmarks for users not subscribed to the site’s $8 subscription tier. It became a meme for Musk’s fumbling takeover of the social media site. “Final date for removing legacy Blue checks is 4/20,” he tweeted earlier this month. By then, even skeptics knew the terminally online CEO, who seemingly purchased the company on a $44 billion whim, would follow through if only to land the corniest joke imaginable. This is the same man who tweeted that he painted over...
- 4/23/2023
- by Jeff Ihaza
- Rollingstone.com
New Delhi, April 21 (Ians) Popular news outlet Insider has announced to lay off 10 per cent of its workforce that includes staff writers.
The digital publication, however, denied that its experiments with AI chatbot ChatGPT for writing assignments is behind the job cut move, reports The Daily Beast.
The layoffs reflect a media market still adjusting to a struggling economy.
The staff members affected by the layoffs would receive 13 weeks of base pay with two additional weeks for each year they worked up to four years, medical coverage through August 2023, and career support services, including resume reviews and one-one-ones with coaches, said Insider.
“As you know, our industry has been under significant pressure for more than a year. The economic headwinds that have hurt many of our clients and partners are also affecting us,” the company said in an email.
“Unfortunately to keep our company healthy and competitive, we need to...
The digital publication, however, denied that its experiments with AI chatbot ChatGPT for writing assignments is behind the job cut move, reports The Daily Beast.
The layoffs reflect a media market still adjusting to a struggling economy.
The staff members affected by the layoffs would receive 13 weeks of base pay with two additional weeks for each year they worked up to four years, medical coverage through August 2023, and career support services, including resume reviews and one-one-ones with coaches, said Insider.
“As you know, our industry has been under significant pressure for more than a year. The economic headwinds that have hurt many of our clients and partners are also affecting us,” the company said in an email.
“Unfortunately to keep our company healthy and competitive, we need to...
- 4/21/2023
- by Agency News Desk
- GlamSham
New Delhi, April 20 (Ians) In shocking news to the global media industry, the Pulitzer Prize-winning news arm of BuzzFeed.com is being shut down, CEO Jonah Peretti announced on Thursday.
The media outlet said that it is reducing the workforce by approximately 15 per cent across business, content, tech and admin teams, and beginning the process of closing BuzzFeed News.
“Additionally, we are proposing headcount reductions in some international markets,” Peretti said in a memo to staff.
“While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization,” Peretti said in a memo which was shared with The Verge.
The company would focus on HuffPost, which it acquired in 2020, as the company’s news brand.
“Impacted employees (other than those in BuzzFeed News) will receive an email from Hr shortly. If you are receiving this note from me,...
The media outlet said that it is reducing the workforce by approximately 15 per cent across business, content, tech and admin teams, and beginning the process of closing BuzzFeed News.
“Additionally, we are proposing headcount reductions in some international markets,” Peretti said in a memo to staff.
“While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization,” Peretti said in a memo which was shared with The Verge.
The company would focus on HuffPost, which it acquired in 2020, as the company’s news brand.
“Impacted employees (other than those in BuzzFeed News) will receive an email from Hr shortly. If you are receiving this note from me,...
- 4/20/2023
- by Agency News Desk
- GlamSham
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 percent, or 180 staffers, across its business, content, tech and admin teams. Additionally, the company’s chief revenue officer Edgar Hernandez and COO Christian Baesler will both leave the company. BuzzFeed president Marcela Martin will take over all revenue functions effective immediately.
The company is also “proposing headcount reductions in some international markets” and has made plans to reduce its real estate footprint in Los Angeles from four buildings to one, after cutting down on its real estate in New York last year, Peretti wrote in the memo. BuzzFeed will also be reducing budgets, open roles, travel...
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 percent, or 180 staffers, across its business, content, tech and admin teams. Additionally, the company’s chief revenue officer Edgar Hernandez and COO Christian Baesler will both leave the company. BuzzFeed president Marcela Martin will take over all revenue functions effective immediately.
The company is also “proposing headcount reductions in some international markets” and has made plans to reduce its real estate footprint in Los Angeles from four buildings to one, after cutting down on its real estate in New York last year, Peretti wrote in the memo. BuzzFeed will also be reducing budgets, open roles, travel...
- 4/20/2023
- by Caitlin Huston
- The Hollywood Reporter - Movie News
BuzzFeed News, which earned as reputation as a scrappy news-breaking digital rival to legacy media brands, is shutting down.
Jonah Peretti, the CEO of BuzzFeed, announced to staffers in a memo on Thursday that they will concentrate their news efforts on HuffPost, “a brand that is profitable with a highly engaged, loyal audience that is less dependent on social platforms.” He said that some BuzzFeed employees may find roles at HuffPost and BuzzFeed.com. Parent company BuzzFeed bought HuffPost from Verizon Media in 2020.
Peretti also said that BuzzFeed is reducing its workforce by 15%, and begin discussions with the NewsGuild about the cutbacks.
The layoffs and decision to shut down BuzzFeed News mark the latest upheaval in news media, particularly among some once high-flying stars in the digital space, which is experiencing a pullback in advertising revenue. Other legacy brands, including CNN and NPR, also have undergone significant layoffs in the past six months.
Jonah Peretti, the CEO of BuzzFeed, announced to staffers in a memo on Thursday that they will concentrate their news efforts on HuffPost, “a brand that is profitable with a highly engaged, loyal audience that is less dependent on social platforms.” He said that some BuzzFeed employees may find roles at HuffPost and BuzzFeed.com. Parent company BuzzFeed bought HuffPost from Verizon Media in 2020.
Peretti also said that BuzzFeed is reducing its workforce by 15%, and begin discussions with the NewsGuild about the cutbacks.
The layoffs and decision to shut down BuzzFeed News mark the latest upheaval in news media, particularly among some once high-flying stars in the digital space, which is experiencing a pullback in advertising revenue. Other legacy brands, including CNN and NPR, also have undergone significant layoffs in the past six months.
- 4/20/2023
- by Ted Johnson and Dade Hayes
- Deadline Film + TV
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 quarter, BuzzFeed posted a non-cash goodwill impairment charge of $102.3 million, in part due to a steep decline in the value of the company’s stock price in December 2022.
Content accounted for $54.7 million of the company’s revenue, down 9 percent year-over-year, while advertising revenue fell 27 percent to $50.5 million during the latest quarter, and commerce revenue brought in $29.3 million during the fourth quarter, up 76 percent year-over-year.
