BuzzFeed Inc Class A

BuzzFeed will cut about 35% of its workforce (around 180 employees and permanent freelancers at BuzzFeed, HuffPost and Tasty); the board approved the plan on July 22 and the announcement was published on July 27. The stock rose 14.2% in premarket trading. Management expects annual savings of $29–32 million with one‑time restructuring costs of $6.5–8.5 million, to be incurred mostly in Q3 2026. The move is presented as a cost‑optimization under new leadership after Byron Allen’s majority stake and comes one week before the Q2 results are released on August 4. » Mere på de.investing.com

BuzzFeed has appointed Stanley E. Washington, effective Wednesday, as an independent member of its board of directors; he will serve on the audit, nominating and corporate governance committees and will chair the compensation committee. Greg Coleman is leaving the board. The appointment comes as BuzzFeed struggles with high debt, high cash burn and weak EBITDA; market capitalization is about $107.5 million. » Mere på de.investing.com

Allen Family Digital bought 40 million common shares of BuzzFeed at $3.00 each and financed the transaction with $20 million in cash plus a $100 million promissory note (5 years, 5% p.a.). BuzzFeed used $12.5 million of the cash proceeds to pay down debt; the purchase values 51% of the company at $120 million, despite a market capitalization of about $66 million. Byron Allen will take on the roles of chairman and CEO, while founder Jonah Peretti moves to the newly created role of president of BuzzFeed AI. The company reported $181 million in revenue over the last twelve months and a negative EBITDA of $12 million; the stock trades at $1.74. » Mere på de.investing.com