Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 2, 2023
BuzzFeed, Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of
 incorporation or organization)
 File Number)
(I.R.S. Employer
 Identification Number)
229 West 43rd Street
New York, New York 10036
(Address of registrant’s principal executive offices, and zip code)
(646) 397-2039
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:

Title of each class 
Name of each exchange
 on which registered
Class A Common Stock, $0.0001 par value per share BZFD The Nasdaq Stock Market LLC
Redeemable warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share BZFDW The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.
On November 2, 2023, BuzzFeed, Inc. (the “Company”), issued a press release (the “Press Release”) announcing its financial results for the quarter ended September 30, 2023. The Company also announced that it would be holding a conference call on November 2, 2023 to discuss its financial results. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information included under Item 2.02 of this Current Report on Form 8-K and the exhibits hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it been deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

On November 2, 2023, the Company posted supplemental investor materials on the Investors Relations section of its website, available at The Company announces material information to the public through filings with the Securities and Exchange Commission, the investor relations page on the Company’s website, press releases, public conference calls and webcasts in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.

The information disclosed by the foregoing channels could be deemed to be material information. As such, the Company encourages investors, the media and others to follow the channels listed above and to review the information disclosed through such channels.

Any updates to the list of disclosure channels through which the Company announces information will be posted on the investor relations page on the Company’s website.

The following Exhibits are filed as part of this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document).

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:November 2, 2023  
  BuzzFeed, Inc.
  By: /s/ Jonah Peretti
   Name: Jonah Peretti
   Title: Chief Executive Officer


BuzzFeed, Inc. Announces Third Quarter 2023 Financial Results

NEW YORK – (November 2, 2023)BuzzFeed, Inc. (“BuzzFeed” or the “Company”) (Nasdaq: BZFD), a premier digital media company for the most diverse, most online, and most socially engaged generations the world has ever seen, today announced financial results for the third quarter ended September 30, 2023.

“We’ve taken significant steps to combat the ongoing traffic and monetization challenges facing digital media companies. We continue to be laser-focused on driving traffic directly to our owned and operated websites and apps in order to reduce our dependence on the major tech platforms for audience traffic, improve monetization and pivot our business to adjust to the new realities of an altered digital media landscape,” said Jonah Peretti, BuzzFeed Founder & CEO.

Peretti continued, “Across our portfolio of premium brands and IP, we reach millions of young people every day who visit us directly to enjoy our content. And, with the strategic and organizational changes we executed earlier this year, we are well-positioned to drive a year-over-year improvement in Adjusted EBITDA1 in Q4 and for the full year. Additionally, we are continuing to protect our liquidity position as we work toward building a sustainable long-term model for content creation.”

Third Quarter 2023 Financial and Operational Highlights
BuzzFeed delivered Q3 revenues of $73.3 million, declining 29% compared to the third quarter of 2022
Advertising revenue declined 35% year-over-year to $32.6 million
Content revenue declined 32% year-over-year to $26.2 million
Commerce and other revenues marginally declined 3% year-over-year to $14.5 million
Net loss was $13.9 million, compared to a net loss of $27.0 million in the third quarter of 2022
Adjusted EBITDA1 was $3.1 million, compared to Adjusted EBITDA loss of $2.4 million in the third quarter of 2022
Time Spent decreased 19% year-over-year to 92 million hours2
BuzzFeed ended the period with cash and cash equivalents of approximately $42 million

Fourth Quarter 2023 Financial Outlook
For the fourth quarter of 2023:
We expect overall revenues in the range of $99 to $110 million
We expect Adjusted EBITDA in the range of $20 to $30 million
These statements are forward-looking and actual results may differ materially as a result of many factors. Refer to “Forward-Looking Statements” below for information on factors that could cause our actual results to differ materially from these forward-looking statements.

