0001828972-23-000191 | 10-Q | XBRL Viewer

Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Complex Networks Acquisition

On December 3, 2021, in conjunction with the Business Combination, the Company completed the acquisition of 100% of the members’ interests of Complex Networks, a publisher of online media content targeting Millennial and Gen Z consumers (the “Complex Networks Acquisition”).

The following table summarizes the fair value of consideration exchanged as a result of the Complex Networks Acquisition:


Cash consideration(1)	$	197,966
Share consideration(2)	96,200
Total consideration	$	294,166

_________________________________

(1)Includes the cash purchase price of $200.0 million adjusted for certain closing specified liabilities as specified in the Complex Networks Acquisition purchase agreement.

(2)Represents 10,000,000 shares of our Class A common stock at a price of $9.62 per share, which is based on the closing stock price of our Class A common stock on the date on which the Business Combination was consummated.

The following table summarizes the determination of the fair value of identifiable assets acquired and liabilities assumed in connection with the Complex Networks Acquisition. During the year ended December 31, 2022, the Company finalized the fair value of assets acquired and liabilities assumed. Measurement period adjustments were reflected during the year ended December 31, 2022, which is the period in which the adjustments occurred. The adjustments resulted from new information obtained about facts and circumstances that existed as of the acquisition date.


	Preliminary		Measurement Period Adjustments		Final
Cash	$	2,881	—		$	2,881
Accounts receivable	22,581		11		22,592
Prepaid and other current assets	17,827		281		18,108
Property and equipment	332		(15)		317
Intangible assets	119,100		—		119,100
Goodwill	189,391		(909)		188,482
Accounts payable	(2,661)		—		(2,661)
Accrued expenses	(12,319)		(803)		(13,122)
Accrued compensation	(12,867)		349		(12,518)
Deferred revenue	(5,855)		(48)		(5,903)
Deferred tax liabilities	(22,776)		1,134		(21,642)
Other liabilities	(1,468)		—		(1,468)
Total consideration for Complex Networks	$	294,166	$	—	$	294,166

The table below indicates the estimated fair value of each of the identifiable intangible assets:


	Asset Fair Value	Weighted Average Useful Life (Years)
Trademarks & tradenames	97,000	15
Customer relationships	17,000	4
Developed technology	5,100	3

The fair values of the intangible assets were estimated using Level 3 inputs. The fair value of trademarks and trade names was determined using the relief from royalty method, the fair value of customer relationships was determined using the multi-period excess earnings approach, and the fair value of acquired technology was determined using the replacement cost approach. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired resulted in $188.5 million of goodwill, which is primarily attributed to workforce and synergies, and is not deductible for tax purposes.

Goodwill Impairment

The Company reviews goodwill for impairment annually as of October 1 and more frequently if events or changes in circumstances indicate an impairment may exist (a “triggering event”). As of September 30, 2023, the Company had $91.6 million of goodwill recorded on its condensed consolidated balance sheet. During the year ended December 31, 2022, the Company recorded a $102.3 million non-cash goodwill impairment charge driven by a sustained decline in share price that pushed our market capitalization below the carrying value of our stockholders’ equity.

During the three months ended September 30, 2023, the Company identified a further sustained decline in share price whereby the Company’s market capitalization was below the carrying value of its stockholders’ equity. The Company concluded the sustained decline in share price was a triggering event and proceeded with a quantitative goodwill impairment assessment. The quantitative impairment assessment was performed as of September 30, 2023, utilizing an equal weighting of the income and market approaches. The analysis required the comparison of the Company’s carrying value with its fair value, with an impairment recorded for any excess of carrying value over the fair value. The discounted cash flow method was used to determine the fair value of the Company’s single reporting unit under the income approach. The adjusted market capitalization method was used to determine the fair value of the reporting unit under the market approach. The adjusted market capitalization method is calculated by multiplying the average share price of the Company’s common stock for the average between (i) the singular day of September 30, (ii) seven days prior to the measurement date, and (iii) 30 days prior to the measurement date, by the number of outstanding shares of common stock and adding a control premium that reflects the premium a hypothetical buyer might pay. The control premium was estimated using historical transactions over three years. The results of the quantitative analysis performed indicated the fair value of the reporting unit exceeded the carrying value by more than 10%. As a result, the Company concluded there was no goodwill impairment as of September 30, 2023. The Company believes our procedures for determining fair value are reasonable and consistent with current market conditions as of September 30, 2023.