BuzzFeed said time spent by users during the fourth quarter fell 27 percent, to 135 million hours.
As of March 10, 2023, the majority of the company’s cash and cash equivalents balance were held at Silicon Valley Bank.
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 quarter, BuzzFeed posted a non-cash goodwill impairment charge of $102.3 million, in part due to a steep decline in the value of the company’s stock price in December 2022.
Content accounted for $54.7 million of the company’s revenue, down 9 percent year-over-year, while advertising revenue fell 27 percent to $50.5 million during the latest quarter, and commerce revenue brought in $29.3 million during the fourth quarter, up 76 percent year-over-year.
BuzzFeed said time spent by users during the fourth quarter fell 27 percent, to 135 million hours.
As of March 10, 2023, the majority of the company’s cash and cash equivalents balance were held at Silicon Valley Bank.
- 3/13/2023
- by Etan Vlessing
- The Hollywood Reporter - Movie News
Conversations about artificial intelligence abound at the SXSW conference, with ChatGPT being the subject of many discussions and execs like Buzzfeed’s Jonah Peretti debuting their company’s planned uses for the tech. So, the annual fest was the logical place for Mrs. Davis, the Peacock series from Tara Hernandez and Damon Lindelof where Betty Gilpin stars as a Catholic nun who takes it upon herself to confront the evils of AI.
In conversation with The Hollywood Reporter‘s James Hibberd during the panel “Mrs. Davis: The Future of Tech & Entertainment” presented by Canon Amlos at SXSW, the creatives talked about the origins of the series, which they started working on more than two years ago.
“The inspiration was the feeling that we all had about the future and where we were all moving with AI,” said Hernandez, who notes the project came about before ChatGPT and Open AI made...
In conversation with The Hollywood Reporter‘s James Hibberd during the panel “Mrs. Davis: The Future of Tech & Entertainment” presented by Canon Amlos at SXSW, the creatives talked about the origins of the series, which they started working on more than two years ago.
“The inspiration was the feeling that we all had about the future and where we were all moving with AI,” said Hernandez, who notes the project came about before ChatGPT and Open AI made...
- 3/13/2023
- by Mia Galuppo
- The Hollywood Reporter - Movie News
If last year’s SXSW was driven by panels and events around Web3, NFTs and the metaverse, this year’s has decidedly cooled on the crypto craze and is instead focused on something entirely different: chatbots.
Though chatbots are by no means new technology, the launch last fall of OpenAI’s ChatGPT has sparked renewed interest in — and anxiety over — the use of AI-powered chatbots across multiple industries, in part because of their growing sophistication. Screenwriters in film and TV have become more wary of the impact ChatGPT could have on the scriptwriting process, given that the chatbot is already capable of churning out short scripts; organizations like the Writers Guild of America West say they are actively monitoring the technology “in the event they require additional protections for writers.”
All of these dynamics will be at play in Austin on March 10, the first day of SXSW, when executives and...
Though chatbots are by no means new technology, the launch last fall of OpenAI’s ChatGPT has sparked renewed interest in — and anxiety over — the use of AI-powered chatbots across multiple industries, in part because of their growing sophistication. Screenwriters in film and TV have become more wary of the impact ChatGPT could have on the scriptwriting process, given that the chatbot is already capable of churning out short scripts; organizations like the Writers Guild of America West say they are actively monitoring the technology “in the event they require additional protections for writers.”
All of these dynamics will be at play in Austin on March 10, the first day of SXSW, when executives and...
- 3/9/2023
- by J. Clara Chan
- The Hollywood Reporter - Movie News
When Endeavor CEO Ari Emanuel opened his company’s earnings call with prepared remarks Feb. 28, a casual listener hearing him tout the UFC and WME might have missed the most interesting part: Emanuel wasn’t speaking at all.
Well, he sort of was. The words were his, and the voice was his, but rather than Emanuel speaking into a microphone (opening remarks on earnings calls are often pretaped), the comments were the product of a generative artificial intelligence firm called Speechify.
So why did Ari Emanuel (er, “AI Emanuel”?) use his company’s fourth-quarter earnings call to bring machine learning to its financial report? “We’re in business with them, we think they’re a really good company,” Emanuel said of Speechify (and yes, Endeavor disclosed in its earnings press release that the comments would be computer-generated), but he also noted that “we thought with all the conversation around AI...
Well, he sort of was. The words were his, and the voice was his, but rather than Emanuel speaking into a microphone (opening remarks on earnings calls are often pretaped), the comments were the product of a generative artificial intelligence firm called Speechify.
So why did Ari Emanuel (er, “AI Emanuel”?) use his company’s fourth-quarter earnings call to bring machine learning to its financial report? “We’re in business with them, we think they’re a really good company,” Emanuel said of Speechify (and yes, Endeavor disclosed in its earnings press release that the comments would be computer-generated), but he also noted that “we thought with all the conversation around AI...
- 3/8/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Have you thought about asking ChatGPT for dating advice? If you’re trying to use AI to cure lovesickness, you might want to head over to BuzzFeed. The media company has debuted its first Infinity Quizzes — which use the technology of OpenAI to create personalized stories.
BuzzFeed, which celebrates its 17th birthday this year, is well-known for its quiz content. To ensure its tried-and-true format keeps up with contemporary trends, BuzzFeed is combining the ingeuity of its quiz writers with the powerful answers offered by services like ChatGPT. Each Infinity Quiz begins with a human-developed concept. After users add in personal details, BuzzFeed turns to an AI named Buzzy, who spits out a personalized response based on each quiz taker’s life story.
The inaugural slate of Infinity Quizzes includes several pieces of Valentine’s Day-themed content. Romantics can dream about the perfection of an AI-selected partner, while cynics can...
BuzzFeed, which celebrates its 17th birthday this year, is well-known for its quiz content. To ensure its tried-and-true format keeps up with contemporary trends, BuzzFeed is combining the ingeuity of its quiz writers with the powerful answers offered by services like ChatGPT. Each Infinity Quiz begins with a human-developed concept. After users add in personal details, BuzzFeed turns to an AI named Buzzy, who spits out a personalized response based on each quiz taker’s life story.
The inaugural slate of Infinity Quizzes includes several pieces of Valentine’s Day-themed content. Romantics can dream about the perfection of an AI-selected partner, while cynics can...
- 2/14/2023
- by Sam Gutelle
- Tubefilter.com
ChatGPT is off to one of the hottest starts in tech history. The next-generation chatbot now has approximately 100 million users, including a few high-profile proponents. Jonah Peretti, the Co-Founder and CEO of BuzzFeed, revealed that his company will employ AI to generate new types of content.