Please see “Non-GAAP Financial Measures” below for a description of how Adjusted EBITDA is calculated. While Adjusted EBITDA is a non-GAAP financial measure, we have not provided guidance for the most directly comparable GAAP financial measure — net loss — due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary to forecast such measure. Accordingly, a reconciliation of non-GAAP guidance for Adjusted EBITDA to the corresponding GAAP measure is not available.

1 Adjusted EBITDA is a non-GAAP financial measure. Please refer to “Non-GAAP Financial Measures” below for a description of how it is calculated and the tables at the back of this earnings release for a reconciliation of our GAAP and non-GAAP results.
2 Excludes Facebook; see below.

Quarterly Conference Call

BuzzFeed’s management team will hold a conference call to discuss our third quarter 2023 results today, November 2, at 5PM ET. The call will be available via webcast at under the heading News and Events, and parties interested in participating must register in advance. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. While it is not required, it is recommended you join 10 minutes prior to the event start time. A replay of the call will be made available at the same URL.

We have used, and intend to continue to use, the Investor Relations section of our website at as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.

BuzzFeed reports revenues across three primary business lines: Advertising, Content and Commerce and other. The definition of “Time Spent” is also set forth below.
Advertising revenues are primarily generated from advertisers for ads distributed against our editorial and news content, including display, pre-roll and mid-roll video products sold directly to brands and also programmatically. We distribute these ad products across our owned and operated sites as well as third-party platforms, primarily YouTube and Apple News.
Content revenues are primarily generated from clients for custom assets, including both long-form and short-form content, from branded quizzes to Instagram takeovers to sponsored content and content licensing. Revenues for film and TV projects are also included here.
Commerce and other revenues consist primarily of affiliate commissions earned on transactions initiated from our editorial shopping content. Revenues from our product licensing businesses are also included here. Additionally, we generate other revenues from the production of live and virtual events such as ComplexCon and ComplexLand.

Time Spent captures the time audiences spend engaging with our content across our owned and operated sites, as well as YouTube and Apple News, as measured by Comscore. This metric excludes time spent with our content on platforms for which we have minimal advertising capabilities that contribute to our Advertising revenues, including Instagram, TikTok, Facebook, Snapchat and Twitter. There are inherent challenges in measuring the total actual number of hours spent with our content across all platforms; however, we consider the data reported by Comscore to represent industry-standard estimates of the time actually spent on our largest distribution platforms with our most significant monetization opportunities. Effective January 1, 2023, we exclude time spent on Facebook from our measure of Time Spent as our monetization strategy is increasingly focused on advertising on our owned and operated properties, and Facebook now contributes an immaterial amount of advertising revenue. Time Spent on Facebook, as reported by Facebook, was approximately 11 million hours and 37 million hours for the three months ended September 30, 2023 and 2022, respectively, and 48 million hours and 157 million hours for the nine months ended September 30, 2023 and 2022, respectively, which is not included in Time Spent discussed above.

About BuzzFeed, Inc.
BuzzFeed, Inc. is home to the best of the Internet. Across pop culture, entertainment, shopping, food and news, our brands drive conversation and inspire what audiences watch, read, and buy now — and into the future. Born on the Internet in 2006, BuzzFeed is committed to making it better: providing trusted, quality, brand-safe news and entertainment to hundreds of millions of people; making content on the Internet more inclusive, empathetic, and creative; and inspiring our audience to live better lives.

Non-GAAP Financial Measures

Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures and represent key metrics used by management and our board of directors to measure the operational strength and performance of our business, to establish budgets, and to develop operational goals for managing our business. We define Adjusted EBITDA as net loss, excluding the impact of net (loss) income attributable to noncontrolling interests, income tax provision, interest

expense, net, other expense, net, depreciation and amortization, stock-based compensation, change in fair value of warrant liabilities, change in fair value of derivative liability, restructuring costs, impairment expense, transaction-related costs, certain litigation costs, public company readiness costs, and other non-cash and non-recurring items that management believes are not indicative of ongoing operations. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue for the same period.