Intangible Assets, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Intangible Assets, net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Value	$ 139,968		$ 139,968		$ 139,968
Accumulated Amortization	30,027		30,027		18,639
Net Carrying Value	109,941		109,941		121,329
Depreciation and amortization expense associated with intangible assets	3,800	$ 3,800	11,400	$ 11,400
Trademarks & tradenames
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets	$ 1,368		$ 1,368		$ 1,368
Acquired Technology
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted- Average Remaining Useful Lives (in years)	1 year		1 year		2 years
Gross Carrying Value	$ 10,600		$ 10,600		$ 10,600
Accumulated Amortization	7,929		7,929		5,279
Net Carrying Value	$ 2,671		$ 2,671		$ 5,321
Trademarks & tradenames
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted- Average Remaining Useful Lives (in years)	13 years		13 years		14 years
Gross Carrying Value	$ 111,000		$ 111,000		$ 111,000
Accumulated Amortization	14,306		14,306		8,756
Net Carrying Value	$ 96,694		$ 96,694		$ 102,244
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted- Average Remaining Useful Lives (in years)	2 years		2 years		3 years
Gross Carrying Value	$ 17,000		$ 17,000		$ 17,000
Accumulated Amortization	7,792		7,792		4,604
Net Carrying Value	$ 9,208		$ 9,208		$ 12,396

Acquisitions and Dispositions - Purchase Price Allocation for the Assets Acquired and Liabilities Assumed (Details) - C Acquisition - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 03, 2021
Business Acquisition [Line Items]
Cash	$ 2,881
Accounts receivable	22,592
Prepaid and other current assets	18,108
Property and equipment	317
Intangible assets	119,100
Goodwill	188,482
Accounts payable	(2,661)
Accrued expenses	(13,122)
Accrued compensation	(12,518)
Deferred revenue	(5,903)
Deferred tax liabilities	(21,642)
Other liabilities	(1,468)
Total consideration for Complex Networks	$ 294,166
Preliminary
Business Acquisition [Line Items]
Cash		$ 2,881
Accounts receivable		22,581
Prepaid and other current assets		17,827
Property and equipment		332
Intangible assets		119,100
Goodwill		189,391
Accounts payable		(2,661)
Accrued expenses		(12,319)
Accrued compensation		(12,867)
Deferred revenue		(5,855)
Deferred tax liabilities		(22,776)
Other liabilities		(1,468)
Total consideration for Complex Networks		294,166
Measurement Period Adjustments
Business Acquisition [Line Items]
Cash		0
Accounts receivable		11
Prepaid and other current assets		281
Property and equipment		(15)
Intangible assets		0
Goodwill		(909)
Accounts payable		0
Accrued expenses		(803)
Accrued compensation		349
Deferred revenue		(48)
Deferred tax liabilities		1,134
Other liabilities		0
Total consideration for Complex Networks		$ 0

Redeemable Noncontrolling Interest (Tables)

9 Months Ended

Sep. 30, 2023

Noncontrolling Interest [Abstract]

Schedule of Redeemable Noncontrolling Interest

The table below presents the reconciliation of changes in redeemable noncontrolling interest:


	2023		2022
Balance as of January 1,	$	—	$	2,294
Allocation of net income	—		164
Balance as of March 31,	$	—	$	2,458

Allocation of net income (loss)	—		—
Reclassification to permanent equity	—		(2,458)
Balance as of June 30,	$	—	$	—
Allocation of net income (loss)	—		—
Balance as of September 30,	$	—	$	—

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis are summarized below:


	September 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	25,205	$	—	$	—	$	25,205
Total	$	25,205	$	—	$	—	$	25,205
Liabilities:
Derivative liability	$	—	$	—	$	30	$	30
Other non-current liabilities:
Public Warrants	484		—		—		484
Private Warrants	—		5		—		5
Total	$	484	$	5	$	30	$	519


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	1,154	$	—	$	—	$	1,154
Total	$	1,154	$	—	$	—	$	1,154
Liabilities:
Derivative liability	$	—	$	—	$	180	$	180
Other non-current liabilities:
Public Warrants	384		—		—		384
Private Warrants	—		11		—		11
Total	$	384	$	11	$	180	$	575

The Company’s investments in money market funds are measured at amortized cost, which approximates fair value.

