BuzzFeed sells Complex Networks for less than half of what it paid and slashes 16% of staff By Oliver Darcy , CNN 3 minute read Updated 4:22 PM EST, Wed February 21, 2024 Link Copied! [CNN...
BuzzFeed, Inc. - Class A (BZFD)
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Source: CNN
in street culture, in a deal that further shrinks the struggling Jonah Peretti-led digital media empire that was once synonymous with virality and the social media age. The $108.6 million sale of Complex is less than half of the $300 million BuzzFeed paid for the brand in 2021 and came as the company announced it would lay off 16% of its staff ahead of a “planned strategic restructuring” next week to “enhance the company's profitability” and “reduce centralized costs.” “The sale of Complex represents an important strategic step for BuzzFeed, Inc. as we adapt our business to be more profitable, more nimble, and more innovative,” said Peretti, the chief executive of BuzzFeed. “This is also an opportunity to unlock greater value for the Complex brand by combining it with NTWRK's expansive, commerce-driven business.” Ad Feedback The uniting of NTWRK and Complex is, indeed, something of a natural marriage. NTWRK serves as a marketplace for many of the items that Complex covers, suc
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News
- BuzzFeed, Inc. Announces 1-For-4 Reverse Stock Split [Yahoo! Finance]Yahoo! Finance
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- BuzzFeed, Inc. to Release First Quarter 2024 Financial Results on Monday, May 13, 2024 [Yahoo! Finance]Yahoo! Finance
- BuzzFeed, Inc. to Release First Quarter 2024 Financial Results on Monday, May 13, 2024Business Wire
- My Best Current Micro-Cap Idea: BuzzFeed, Inc. [Seeking Alpha]Seeking Alpha
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Earnings
- 8/8/23 - Miss
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Sec Filings
- 5/2/24 - Form 8-K
- 5/1/24 - Form 4
- 5/1/24 - Form 4
- BZFD's page on the SEC website