BuzzFeed Shares Soar After Sale Of Complex [zero hedge]
BuzzFeed, Inc. - Class A (BZFD)
Company Research
Source: zero hedge
BuzzFeed Shares Soar After Sale Of Complex Corporate media is on life support. Advertising revenues are sliding, mass layoffs are hitting woke publications, and 'restructurings' are happening all over. Last month, Authentic Brands Group sent rights holder Arena Group a letter terminating Sports Illustrated's license after failing to pay a $3.75 million quarterly payment at the end of 2023. In other words, the publisher likely wasn't bringing in enough profit to maintain the iconic brand. Arena Group also announced mass layoffs for the brand. News broke late Wednesday that BuzzFeed, facing severe financial difficulties, is selling Complex, a media start-up focusing on streetwear and pop culture, at a massive loss. The buyer of Complex is Ntwrk, an e-commerce company backed by Main Street Advisors and LiveNation Entertainment. Ntwrk agreed to pay $108.6 million for Complex. It will also pay BuzzFeed $5.7 million to cover severance expenses for laid-off Complex employees. The company als
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News
- BuzzFeed, Inc. Announces 1-For-4 Reverse Stock Split [Yahoo! Finance]Yahoo! Finance
- BuzzFeed, Inc. Announces 1-For-4 Reverse Stock SplitBusiness Wire
- 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
BZFD
Earnings
- 8/8/23 - Miss
BZFD
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