We believe Adjusted EBITDA and Adjusted EBITDA margin are relevant and useful information for investors because they allow investors to view performance in a manner similar to the method used by our management. There are limitations to the use of Adjusted EBITDA and Adjusted EBITDA margin and our Adjusted EBITDA and Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.

Adjusted EBITDA and Adjusted EBITDA margin should not be considered a substitute for measures prepared in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data.

Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Our forward-looking statements include, but are not limited to, statements regarding our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts (including our outlook for Q4 and FY 2023) or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “affect,” “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about: (1) anticipated trends, growth rates, and challenges in our business and in the markets in which we operate; (2) demand for our products and services or changes in traffic or engagement with our brands and content; (3) changes in the business and competitive environment in which we and our current and prospective partners and advertisers operate; (4) developments and projections relating to our competitors and the digital media industry; (5) the impact of national and local economic and other conditions and developments in technology, each of which could influence the levels (rate and volume) of our advertising, the growth of our business and the implementation of our strategic initiatives; (6) our success in integrating and supporting the companies we acquire; (7) poor quality broadband infrastructure in certain markets; (8) technological developments, including artificial intelligence; (9) our success in retaining or recruiting, or changes required in, officers, key employees or directors; (10) our business, operations and financial performance, including expectations with respect to our financial and business performance and the benefits of our restructuring, including financial projections and business metrics and any underlying assumptions thereunder and future business plans and initiatives and growth opportunities; (11) our future capital requirements and sources and uses of cash, including, but not limited to, our ability to obtain additional capital in the future and the actions we may need to take in order to generate capital to fund our operations, any impacts of bank failures or issues in the broader United States or global financial systems, any restrictions imposed by our debt facilities, and any restrictions on our ability to access our cash and cash equivalents; (12) expectations regarding future acquisitions, partnerships or other relationships with third parties; (13) developments in the law and government regulation, including, but not limited to, revised foreign content and ownership regulations and the outcomes of legal proceedings, regulatory disputes and governmental investigations to which we are subject; (14) the anticipated impacts of current global supply chain disruptions; the war between Israel and Hamas or further escalation of tensions between Russia and Western countries and the related sanctions and geopolitical tensions, as well as further escalation of trade tensions between the United States and China; the inflationary environment; the tight labor market; the continued impact of the COVID-19 pandemic and evolving strains of COVID-19; and other macroeconomic factors on our business and the actions we may take in the future in response thereto; and (15) our ability to maintain the listing of our Class A common stock and warrants on the Nasdaq Stock Market LLC.
The forward-looking statements contained in this press release are based on current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the sections entitled “Risk Factors” in the Company’s annual and quarterly filings with the Securities and Exchange

Commission. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. There may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Media Contact
Carole Robinson, BuzzFeed:

Investor Relations Contact
Amita Tomkoria, BuzzFeed:

Financial Highlights
(Unaudited, dollars in thousands)

Three Months Ended September 30,% Change
Nine Months Ended September 30,
% Change
Advertising$32,589 $50,404 (35)%$102,234 $152,296 (33)%
Content26,250 38,416 (32)%79,347 110,979 (29)%
Commerce and other14,460 14,913 (3)%36,772 38,776 (5)%
Total revenue$73,299 $103,733 (29)%$218,353 $302,051 (28)%
Loss from operations
$(6,800)$(18,085)62 %$(56,605)$(78,271)28 %
Net loss
$(13,932)$(26,993)48 %$(78,029)$(95,140)18 %
Adjusted EBITDA
$3,067 $(2,396)228 %$(17,261)$(17,067)(1)%