The company behind ChatGPT, OpenAI, built the bot with a combination of large language models and reinforcement learning. Since opening up to the public in December, ChatGPT has been hailed for the accurate and detailed responses it provides.
According to investment bank Ubs, ChatGPT was on track to surpass 100 million users in January. For comparison, TikTok took nine months to reach 100 million users, and Instagram needed more than two years to reach that milestone. “This is the fastest consumer application I have seen to hit 100 million monthly active users in my career covering this space,” Ubs equities analyst Lloyd Walmsley told CBS. “The ramp has been extraordinary.
The company behind ChatGPT, OpenAI, built the bot with a combination of large language models and reinforcement learning. Since opening up to the public in December, ChatGPT has been hailed for the accurate and detailed responses it provides.
According to investment bank Ubs, ChatGPT was on track to surpass 100 million users in January. For comparison, TikTok took nine months to reach 100 million users, and Instagram needed more than two years to reach that milestone. “This is the fastest consumer application I have seen to hit 100 million monthly active users in my career covering this space,” Ubs equities analyst Lloyd Walmsley told CBS. “The ramp has been extraordinary.
- 2/2/2023
- by Sam Gutelle
- Tubefilter.com
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 of 5,726,385 BuzzFeed shares between Jan. 30 and Feb. 1 at prices ranging from 2.75 to 3.465, 2.25 to 2.9275, and 2.15 to 2.6275, respectively.
Comcast’s entertainment unit NBCUniversal unit made an initial 200 million investment in BuzzFeed in 2015, followed by another capital injection of the same amount in 2016. The conglomerate disclosed in a filing that it owned, as of Wednesday, more than 25.15 million shares of BuzzFeed’s Class A Common Stock, amounting to a stake of 19.97 percent.
BuzzFeed’s stock soared more than 100 percent on Thursday after CEO Jonah Peretti said the company would embrace the application programming interface from OpenAI to personalize...
In a regulatory filing on Wednesday, Comcast unveiled the sale of 5,726,385 BuzzFeed shares between Jan. 30 and Feb. 1 at prices ranging from 2.75 to 3.465, 2.25 to 2.9275, and 2.15 to 2.6275, respectively.
Comcast’s entertainment unit NBCUniversal unit made an initial 200 million investment in BuzzFeed in 2015, followed by another capital injection of the same amount in 2016. The conglomerate disclosed in a filing that it owned, as of Wednesday, more than 25.15 million shares of BuzzFeed’s Class A Common Stock, amounting to a stake of 19.97 percent.
BuzzFeed’s stock soared more than 100 percent on Thursday after CEO Jonah Peretti said the company would embrace the application programming interface from OpenAI to personalize...
- 2/2/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
BuzzFeed shares soared on Thursday after CEO Jonah Peretti said the company would embrace the application programming interface from OpenAI — the artificial intelligence company behind ChatGPT and Dall-e — to personalize content like quizzes for users.
Shares of Bzfd closed at 2.09 on Thursday, with after-hours trading pushing the stock price up higher. The stock previously closed at 0.95 on Wednesday.
In a message to staff, Peretti said the “AI inspired content” would move from the research and development stage to becoming a “part of our core business” beginning next month.
“To be clear, we see the breakthroughs in AI opening up a new era of creativity that will allow humans to harness creativity in new ways with endless opportunities and applications for good,” he wrote. “In publishing, AI can benefit both content creators and audiences, inspiring new ideas and inviting audience members to co-create personalized content. When you see this work in action it is pretty amazing.
Shares of Bzfd closed at 2.09 on Thursday, with after-hours trading pushing the stock price up higher. The stock previously closed at 0.95 on Wednesday.
In a message to staff, Peretti said the “AI inspired content” would move from the research and development stage to becoming a “part of our core business” beginning next month.
“To be clear, we see the breakthroughs in AI opening up a new era of creativity that will allow humans to harness creativity in new ways with endless opportunities and applications for good,” he wrote. “In publishing, AI can benefit both content creators and audiences, inspiring new ideas and inviting audience members to co-create personalized content. When you see this work in action it is pretty amazing.
- 1/26/2023
- by J. Clara Chan
- The Hollywood Reporter - Movie News
New Delhi, Dec 7 (Ians) Online news portal BuzzFeed, which also owns the Huffington Post and Complex Networks, has laid off at least 180 employees or 12 per cent of its workforce, as media layoffs grow amid the challenging global conditions.
BuzzFeed CEO Jonah Peretti said in an internal memo to impacted individuals that we are reducing our workforce by approximately 12 per cent and “letting many talented colleagues go”.
“I want all of you, but especially those that are receiving difficult news today, to know that these changes do not reflect on the good work that these employees have done over the years to build our company and our brands,” Peretti added.
He said that in order for BuzzFeed to weather an economic downturn “that I believe will extend well into 2023, we must adapt, invest in our strategy to serve our audience best, and readjust our cost structure”.
According to the company, the...
BuzzFeed CEO Jonah Peretti said in an internal memo to impacted individuals that we are reducing our workforce by approximately 12 per cent and “letting many talented colleagues go”.
“I want all of you, but especially those that are receiving difficult news today, to know that these changes do not reflect on the good work that these employees have done over the years to build our company and our brands,” Peretti added.
He said that in order for BuzzFeed to weather an economic downturn “that I believe will extend well into 2023, we must adapt, invest in our strategy to serve our audience best, and readjust our cost structure”.
According to the company, the...
- 12/7/2022
- by Glamsham Bureau
- GlamSham
Click here to read the full article.
BuzzFeed is laying off around 12 percent of its workforce — about 182 of 1,522 staffers — as the company’s revenue has been hit by “worsening macroeconomic conditions” and the “ongoing audience shift to vertical video,” CEO Jonah Peretti told staff on Tuesday.
Restructuring costs stemming from the mass layoffs will amount to upwards of 12 million, the company disclosed in an SEC filing, with most of those charges being paid by the end of the first quarter next year. The layoffs will impact the sales, tech, production and content divisions of BuzzFeed and Complex, though there are no cuts happening to BuzzFeed News, HuffPost and Tasty, a company spokesperson told THR.
“Our revenues are being impacted by a combination of worsening macroeconomic conditions, and the ongoing audience shift to vertical video, which is still developing from a monetization standpoint,” Peretti wrote in a memo to staff. “That...
