Founder’s Big Idea to Revive BuzzFeed’s Fortunes? A Merger With Rivals [The New York Times]
Meta Platforms, Inc. - Class A (FB)
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Source: The New York Times
BuzzFeed has long positioned itself as the future of publishing — it practices the mysterious arts of digital media better than anyone. From the beginning, its ability to know, before anyone else, what sort of content would go viral delivered it a large audience and helped the company attract half a billion dollars in venture money and a steady stream of mostly positive media attention . Then came 2017, when the company fell far short of its revenue goal of $350 million. Sales instead came in flat at about $260 million , according to three people with knowledge of the matter who spoke on the condition of anonymity to discuss the company’s finances. One hundred people were laid off. Considerations for a public offering in late 2018 were shelved. But a modest turnaround has begun. The company expects to surpass $300 million in revenue this year, the three people said. To get there, BuzzFeed now sells cookware at Walmart and accepts banner ads on its web pages. It runs a
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