The Company’s warrant liability as of September 30, 2023 and December 31, 2022 includes public and private warrants that were originally issued by 890, but which were assumed by the Company as part of the closing of the Business Combination (the “Public Warrants” and “Private Warrants,” respectively), which are recorded on the balance sheet at fair value. The carrying amount is subject to remeasurement at each balance sheet date. With each remeasurement, the carrying amount is adjusted to fair value, with the change in fair value recognized in the Company’s condensed consolidated statements of operations and comprehensive loss.

The Public Warrants are publicly traded under the symbol “BZFDW”, and the fair value of the Public Warrants at a specific date is determined by the closing price of the Public Warrants as of that date. As such, the Public Warrants are classified within Level 1 of the fair value hierarchy. The closing price of the Public Warrants was $0.05 and $0.04 as of September 30, 2023 and December 31, 2022, respectively.

As of September 30, 2023 and December 31, 2022, Level 3 instruments consisted of the Company’s derivative liability related to the Notes. Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodologies used to determine fair value, and such changes could result in a significant increase or decrease in the fair value. To measure the fair value of the derivative liability, the Company compared the calculated value of the Notes with the indicated value of the host instrument, defined as the straight-debt component of the Notes. The difference between the value of the straight-debt host instrument and the fair value of the Notes resulted in the value of the derivative liability. The value of the straight-debt host instrument was estimated based on a binomial lattice model, excluding the conversion option and the make-whole payment upon conversion.

The following table provides quantitative information regarding the significant unobservable inputs used by the Company related to the derivative liability:


	September 30, 2023		December 31, 2022
Term (in years)	3.2		3.9
Risk-free rate	4.78	%	4.11	%
Volatility	97.1	%	76.6	%

The following table represents the activity of the Level 3 instruments:


	Derivative Liability
Balance as of December 31, 2022	$	180
Change in fair value of derivative liability	(150)
Balance as of September 30, 2023	$	30

There were no transfers between fair value measurement levels during the three and nine months ended September 30, 2023.

Equity Investment

For equity investments in entities that the Company does not exercise significant influence over, if the fair value of the investment is not readily determinable, the investment is accounted for at cost, and adjusted for subsequent observable price changes. If the fair value of the investment is readily determinable, the investment is accounted for at fair value. The Company reviews equity investments without readily determinable fair values at each period end to determine whether they have been impaired.

As of September 30, 2023 and December 31, 2022, the Company had an investment in equity securities of a privately-held company without a readily determinable fair value. During the second quarter of 2023, the aforementioned private company underwent a recapitalization, and the Company received approximately 6,000 shares of common stock in a non-monetary transaction, valued at $nil. Prior to the recapitalization, the carrying value of the investment was $3.6 million, so the difference between the carrying value and fair value was recorded as loss on investment within Other expense, net within our condensed consolidated statement of operations. During the third quarter of 2023, the Company exchanged a receivable for a $0.8 million investment in the new capital structure of the aforementioned private company (the Company received approximately 500,000 shares of preferred stock). The total carrying value of the investment, included in Prepaid and other assets on the condensed consolidated balance sheets, was $0.8 million and $3.6 million as of September 30, 2023 and December 31, 2022, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 60,993		$ 60,993		$ 63,178
Less: Accumulated depreciation	(47,578)		(47,578)		(45,404)
Net Carrying Value	13,415		13,415		17,774
Depreciation	1,600	$ 2,900	5,000	$ 7,900
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	50,726		50,726		50,688
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,351		6,351		6,069
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,108		3,108		5,629
Video equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 808		$ 808		$ 792