BuzzFeed is laying off around 12 percent of its workforce — about 182 of 1,522 staffers — as the company’s revenue has been hit by “worsening macroeconomic conditions” and the “ongoing audience shift to vertical video,” CEO Jonah Peretti told staff on Tuesday.
Restructuring costs stemming from the mass layoffs will amount to upwards of 12 million, the company disclosed in an SEC filing, with most of those charges being paid by the end of the first quarter next year. The layoffs will impact the sales, tech, production and content divisions of BuzzFeed and Complex, though there are no cuts happening to BuzzFeed News, HuffPost and Tasty, a company spokesperson told THR.
“Our revenues are being impacted by a combination of worsening macroeconomic conditions, and the ongoing audience shift to vertical video, which is still developing from a monetization standpoint,” Peretti wrote in a memo to staff. “That...
- 12/6/2022
- by J. Clara Chan
- The Hollywood Reporter - Movie News
BuzzFeed announced that it was cutting the size of its workforce by 12, the latest media company to go through layoffs amid worsening economic conditions.
In a filing with the SEC, the company cited “challenging macroeconomic conditions,” the completion of its acquisition of Complex Media Inc., and an audience shift to short form, vertical video. The reduction plan is expected to be “substantially completed” by the first quarter of 2023.
Jonah Peretti, CEO of the company, wrote in a memo to impacted staffers that “our revenues are being impacted by a combination of worsening macroeconomic conditions, and the ongoing audience shift to vertical video, which is still developing from a monetization standpoint. This requires us to lower our costs. Unfortunately, reducing our workforce is an essential part of cost cutting.” A spokesperson for BuzzFeed did not immediately respond to a request for comment.
Earlier this year. BuzzFeed announced that it was scaling back its news coverage,...
In a filing with the SEC, the company cited “challenging macroeconomic conditions,” the completion of its acquisition of Complex Media Inc., and an audience shift to short form, vertical video. The reduction plan is expected to be “substantially completed” by the first quarter of 2023.
Jonah Peretti, CEO of the company, wrote in a memo to impacted staffers that “our revenues are being impacted by a combination of worsening macroeconomic conditions, and the ongoing audience shift to vertical video, which is still developing from a monetization standpoint. This requires us to lower our costs. Unfortunately, reducing our workforce is an essential part of cost cutting.” A spokesperson for BuzzFeed did not immediately respond to a request for comment.
Earlier this year. BuzzFeed announced that it was scaling back its news coverage,...
- 12/6/2022
- by Ted Johnson
- Deadline Film + TV
Click here to read the full article.
BuzzFeed Inc. saw user engagement drop by 32 percent during the third quarter as ad revenue remained flat compared to the previous year.
In total, users spent 151 million hours with BuzzFeed’s content across the company’s owned and operated sites, YouTube and Apple News. Total revenue for the quarter hit 103.7 million, representing a 15 percent year-over-year increase — beating company forecasts of a 4 to 8 percent yearly increase — but a slight quarterly decline.
Ad revenue, which has taken a hit across the digital advertising–reliant industry as marketers contend with smaller ad budgets, amounted to 50.4 million during Q3.
To close out the year, BuzzFeed has set Q4 revenue expectations between 129 to 134 million while adjusted Ebitda is expected to land between 12.5 to 17.5 million.
“Looking ahead, we are on pace to deliver our strongest performance of the year in the fourth quarter. As we continue to navigate the...
BuzzFeed Inc. saw user engagement drop by 32 percent during the third quarter as ad revenue remained flat compared to the previous year.
In total, users spent 151 million hours with BuzzFeed’s content across the company’s owned and operated sites, YouTube and Apple News. Total revenue for the quarter hit 103.7 million, representing a 15 percent year-over-year increase — beating company forecasts of a 4 to 8 percent yearly increase — but a slight quarterly decline.
Ad revenue, which has taken a hit across the digital advertising–reliant industry as marketers contend with smaller ad budgets, amounted to 50.4 million during Q3.
To close out the year, BuzzFeed has set Q4 revenue expectations between 129 to 134 million while adjusted Ebitda is expected to land between 12.5 to 17.5 million.
“Looking ahead, we are on pace to deliver our strongest performance of the year in the fourth quarter. As we continue to navigate the...
- 11/14/2022
- by J. Clara Chan
- The Hollywood Reporter - Movie News
Click here to read the full article.
BuzzFeed brought in 106.8 million in revenue during the second quarter as total time spent by users declined to 154 million hours, representing a 19 percent drop year over year.
BuzzFeed CEO Jonah Peretti previously said in May during the company’s earnings call that he expected Q2 revenues to surpass 100 million.
Though total revenue — driven by ads — surpassed that bench mark, BuzzFeed ended the quarter with 23.6 million in net losses. Content accounted for 40.3 million of the company’s revenue, representing a 66 percent year-over-year increase, while commerce revenue saw a 22 percent decline compared to the previous year, bringing in roughly 13.3 million during Q2.
“We expect recession concerns to continue putting pressure on advertising, and we’re prepared for what comes next,” Peretti said in announcing BuzzFeed’s Q2 results. “We’ve navigated multiple economic downturns and seismic industry shifts. I am confident we’ll do so again,...
BuzzFeed brought in 106.8 million in revenue during the second quarter as total time spent by users declined to 154 million hours, representing a 19 percent drop year over year.
BuzzFeed CEO Jonah Peretti previously said in May during the company’s earnings call that he expected Q2 revenues to surpass 100 million.
Though total revenue — driven by ads — surpassed that bench mark, BuzzFeed ended the quarter with 23.6 million in net losses. Content accounted for 40.3 million of the company’s revenue, representing a 66 percent year-over-year increase, while commerce revenue saw a 22 percent decline compared to the previous year, bringing in roughly 13.3 million during Q2.
“We expect recession concerns to continue putting pressure on advertising, and we’re prepared for what comes next,” Peretti said in announcing BuzzFeed’s Q2 results. “We’ve navigated multiple economic downturns and seismic industry shifts. I am confident we’ll do so again,...
- 8/9/2022
- by J. Clara Chan
- The Hollywood Reporter - Movie News
Disney, Netflix, Paramount, Comcast, Warner Bros. Discovery, Sony, Meta and several major media and entertainment companies said they will cover travel costs for employees seeking abortions after the Supreme Court overturned Roe v. Wade.