Consolidated Balance Sheets
(Unaudited, dollars and shares in thousands, except per share amounts)
September 30,
December 31,
Current assets
Cash and cash equivalents$42,470 $55,774 
Accounts receivable (net of allowance for doubtful accounts of $1,996 as at September 30, 2023 and $1,879 as at December 31, 2022)
60,817 116,460 
Prepaid expenses and other current assets24,320 26,373 
Total current assets127,607 198,607 
Property and equipment, net13,415 17,774 
Right-of-use assets51,162 66,581 
Capitalized software costs, net22,110 19,259 
Intangible assets, net109,941 121,329 
Goodwill91,632 91,632 
Prepaid expenses and other assets15,340 14,790 
Total assets$431,207 $529,972 
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable$41,610 $29,329 
Accrued expenses17,713 26,357 
Deferred revenue8,273 8,836 
Accrued compensation14,724 31,052 
Current lease liabilities21,312 23,398 
Other current liabilities4,171 3,900 
Total current liabilities107,803 122,872 
Noncurrent lease liabilities43,424 59,315 
Debt157,061 152,253 
Derivative liability30 180 
Warrant liabilities489 395 
Other liabilities445 403 
Total liabilities309,252 335,418 
Commitments and contingencies
Stockholders’ equity
Class A Common stock, $0.0001 par value; 700,000 shares authorized; 138,201 and 126,387 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
14 13 
Class B Common stock, $0.0001 par value; 20,000 shares authorized; 6,676 and 6,678 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
Class C Common stock, $0.0001 par value; 10,000 shares authorized; 0 and 6,478 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
Additional paid-in capital721,980 716,233 
Accumulated deficit(600,748)(523,063)
Accumulated other comprehensive loss(1,776)(1,968)
Total BuzzFeed, Inc. stockholders’ equity119,471 191,217 
Noncontrolling interests2,484 3,337 
Total stockholders’ equity121,955 194,554 
Total liabilities and stockholders’ equity$431,207 $529,972 

Consolidated Statements of Operations
(Unaudited, dollars and shares in thousands, except per share amounts)

Three Months Ended September 30,Nine Months Ended September 30,
Revenue$73,299 $103,733 $218,353 $302,051 
Costs and Expenses
Cost of revenue, excluding depreciation and amortization39,836 60,989 137,687 183,336 
Sales and marketing10,300 16,317 39,736 52,808 
General and administrative19,080 27,254 62,438 92,381 
Research and development2,815 5,900 10,594 23,345 
Depreciation and amortization8,068 9,198 24,503 26,292 
Impairment expense— 2,160 — 2,160 
Total costs and expenses80,099 121,818 274,958 380,322 
Loss from operations(6,800)(18,085)(56,605)(78,271)
Other expense, net(1,307)(2,752)(4,362)(5,330)
Interest expense, net(5,904)(5,171)(16,953)(14,992)
Change in fair value of warrant liabilities104 (395)(94)2,964 
Change in fair value of derivative liability30 300 150 3,525 
Loss before income taxes (13,877)(26,103)(77,864)(92,104)
Income tax provision55 890 165 3,036 
Net loss(13,932)(26,993)(78,029)(95,140)
Net income attributable to the redeemable noncontrolling interest— — — 164 
Net (loss) income attributable to noncontrolling interests(210)(137)(470)211 
Net loss attributable to BuzzFeed, Inc.$(13,722)$(26,856)$(77,559)$(95,515)
Net loss per Class A, Class B and Class C common share:
Basic and diluted$(0.09)$(0.19)$(0.54)$(0.69)
Weighted average common shares outstanding:
Basic and diluted145,053138,939142,585137,591

Consolidated Statements of Cash Flows
(Unaudited, USD in thousands)