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Financial Statements and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. As such, the accompanying condensed consolidated financial statements and these related notes should be read in conjunction with the Company’s consolidated financial statements and related notes as of and for the year ended December 31, 2022, as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated financial statements include all normal recurring adjustments that, in the opinion of management, are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ended December 31, 2023. The condensed consolidated financial statements include the accounts of BuzzFeed, Inc., and its wholly-owned and majority-owned subsidiaries, and any variable interest entities for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported results of operations during the reporting period. Due to the use of estimates inherent in the financial reporting process actual results could differ from those estimates. Key estimates and assumptions relate primarily to revenue recognition, fair values of intangible assets acquired in business combinations, valuation allowances for deferred income tax assets, allowance for doubtful accounts, fair value of the derivative liability, fair values used for stock-based compensation in periods prior to the Business Combination, useful lives of fixed assets, and capitalized software costs. Recently Adopted Accounting Pronouncements The Company, an emerging growth company (“EGC”), has elected to take advantage of the benefits of the extended transition period provided for in Section 7(a)(2)(B) of the Securities Act, as amended, for complying with new or revised accounting standards which allows the Company to defer adoption of certain accounting standards until those standards would otherwise apply to private companies. In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13, Financial Instruments — Credit Losses (Topic 326), which changes the impairment model for most financial assets, including accounts receivable, and replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The guidance is effective for the Company for interim and annual periods beginning after December 15, 2022, with early adoption permitted. Effective January 1, 2023, the Company adopted this standard using a modified retrospective transition approach, which required a cumulative effect adjustment to the balance sheet as of January 1, 2023. The adoption of this standard did not have a material impact to our condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted None.

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Income (Loss) Per Share

The table below presents the computation of basic and diluted net loss per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
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 holders of Class A, Class B, and Class C common stock	$	(13,722)	$	(26,856)	(77,559)		(95,515)
Denominator:
Weighted average common shares outstanding, basic and diluted	145,053		138,939		142,585		137,591
Net loss per common share, basic and diluted	$	(0.09)	$	(0.19)	$	(0.54)	$	(0.69)

Summary of Shares Excluded from the Computation of Diluted Loss Per Share

The table below presents the details of securities that were excluded from the calculation of diluted net income (loss) per share as the effect would have been anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Stock options	3,474	4,204	3,474	4,204
Restricted stock units	11,513	8,256	11,513	8,256
Warrants	9,876	9,876	9,876	9,876
Convertible notes	12,000	12,000	12,000	12,000