In the wake of the ruling, Disney reached out to employees on Friday to stress that they recognize the “impact” of the Supreme Court’s decision and “remain committed to providing comprehensive access to quality and affordable care” for all Disney employees and their families, which includes family planning and reproductive care, “no matter where they live,” an internal source told Variety. For Disney employees unable to access a medical service, including abortions, in one location, they have a travel benefit that allows for “affordable coverage for receiving similar levels of care in another location.” Walt Disney World, one of the company’s major theme parks is located in Orlando. Florida Gov. Ron DeSantis has already...
In the wake of the ruling, Disney reached out to employees on Friday to stress that they recognize the “impact” of the Supreme Court’s decision and “remain committed to providing comprehensive access to quality and affordable care” for all Disney employees and their families, which includes family planning and reproductive care, “no matter where they live,” an internal source told Variety. For Disney employees unable to access a medical service, including abortions, in one location, they have a travel benefit that allows for “affordable coverage for receiving similar levels of care in another location.” Walt Disney World, one of the company’s major theme parks is located in Orlando. Florida Gov. Ron DeSantis has already...
- 6/24/2022
- by Jennifer Maas, Brent Lang, Joe Otterson and Todd Spangler
- Variety Film + TV
Special purpose acquisition companies—known as SPACs—have been all the rage in the world of investment for the last two years, and they’ve made a mark in the media space, but is the trend slowing down?
Known as ‘blank check companies’, SPACs are publicly traded investment vehicles that raise capital solely to acquire existing companies. They are often fronted by a well-known figure and are seen as a simpler alternative to going public via an IPO. They can also provide everyman investors with an opportunity to tap into the high growth that some companies experience in their early years. At the same time, of course, a disappointing debut can register significant losses.
In some instances, SPACs will be announced with specific investment targets in mind, like when Virgin Galactic completed a successful Spac merger in 2019 and launched a trend of similar endeavours across the past two years. On other occasions,...
Known as ‘blank check companies’, SPACs are publicly traded investment vehicles that raise capital solely to acquire existing companies. They are often fronted by a well-known figure and are seen as a simpler alternative to going public via an IPO. They can also provide everyman investors with an opportunity to tap into the high growth that some companies experience in their early years. At the same time, of course, a disappointing debut can register significant losses.
In some instances, SPACs will be announced with specific investment targets in mind, like when Virgin Galactic completed a successful Spac merger in 2019 and launched a trend of similar endeavours across the past two years. On other occasions,...
- 5/24/2022
- by Tom Grater
- Deadline Film + TV
Jonah Peretti, founder and CEO of digital publisher BuzzFeed announced plans to downsize its news business amid the departure of several editors.
Companywide workforce reductions at the digital publisher, which went public last year via a Spac deal, will impact about 1.7% of its total workforce including small cuts at both BuzzFeed Video and Complex Editorial.
BuzzFeed this morning reported fourth-quarter revenue and net income gains but also said it anticipates sales and profit for the current March quarter will fall year-on-year.
Peretti, in a note to BuzzFeed staff Tuesday, said BuzzFeed News editor in chief Mark Schoofs had decided to leave the company and Samantha Kenig would serve as interim Eic. “She and I will talk to BuzzFeed News later today about our plans to position BuzzFeed News to thrive in the current media ecosystem, accelerate its path to profitability, and become a stronger financial contributor to the overall BuzzFeed,...
Companywide workforce reductions at the digital publisher, which went public last year via a Spac deal, will impact about 1.7% of its total workforce including small cuts at both BuzzFeed Video and Complex Editorial.
BuzzFeed this morning reported fourth-quarter revenue and net income gains but also said it anticipates sales and profit for the current March quarter will fall year-on-year.
Peretti, in a note to BuzzFeed staff Tuesday, said BuzzFeed News editor in chief Mark Schoofs had decided to leave the company and Samantha Kenig would serve as interim Eic. “She and I will talk to BuzzFeed News later today about our plans to position BuzzFeed News to thrive in the current media ecosystem, accelerate its path to profitability, and become a stronger financial contributor to the overall BuzzFeed,...
- 3/22/2022
- by Jill Goldsmith and Ted Johnson
- Deadline Film + TV
BuzzFeed sales jumped 51% last quarter to $89 million on gains in advertising and commerce as the digital media publisher prepares to go public via a Spac merger and acquire another company, Complex Networks.
Ad revenue increased 79% to $48 million, driven by higher pricing on programmatic and an increase in the total number of impressions sold. Commerce coin increased 82% to $17 million. And content revenue nosed up 5% to $24 million, reflecting the recovery from the impact of Covid-19, the company said. The updated numbers were filed with the SEC as part of its proposed merger announced in June with a special purpose acquisition company called 890 Fifth Avenue Partners in tandem with plans to buy Complex Networks from Verizon and Hearst.
That deal kicked off a stream of others in digital media with sites like Politico and The Hill both changing hands most recently — sold respectively to Alex Springer and Nexstar Media. Digital publisher Group Nine...
Ad revenue increased 79% to $48 million, driven by higher pricing on programmatic and an increase in the total number of impressions sold. Commerce coin increased 82% to $17 million. And content revenue nosed up 5% to $24 million, reflecting the recovery from the impact of Covid-19, the company said. The updated numbers were filed with the SEC as part of its proposed merger announced in June with a special purpose acquisition company called 890 Fifth Avenue Partners in tandem with plans to buy Complex Networks from Verizon and Hearst.
That deal kicked off a stream of others in digital media with sites like Politico and The Hill both changing hands most recently — sold respectively to Alex Springer and Nexstar Media. Digital publisher Group Nine...
- 9/9/2021
- by Jill Goldsmith
- Deadline Film + TV
BuzzFeed’s buzzy Spac merger last month and pending IPO have turned up the spotlight on Vice Media Group, also known for reaching young audiences with provocative content.
It’s retained that aura even as digital media fortunes rose and fell — and appear to be rising again. Internet content players’ new phase is emboldened by an army of so-called special purpose acquisition companies run by combinations of investor-backers and executives that buy businesses and take them public.
IPOs bring in cash needed to expand, including acquiring smaller competitors. BuzzFeed bought Complex Networks as part of its Spac deal and CEO Jonah Peretti was clear at a press conference that its still on the prowl. Digital Publisher Group Nine Media, owner of PopSugar, TheDodo and Thrillist, has launched its own Spac to roll up other properties.
Barry Lowenthal, CEO of The Media Kitchen, a media planning and buying agency, said a...
It’s retained that aura even as digital media fortunes rose and fell — and appear to be rising again. Internet content players’ new phase is emboldened by an army of so-called special purpose acquisition companies run by combinations of investor-backers and executives that buy businesses and take them public.