Nine Months Ended September 30,
Operating activities:
Net loss$(78,029)$(95,140)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization24,503 26,292 
Unrealized (gain) loss on foreign currency30 4,906 
Stock based compensation5,178 18,859 
Change in fair value of warrants94 (2,964)
Change in fair value of derivative liability(150)(3,525)
Amortization of debt discount and deferred issuance costs4,475 3,863 
Deferred income tax404 1,957 
Provision for doubtful accounts(10)654 
Loss (gain) on investment3,500 (1,260)
Gain on disposition of assets (175)(500)
Non-cash lease expense15,460 14,962 
Impairment expense— 2,160 
Changes in operating assets and liabilities:
Accounts receivable54,823 50,761 
Prepaid expenses and other current assets and prepaid expenses and other assets(1,540)(6,469)
Accounts payable14,421 4,133 
Accrued compensation(16,299)(9,048)
Accrued expenses, other current liabilities and other liabilities (10,451)(3,177)
Lease liabilities(18,028)(17,728)
Deferred revenue(569)3,367 
Cash used in operating activities(2,363)(7,897)
Investing activities:
Capital expenditures(761)(4,528)
Capitalization of internal-use software(10,920)(9,746)
Proceeds from sale of asset175 500 
Cash used in investing activities(11,506)(13,774)
Financing activities:
Proceeds from exercise of stock options29 360 
Payment for shares withheld for employee taxes (407)(1,670)
Borrowings on Revolving Credit Facility2,128 5,000 
Payments on Revolving Credit Facility(1,796)— 
Proceeds from the issuance of common stock in connection with at-the-market offering, net of issuance costs902 — 
Deferred reverse recapitalization costs— (585)
Cash provided by financing activities856 3,105 
Effect of currency translation on cash and cash equivalents(291)(2,031)
Net decrease in cash and cash equivalents(13,304)(20,597)
Cash and cash equivalents at beginning of period55,774 79,733 
Cash and cash equivalents at end of period$42,470 $59,136 

Reconciliation of GAAP to Non-GAAP
(Unaudited, USD in thousands)

Three Months Ended September 30,Nine Months Ended September 30,
Net loss$(13,932)$(26,993)$(78,029)$(95,140)
Income tax provision55 890 165 3,036 
Interest expense, net5,904 5,171 16,953 14,992 
Other expense, net1,307 2,752 4,362 5,330 
Depreciation and amortization8,068 9,198 24,503 26,292 
Stock-based compensation1,799 3,635 5,178 18,859 
Change in fair value of warrant liabilities(104)395 94 (2,964)
Change in fair value of derivative liability(30)(300)(150)(3,525)
— — 9,663 5,319 
Impairment expense2
— 2,160 — 2,160 
Transaction-related costs3
— — — 5,132 
Certain litigation costs4
— 696 — 1,920 
Public company readiness costs5
— — — 1,522 
Adjusted EBITDA$3,067 $(2,396)$(17,261)$(17,067)
Adjusted EBITDA margin4.2 %(2.3)%(7.9)%(5.7)%
Net loss as a percentage of revenue6

(1) Refer to Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” within our Quarterly Report on Form 10-Q for the period ended September 30, 2023 for a discussion of the distinct restructuring activities during the nine months ended September 30, 2023 and 2022. We exclude restructuring expenses from our non-GAAP measures because we believe they do not reflect expected future operating expenses, they are not indicative of our core operating performance, and they are not meaningful in comparisons to our past operating performance.

(2) Reflects a non-cash impairment expense recorded during the three months ended September 30, 2022 associated with certain long-lived assets of our former corporate headquarters which was fully subleased in the third quarter of 2022.

(3) Reflects transaction-related costs and other items which are either not representative of our underlying operations or are incremental costs that result from an actual or contemplated transaction and include professional fees, integration expenses, and certain costs related to integrating and converging IT systems.

(4) Reflects costs related to litigation that are outside the ordinary course of our business. We believe it is useful to exclude such charges because we do not consider such amounts to be part of the ongoing operations of our business and because of the singular nature of the claims underlying the matter.

(5) Reflects one-time initial set-up costs associated with the establishment of our public company structure and processes.

(6) Net loss as a percentage of revenue is included as the most comparable GAAP measure to Adjusted EBITDA margin, which is a Non-GAAP measure.