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	ATM Offering Agreement	Cumulative Effect, Period of Adoption, Adjustment	Class A Common Stock	Class B Common Stock	Class C Common Stock	Total BuzzFeed, Inc. stockholders’ equity	Total BuzzFeed, Inc. stockholders’ equity ATM Offering Agreement	Total BuzzFeed, Inc. stockholders’ equity Cumulative Effect, Period of Adoption, Adjustment	Common Stock Class A Common Stock	Common Stock Class A Common Stock ATM Offering Agreement	Common Stock Class B Common Stock	Common Stock Class C Common Stock	Additional paid-in capital	Additional paid-in capital ATM Offering Agreement	Accumulated deficit	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive loss	Noncontrolling interests
Balance at beginning (in shares) at Dec. 31, 2021										116,175		12,397	6,478
Balance at beginning at Dec. 31, 2021	$ 372,587						$ 370,543			$ 11		$ 1	$ 1	$ 695,869		$ (322,106)		$ (3,233)	$ 2,044
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(44,730)						(44,894)									(44,894)			164
Stock-based compensation	3,940						3,940							3,940
Issuance of common stock in connection with share-based plans (in shares)										411
Issuance of common stock in connection with share-based plans	359						359			$ 1				358
Other comprehensive income (loss)	(103)						(103)											(103)
Conversion of Class B common stock to Class A common stock (in shares)										103		(103)
Balance at end (in shares) at Mar. 31, 2022										116,689		12,294	6,478
Balance at end at Mar. 31, 2022	332,053						329,845			$ 12		$ 1	$ 1	700,167		(367,000)		(3,336)	2,208
Balance at beginning (in shares) at Dec. 31, 2021										116,175		12,397	6,478
Balance at beginning at Dec. 31, 2021	372,587						370,543			$ 11		$ 1	$ 1	695,869		(322,106)		(3,233)	2,044
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	423
Balance at end (in shares) at Sep. 30, 2022										125,982		6,678	6,478
Balance at end at Sep. 30, 2022	297,715						293,689			$ 13		$ 1	$ 1	713,418		(417,621)		(2,123)	4,026
Balance at beginning (in shares) at Mar. 31, 2022										116,689		12,294	6,478
Balance at beginning at Mar. 31, 2022	332,053						329,845			$ 12		$ 1	$ 1	700,167		(367,000)		(3,336)	2,208
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(23,581)						(23,765)									(23,765)			184
Stock-based compensation	11,284						11,284							11,284
Issuance of common stock in connection with share-based plans (in shares)										3,561
Issuance of common stock in connection with share-based plans	2						2							2
Shares withheld for employee taxes (in shares)										(434)
Shares withheld for employee taxes	(1,635)						(1,635)							(1,635)
Other comprehensive income (loss)	505						958											958	(453)
Reclassification of noncontrolling interest (see Note 12)	2,458																		2,458
Conversion of Class B common stock to Class A common stock (in shares)										5,608		(5,608)
Balance at end (in shares) at Jun. 30, 2022										125,424		6,686	6,478
Balance at end at Jun. 30, 2022	321,086						316,689			$ 12		$ 1	$ 1	709,818		(390,765)		(2,378)	4,397
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(26,993)						(26,856)									(26,856)			(137)
Stock-based compensation	3,635						3,635							3,635
Issuance of common stock in connection with share-based plans (in shares)										569
Issuance of common stock in connection with share-based plans	1						1			$ 1
Shares withheld for employee taxes (in shares)										(19)
Shares withheld for employee taxes	(35)						(35)							(35)
Other comprehensive income (loss)	21						255											255	(234)
Conversion of Class B common stock to Class A common stock (in shares)										8		(8)
Balance at end (in shares) at Sep. 30, 2022										125,982		6,678	6,478
Balance at end at Sep. 30, 2022	297,715						293,689			$ 13		$ 1	$ 1	713,418		(417,621)		(2,123)	4,026
Balance at beginning (in shares) at Dec. 31, 2022				126,387	6,678	6,478				126,387		6,678	6,478
Balance at beginning at Dec. 31, 2022	194,554		$ (126)				191,217		$ (126)	$ 13		$ 1	$ 1	716,233		(523,063)	$ (126)	(1,968)	3,337
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(36,261)						(36,001)									(36,001)			(260)
Stock-based compensation	1,122						1,122							1,122
Issuance of common stock in connection with share-based plans (in shares)										512
Issuance of common stock in connection with share-based plans	29						29							29
Shares withheld for employee taxes (in shares)										(121)
Shares withheld for employee taxes	(193)						(193)							(193)
Other comprehensive income (loss)	(759)						(701)											(701)	(58)
Conversion of Class B common stock to Class A common stock (in shares)										2		(2)
Conversion of Class C common stock to Class A common stock (in shares)										6,478			(6,478)
Conversion of Class C common stock to Class A common stock										$ 1			$ (1)
Balance at end (in shares) at Mar. 31, 2023										133,258		6,676	0
Balance at end at Mar. 31, 2023	158,366						155,347			$ 14		$ 1	$ 0	717,191		(559,190)		(2,669)	3,019
Balance at beginning (in shares) at Dec. 31, 2022				126,387	6,678	6,478				126,387		6,678	6,478
Balance at beginning at Dec. 31, 2022	194,554		$ (126)				191,217		$ (126)	$ 13		$ 1	$ 1	716,233		(523,063)	$ (126)	(1,968)	3,337
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(191)
Balance at end (in shares) at Sep. 30, 2023				138,201	6,676	0				138,201		6,676	0
Balance at end at Sep. 30, 2023	121,955						119,471			$ 14		$ 1	$ 0	721,980		(600,748)		(1,776)	2,484
Balance at beginning (in shares) at Mar. 31, 2023										133,258		6,676	0
Balance at beginning at Mar. 31, 2023	158,366						155,347			$ 14		$ 1	$ 0	717,191		(559,190)		(2,669)	3,019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(27,836)						(27,836)									(27,836)
Stock-based compensation	2,257						2,257							2,257
Issuance of common stock in connection with share-based plans (in shares)										1,692
Shares withheld for employee taxes (in shares)										(51)
Shares withheld for employee taxes	(27)						(27)							(27)
Issuance of common stock in connection with at-the-market offering, net of issuance costs (in shares)											1,716
Issuance of common stock in connection with at-the-market offering, net of issuance costs		$ 810						$ 810							$ 810
Other comprehensive income (loss)	57						299											299	(242)
Reclassification of noncontrolling interest (see Note 12)	0
Balance at end (in shares) at Jun. 30, 2023										136,615		6,676	0
Balance at end at Jun. 30, 2023	133,627						130,850			$ 14		$ 1	$ 0	720,231		(587,026)		(2,370)	2,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(13,932)						(13,722)									(13,722)			(210)
Stock-based compensation	1,799						1,799							1,799
Issuance of common stock in connection with share-based plans (in shares)										1,590
Shares withheld for employee taxes (in shares)										(359)
Shares withheld for employee taxes	(187)						(187)							(187)
Issuance of common stock in connection with at-the-market offering, net of issuance costs (in shares)											355
Issuance of common stock in connection with at-the-market offering, net of issuance costs		$ 137						$ 137							$ 137
Other comprehensive income (loss)	511						594											594	(83)
Balance at end (in shares) at Sep. 30, 2023				138,201	6,676	0				138,201		6,676	0
Balance at end at Sep. 30, 2023	$ 121,955						$ 119,471			$ 14		$ 1	$ 0	$ 721,980		$ (600,748)		$ (1,776)	$ 2,484