IPOs bring in cash needed to expand, including acquiring smaller competitors. BuzzFeed bought Complex Networks as part of its Spac deal and CEO Jonah Peretti was clear at a press conference that its still on the prowl. Digital Publisher Group Nine Media, owner of PopSugar, TheDodo and Thrillist, has launched its own Spac to roll up other properties.
Barry Lowenthal, CEO of The Media Kitchen, a media planning and buying agency, said a...
- 7/13/2021
- by Ted Johnson and Jill Goldsmith
- Deadline Film + TV
During the venture capital-funded digital media boom of the 2010s, startup founders often voiced world-conquering ambitions. In 2014, Vice Media co-founder Shane Smith bragged: “We won’t be the next CNN or ESPN or MTV. We’ll be 10 times that size.” A year later, BuzzFeed CEO Jonah Peretti informed staff that they were building “a global, cross-platform network for news and entertainment, … something that has never existed before.” Half a decade later, those grandiose visions are gone as both companies claw to claim a larger share of advertising revenue in a landscape dominated by Facebook and Google.
Their risky gambit? ...
Their risky gambit? ...
- 6/30/2021
- The Hollywood Reporter - Film + TV
During the venture capital-funded digital media boom of the 2010s, startup founders often voiced world-conquering ambitions. In 2014, Vice Media co-founder Shane Smith bragged: “We won’t be the next CNN or ESPN or MTV. We’ll be 10 times that size.” A year later, BuzzFeed CEO Jonah Peretti informed staff that they were building “a global, cross-platform network for news and entertainment, … something that has never existed before.” Half a decade later, those grandiose visions are gone as both companies claw to claim a larger share of advertising revenue in a landscape dominated by Facebook and Google.
Their risky gambit? ...
Their risky gambit? ...
- 6/30/2021
- The Hollywood Reporter - Movie News
Updated with details from press conference: Buzzfeed founder and CEO Jonah Peretti and Adam Rothstein, executive chairman of the Spac that’s taking it public, both said they see many more acquisitions in the company’s future.
“We are hoping to really build an M&a machine,” said Rothstein of the special purpose acquisition company 890 Fifth Avenue Partners. The deal announced today included BuzzFeed’s acquisition of Complex Networks for $300 million.
“There will be more acquisitions. There are more exciting companies out there that we want to pursue,” agreed Peretti. They spoke at a press conference announcing their merger.
Neither would comment on potential targets. “We are not going to buy Viacom, I can confirm that,” Peretti joked.
Digital publisher Group Nine formed a Spac to hunt for companies to buy. Vice Media is said to be merging with a Spac itself. SPACs are formed by investors and executives and...
“We are hoping to really build an M&a machine,” said Rothstein of the special purpose acquisition company 890 Fifth Avenue Partners. The deal announced today included BuzzFeed’s acquisition of Complex Networks for $300 million.
“There will be more acquisitions. There are more exciting companies out there that we want to pursue,” agreed Peretti. They spoke at a press conference announcing their merger.
Neither would comment on potential targets. “We are not going to buy Viacom, I can confirm that,” Peretti joked.
Digital publisher Group Nine formed a Spac to hunt for companies to buy. Vice Media is said to be merging with a Spac itself. SPACs are formed by investors and executives and...
- 6/24/2021
- by Jill Goldsmith
- Deadline Film + TV
BuzzFeed made a short-but-sweet return to the (virtual) NewFronts stage for the first time since 2016, where in lieu of a traditional content slate announcement, the publisher shared how it has diversified its business in recent years over the course of a breezy, 10-minute presentation.
Looking beyond content, BuzzFeed turned a spotlight on its commerce and affiliate business -- with CEO Jonah Peretti noting that the company has driven hundreds of millions of dollars in transactions -- as well as licensing, branded content, and its new ad data product, Lighthouse.
Lighthouse, launched in March, enables marketers to tap into data from across the BuzzFeed network for more sophisticated targeting. One learning, for instance, is that someone reading food content is five times more likely to search for parenting content. Lighthouse surfaces data from across all of BuzzFeed's properties, including BuzzFeed.com, BuzzFeed News, Tasty, and recently-acquired HuffPost -- for a total...
Looking beyond content, BuzzFeed turned a spotlight on its commerce and affiliate business -- with CEO Jonah Peretti noting that the company has driven hundreds of millions of dollars in transactions -- as well as licensing, branded content, and its new ad data product, Lighthouse.
Lighthouse, launched in March, enables marketers to tap into data from across the BuzzFeed network for more sophisticated targeting. One learning, for instance, is that someone reading food content is five times more likely to search for parenting content. Lighthouse surfaces data from across all of BuzzFeed's properties, including BuzzFeed.com, BuzzFeed News, Tasty, and recently-acquired HuffPost -- for a total...
- 5/5/2021
- by Geoff Weiss
- Tubefilter.com
Less than one month after its acquisition of HuffPost from Verizon Media, BuzzFeed has announced sweeping cuts to the HuffPost newsroom.
As part of a restructuring, 47 employees in the U.S. have been laid off -- eight of whom work in management. This includes executive editor Hillary Frey, who had been leading the HuffPost U.S. newsroom following the departure of Lydia Polgreen, and executive director, international, Louise Roug. At the same time, HuffPost’s Canadian iteration will cease operations later this month.
HuffPost reports that BuzzFeed CEO Jonah Peretti told staff that the layoffs were being conducted to “fast-track the path to profitability” after HuffPost's losses totaled $20 million in 2020.
“Though BuzzFeed is a profitable company, we don’t have the resources to support another two years of losses,” he said, per HuffPost. “We want to ensure the homepage remains a top destination on the internet. We also want to maintain high traffic,...
As part of a restructuring, 47 employees in the U.S. have been laid off -- eight of whom work in management. This includes executive editor Hillary Frey, who had been leading the HuffPost U.S. newsroom following the departure of Lydia Polgreen, and executive director, international, Louise Roug. At the same time, HuffPost’s Canadian iteration will cease operations later this month.
HuffPost reports that BuzzFeed CEO Jonah Peretti told staff that the layoffs were being conducted to “fast-track the path to profitability” after HuffPost's losses totaled $20 million in 2020.
“Though BuzzFeed is a profitable company, we don’t have the resources to support another two years of losses,” he said, per HuffPost. “We want to ensure the homepage remains a top destination on the internet. We also want to maintain high traffic,...
- 3/9/2021
- by Geoff Weiss
- Tubefilter.com
BuzzFeed said Tuesday that it will cut the size of the staff of HuffPost after it acquired the news site.
The cuts will affect 47 employees in the U.S., while HuffPost Canada is closing and HuffPost Australia will be moving away from local coverage, according to a BuzzFeed spokesperson. They also will look at proposals to slim down operations in Australia and the UK.
Hillary Frey, executive editor of HuffPost, and Louise Roug, executive editor for international, will depart the company after the transition. They also are in the final interview stage in their search for a new editor in chief, with an announcement expected in the coming weeks. The cutbacks will leave HuffPost with about 140 employees in the U.S.
BuzzFeed announced in November that it was acquiring HuffPost in what was described as a strategic partnership with Verizon Media, the previous owner. Under the deal, Verizon Media became...
The cuts will affect 47 employees in the U.S., while HuffPost Canada is closing and HuffPost Australia will be moving away from local coverage, according to a BuzzFeed spokesperson. They also will look at proposals to slim down operations in Australia and the UK.
Hillary Frey, executive editor of HuffPost, and Louise Roug, executive editor for international, will depart the company after the transition. They also are in the final interview stage in their search for a new editor in chief, with an announcement expected in the coming weeks. The cutbacks will leave HuffPost with about 140 employees in the U.S.
BuzzFeed announced in November that it was acquiring HuffPost in what was described as a strategic partnership with Verizon Media, the previous owner. Under the deal, Verizon Media became...
- 3/9/2021
- by Ted Johnson
- Deadline Film + TV
Digital media giant BuzzFeed has acquired fellow publisher HuffPost, as part of a larger advertising and content partnership between BuzzFeed and HuffPost’s parent company, Verizon Media. As part of the acquisition, Verizon Media has also purchased a minority stake in BuzzFeed.
The size of Verizon Media’s investment in BuzzFeed wasn't disclosed, though BuzzFeed purchased HuffPost in a stock deal, The Wall Street Journal reports. Notably, BuzzFeed founder Jonah Peretti was also the co-founder of HuffPost in 2005 alongside Arianna Huffington, Andrew Breitbart, and Kenneth Lerer. HuffPost was acquired by AOL for $315 million in 2011, and AOL was acquired by Verizon for $4.4 billion in 2015. Verizon Media, for its part, is the media division of the telecom giant, whose portfolio also includes Yahoo and Techcrunch.
The multi-faceted deal, BuzzFeed and Verizon Media say, will unlock new revenue opportunities in terms of content syndication across both properties. BuzzFeed and Verizon Media will also...
The size of Verizon Media’s investment in BuzzFeed wasn't disclosed, though BuzzFeed purchased HuffPost in a stock deal, The Wall Street Journal reports. Notably, BuzzFeed founder Jonah Peretti was also the co-founder of HuffPost in 2005 alongside Arianna Huffington, Andrew Breitbart, and Kenneth Lerer. HuffPost was acquired by AOL for $315 million in 2011, and AOL was acquired by Verizon for $4.4 billion in 2015. Verizon Media, for its part, is the media division of the telecom giant, whose portfolio also includes Yahoo and Techcrunch.
The multi-faceted deal, BuzzFeed and Verizon Media say, will unlock new revenue opportunities in terms of content syndication across both properties. BuzzFeed and Verizon Media will also...
- 11/19/2020
- by Geoff Weiss
- Tubefilter.com
BuzzFeed is teaming with Lionsgate to make “socially relevant and high-concept feature films” for Gen Z and millennial audiences — whatever that might mean.
The companies announced a pact under which they will jointly develop, produce and distribute films. Those will have “unique, primarily digital, distribution strategies,” according to the announcement: In other words, don’t expect to see many of these movies hitting theaters.
Lionsgate and BuzzFeed plan to launch their first co-production in 2021. The companies said they have “a number of films” in development, but didn’t provide details.
The parties said they will tap into a “wide range of talent, from award-winning filmmakers to emerging new voices” and that the aim of the deal is to “elevate contemporary, authentic storytellers.” Some of the movie projects will be based on BuzzFeed intellectual property.
The Lionsgate/BuzzFeed development process will use data from BuzzFeed’s audience-analytics team coupled with the studio’s day-and-date release model,...
The companies announced a pact under which they will jointly develop, produce and distribute films. Those will have “unique, primarily digital, distribution strategies,” according to the announcement: In other words, don’t expect to see many of these movies hitting theaters.
Lionsgate and BuzzFeed plan to launch their first co-production in 2021. The companies said they have “a number of films” in development, but didn’t provide details.
The parties said they will tap into a “wide range of talent, from award-winning filmmakers to emerging new voices” and that the aim of the deal is to “elevate contemporary, authentic storytellers.” Some of the movie projects will be based on BuzzFeed intellectual property.
The Lionsgate/BuzzFeed development process will use data from BuzzFeed’s audience-analytics team coupled with the studio’s day-and-date release model,...
- 7/28/2020
- by Todd Spangler
- Variety Film + TV
BuzzFeed News has found a replacement for founding editor-in-chief Ben Smith, who departed the site in January to become a media columnist for The New York Times.
Mark Schoofs, a visiting professor at the USC Annenberg School for Communication and Journalism, will assume the role on May 18, based in Los Angeles.
The Pulitzer Prize winner -- for his reporting on AIDS in Africa at The Village Voice, and on the 9/11 terrorist attacks for The Wall Street Journal -- will oversee BuzzFeed News, which says it reaches tens of millions of people each month. Prior to joining the outlet in its top spot, Schoofs led a team of investigative journalists at nonprofit newsroom ProPublica, and actually helped create the BuzzFeed News investigations team back in 2014.
“I’m so excited to welcome Mark back to BuzzFeed, because I know how deeply committed he is to ensuring that BuzzFeed News remains the best...
Mark Schoofs, a visiting professor at the USC Annenberg School for Communication and Journalism, will assume the role on May 18, based in Los Angeles.
The Pulitzer Prize winner -- for his reporting on AIDS in Africa at The Village Voice, and on the 9/11 terrorist attacks for The Wall Street Journal -- will oversee BuzzFeed News, which says it reaches tens of millions of people each month. Prior to joining the outlet in its top spot, Schoofs led a team of investigative journalists at nonprofit newsroom ProPublica, and actually helped create the BuzzFeed News investigations team back in 2014.