Stockholders' Equity - Summary of the Restricted Stock Unit Activity (Details) - Restricted stock units shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Shares
Outstanding at the beginning (in shares) \| shares	7,495
Granted (in shares) \| shares	9,373
Vested (in shares) \| shares	(3,642)
Forfeited (in shares) \| shares	(1,713)
Outstanding at the end (in shares) \| shares	11,513
Weighted Average Grant- Date Fair Value
Outstanding at the beginning (in dollars per share) \| $ / shares	$ 3.59
Granted (in dollars per share) \| $ / shares	0.63
Vested (in dollars per share) \| $ / shares	3.25
Forfeited (in dollars per share) \| $ / shares	3.78
Outstanding at the end (in dollars per share) \| $ / shares	$ 1.26

Fair Value Measurements - Activity of the Level 3 Instruments (Details) - Level 3 $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 180
Change in fair value of derivative liability	(150)
Ending balance	$ 30

Revenue Recognition

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregated Revenue

The table below presents the Company’s revenue disaggregated based on the nature of its arrangements. Management uses these categories of revenue to evaluate the performance of its businesses and to assess its financial results and forecasts.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Advertising	$	32,589	$	50,404	$	102,234	$	152,296
Content	26,250		38,416		79,347		110,979
Commerce and other	14,460		14,913		36,772		38,776
Total	$	73,299	$	103,733	$	218,353	$	302,051

The following table presents the Company’s revenue disaggregated by geography:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue:
United States	$	66,877	$	94,582	$	202,770	$	272,869
International	6,422		9,151		15,583		29,182
Total	$	73,299	$	103,733	$	218,353	$	302,051

Contract Balances

The timing of revenue recognition, billings and cash collections can result in billed accounts receivable, unbilled receivables (contract assets), and deferred revenues (contract liabilities). The payment terms and conditions within the Company’s contracts vary by type, but the substantial majority require that customers pay for their services on a monthly or quarterly basis, as the services are being provided. When the timing of revenue recognition differs from the timing of payments made by customers, the Company recognizes either unbilled revenue (performance precedes the billing date) or deferred revenue (customer payment is received in advance of performance). The Company has determined its contracts generally do not include a significant financing component.