“I’m so excited to welcome Mark back to BuzzFeed, because I know how deeply committed he is to ensuring that BuzzFeed News remains the best...
- 5/5/2020
- by Geoff Weiss
- Tubefilter.com
BuzzFeed’s three-year-old travel vertical BringMe, has just inked a sweeping partnership with Hilton, which will see the global hotel chain become the publisher's official title sponsor.
The pact will also pair BringMe content with Hilton’s direct-booking tools, enabling readers and viewers to purchase stays seamlessly. In addition to native and experiential Hilton ads, the partnership will also comprise an affiliate program, whereby links will appear in relevant BringMe content. BuzzFeed notes that while its content frequently spurs purchases -- 70% of weekly users say the site inspires purchasing decisions -- this brings its affiliate business into the travel sector for the first time.
“BuzzFeed’s strength is building brands that drive action Irl," BuzzFeed founder and CEO Jonah Peretti said in a statement. "[Food vertical] Tasty empowers millions of people to cook and try new recipes every day and now BringMe is inspiring young people to visit new places and explore new things.
The pact will also pair BringMe content with Hilton’s direct-booking tools, enabling readers and viewers to purchase stays seamlessly. In addition to native and experiential Hilton ads, the partnership will also comprise an affiliate program, whereby links will appear in relevant BringMe content. BuzzFeed notes that while its content frequently spurs purchases -- 70% of weekly users say the site inspires purchasing decisions -- this brings its affiliate business into the travel sector for the first time.
“BuzzFeed’s strength is building brands that drive action Irl," BuzzFeed founder and CEO Jonah Peretti said in a statement. "[Food vertical] Tasty empowers millions of people to cook and try new recipes every day and now BringMe is inspiring young people to visit new places and explore new things.
- 2/6/2020
- by Geoff Weiss
- Tubefilter.com
Cindy Vanegas-Gesaule, the head of programming for BuzzFeed News, is adding even more responsibility to her docket, as the digital publisher rethinks its approach to TV and film.
The Hollywood Reporter reports that, five years after pivoting to TV and film production with the launch of BuzzFeed Motion Pictures (which was subsequently renamed BuzzFeed Studios), the company will seek to imagine new formats. This is given that so many people are consuming content on Ott services. To this end, CEO Jonah Peretti said that the company will harness its digital acumen via shows that include interactivity, social media, and livestreaming. Peretti told the Reporter that BuzzFeed won’t abandon TV and film -- just that it wants to exploit its digital-native strengths with future projects.
"Making TV is great, but we’re even more interested in figuring out the future of TV,” he wrote in a memo to staffers obtained by the Reporter.
The Hollywood Reporter reports that, five years after pivoting to TV and film production with the launch of BuzzFeed Motion Pictures (which was subsequently renamed BuzzFeed Studios), the company will seek to imagine new formats. This is given that so many people are consuming content on Ott services. To this end, CEO Jonah Peretti said that the company will harness its digital acumen via shows that include interactivity, social media, and livestreaming. Peretti told the Reporter that BuzzFeed won’t abandon TV and film -- just that it wants to exploit its digital-native strengths with future projects.
"Making TV is great, but we’re even more interested in figuring out the future of TV,” he wrote in a memo to staffers obtained by the Reporter.
- 6/7/2019
- by Geoff Weiss
- Tubefilter.com
BuzzFeed is revamping its studio business by putting Cindy Vanegas-Gesuale, its current head of programming at BuzzFeed News, in charge of its TV and film operations, according to a company memo.
Vanegas-Gesuale replaces Lauren Dolgen, who last month left the company to join the Paramount Network. She’s expected to jumpstart its studio business, which has struggled to create projects that gain much traction since its launch in 2014.
BuzzFeed CEO Jonah Peretti said in a staff memo the move comes as the publisher looks to make a mark on a “post-tv world” that’s increasingly dominated by streaming platforms.
Also Read: Bernie Sanders Rebukes BuzzFeed for 'Stalling Tactics' in Union Negotiations
“Cindy and the BuzzFeed Studios team will continue to move the current slate forward while aggressively adding in new projects across the company,” Peretti wrote in the memo. “As we look ahead, our strategy with Studios will mirror what...
Vanegas-Gesuale replaces Lauren Dolgen, who last month left the company to join the Paramount Network. She’s expected to jumpstart its studio business, which has struggled to create projects that gain much traction since its launch in 2014.
BuzzFeed CEO Jonah Peretti said in a staff memo the move comes as the publisher looks to make a mark on a “post-tv world” that’s increasingly dominated by streaming platforms.
Also Read: Bernie Sanders Rebukes BuzzFeed for 'Stalling Tactics' in Union Negotiations
“Cindy and the BuzzFeed Studios team will continue to move the current slate forward while aggressively adding in new projects across the company,” Peretti wrote in the memo. “As we look ahead, our strategy with Studios will mirror what...
- 6/6/2019
- by Sean Burch and Brian Welk
- The Wrap
Ze Frank, an early video mastermind at viral publisher BuzzFeed, has departed the digital media giant.
Frank, who transitioned into the role of head and research and development last year after the disbandment of the BuzzFeed Entertainment Group -- over which he previously presided -- is departing his everyday role at the company, but will stay on as an adviser, per The Hollywood Reporter . The Reporter notes that Frank has been contemplating next steps for some time. In the last year, he has also started to post more regularly on his YouTube channel -- which counts 2.4 million subscribers -- with a series called True Facts examining unusual animals.
"BuzzFeed wouldn't be BuzzFeed without Ze's contributions," CEO Jonah Peretti wrote in a memo to staffers on Friday, noting that Frank had decided to “move on to new challenges beyond BuzzFeed." In the memo, Peretti effused that “shards of [Frank's] brilliance have permeated...
Frank, who transitioned into the role of head and research and development last year after the disbandment of the BuzzFeed Entertainment Group -- over which he previously presided -- is departing his everyday role at the company, but will stay on as an adviser, per The Hollywood Reporter . The Reporter notes that Frank has been contemplating next steps for some time. In the last year, he has also started to post more regularly on his YouTube channel -- which counts 2.4 million subscribers -- with a series called True Facts examining unusual animals.
"BuzzFeed wouldn't be BuzzFeed without Ze's contributions," CEO Jonah Peretti wrote in a memo to staffers on Friday, noting that Frank had decided to “move on to new challenges beyond BuzzFeed." In the memo, Peretti effused that “shards of [Frank's] brilliance have permeated...
- 4/1/2019
- by Geoff Weiss
- Tubefilter.com
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