The Company’s contract assets are presented in Prepaid and other current assets on the accompanying condensed consolidated balance sheets and totaled $10.0 million and $12.1 million as of September 30, 2023 and December 31, 2022, respectively. These amounts relate to revenue recognized during the respective period that is expected to be invoiced and collected in future periods.

The Company’s contract liabilities, which are recorded in Deferred revenue on the accompanying condensed consolidated balance sheets, are expected to be recognized as revenues during the succeeding 12-month period. Deferred revenue totaled $8.3 million and $8.8 million as of September 30, 2023 and December 31, 2022, respectively.

The amount of revenue recognized during the nine months ended September 30, 2023 that was included in the deferred revenue balance as of December 31, 2022 was $6.3 million.

Transaction Price Allocated to Remaining Performance Obligations

The Company has certain licensing contracts with minimum guarantees and terms extending beyond one year. Revenue to be recognized related to the remaining performance obligations was $2.4 million as of September 30, 2023 and is generally expected to be recognized over the next one to four years. This amount does not include: (i) contracts with an original expected duration of one year or less, such as advertising contracts; (ii) variable consideration in the form of sales-based royalties; or (iii) variable consideration allocated entirely to wholly unperformed performance obligations.

For each contract, the Company estimates whether it will be subject to variable consideration under the terms of the contract and includes its estimate of variable consideration, subject to constraint, in the transaction price based on the expected value method when it is deemed probable of being realized based on historical experience and trends. The Company updates its estimate of the transaction price each reporting period and the effect of variable consideration on the transaction price is recognized as an adjustment to revenue on a cumulative catch-up basis.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Property and Equipment, net

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following:


	September 30, 2023		December 31, 2022
Leasehold improvements	$	50,726	$	50,688
Furniture and fixtures	6,351		6,069
Computer equipment	3,108		5,629
Video equipment	808		792
Total	60,993		63,178
Less: Accumulated depreciation	(47,578)		(45,404)
Net Carrying Value	$	13,415	$	17,774

Depreciation totaled $1.6 million and $2.9 million for the three months ended September 30, 2023 and 2022, respectively, and $5.0 million and $7.9 million for the nine months ended September 30, 2023 and 2022, respectively, included in Depreciation and amortization expense.

Refer to Note 21 herein for information regarding an impairment charge the Company recorded during the three months ended September 30, 2022 with respect to leasehold improvements associated with the lease of the Company’s former corporate headquarters that was fully subleased during the third quarter of 2022.

Net Loss Per Share - Calculation of diluted loss per share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted loss per share, as their effect would be anti-dilutive (in shares)	3,474	4,204	3,474	4,204
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted loss per share, as their effect would be anti-dilutive (in shares)	11,513	8,256	11,513	8,256
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted loss per share, as their effect would be anti-dilutive (in shares)	9,876	9,876	9,876	9,876
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted loss per share, as their effect would be anti-dilutive (in shares)	12,000	12,000	12,000	12,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Allowance for credit loss	$ 1,996	$ 1,879
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	138,201,000	126,387,000
Common stock, shares outstanding (in shares)	138,201,000	126,387,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	6,676,000	6,678,000
Common stock, shares outstanding (in shares)	6,676,000	6,678,000
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	0	6,478,000
Common stock, shares outstanding (in shares)	0	6,478,000

Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of fair value of consideration exchanged

The following table summarizes the fair value of consideration exchanged as a result of the Complex Networks Acquisition:


Cash consideration(1)	$	197,966
Share consideration(2)	96,200
Total consideration	$	294,166

_________________________________

(1)Includes the cash purchase price of $200.0 million adjusted for certain closing specified liabilities as specified in the Complex Networks Acquisition purchase agreement.

Schedule of purchase price allocation for the assets acquired and liabilities assumed


	Preliminary		Measurement Period Adjustments		Final
Cash	$	2,881	—		$	2,881
Accounts receivable	22,581		11		22,592
Prepaid and other current assets	17,827		281		18,108
Property and equipment	332		(15)		317
Intangible assets	119,100		—		119,100
Goodwill	189,391		(909)		188,482
Accounts payable	(2,661)		—		(2,661)
Accrued expenses	(12,319)		(803)		(13,122)
Accrued compensation	(12,867)		349		(12,518)
Deferred revenue	(5,855)		(48)		(5,903)
Deferred tax liabilities	(22,776)		1,134		(21,642)
Other liabilities	(1,468)		—		(1,468)
Total consideration for Complex Networks	$	294,166	$	—	$	294,166

Schedule of estimated fair value of each of the identifiable intangible assets

The table below indicates the estimated fair value of each of the identifiable intangible assets:


	Asset Fair Value	Weighted Average Useful Life (Years)
Trademarks & tradenames	97,000	15
Customer relationships	17,000	4
Developed technology	5,100	3

Property and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, net

Property and equipment, net consisted of the following:


	September 30, 2023		December 31, 2022
Leasehold improvements	$	50,726	$	50,688
Furniture and fixtures	6,351		6,069
Computer equipment	3,108		5,629
Video equipment	808		792
Total	60,993		63,178
Less: Accumulated depreciation	(47,578)		(45,404)
Net Carrying Value	$	13,415	$	17,774

Net Loss Per Share - Narrative (Details) shares in Millions	9 Months Ended
Net Loss Per Share - Narrative (Details) shares in Millions	Sep. 30, 2022 shares
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted net loss per share, as their effect would be anti-dilutive (in shares)	2.4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net loss	$ (78,029)	$ (95,140)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	24,503	26,292
Unrealized loss on foreign currency	30	4,906
Stock based compensation	5,178	18,859
Change in fair value of warrants	94	(2,964)
Change in fair value of derivative liability	(150)	(3,525)
Amortization of debt discount and deferred issuance costs	4,475	3,863
Deferred income tax	404	1,957
Provision for doubtful accounts	(10)	654
Loss (gain) on investment	3,500	(1,260)
Gain on disposition of assets	(175)	(500)
Non-cash lease expense	15,460	14,962
Impairment expense	0	2,160
Changes in operating assets and liabilities:
Accounts receivable	54,823	50,761
Prepaid expenses and other current assets and prepaid expenses and other assets	(1,540)	(6,469)
Accounts payable	14,421	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 asset	175	500
Cash used in investing activities	(11,506)	(13,774)
Financing activities:
Proceeds from exercise of stock options	29	360
Payment for shares withheld for employee taxes	(407)	(1,670)
Borrowings on Revolving Credit Facility	2,128	5,000
Payments on Revolving Credit Facility	(1,796)	0
Proceeds from the issuance of common stock in connection with at-the-market offering, net of issuance costs	902	0
Deferred reverse recapitalization costs	0	(585)
Cash provided by financing activities	856	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 period	55,774	79,733
Cash and cash equivalents at end of period	$ 42,470	$ 59,136

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	1

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

Revolving Credit Facility

On December 30, 2020, the Company entered into a three-year, $50.0 million, revolving loan and standby letter of credit facility agreement (i.e., the Revolving Credit Facility). The Revolving Credit Facility provides for the issuance of up to $15.5 million of standby letters of credit and aggregate borrowings under the Revolving Credit Facility are generally limited to 95% of qualifying investment grade accounts receivable and 90% of qualifying non-investment grade accounts receivable, subject to adjustment at the discretion of the lenders. The $15.5 million of standby letters of credit were issued during the three months ended March 31, 2021 in favor of certain of the Company’s landlords. The Revolving Credit Facility was amended and restated in connection with the closing of the Business Combination to, among other things, add the Company and certain other entities as guarantors. The Revolving Credit Facility was further amended and restated on December 15, 2022 to, among other things, extend the maturity date until December 30, 2025, replace the London Inter-Bank Offered Rate (LIBOR) rate with the Secured Overnight Financing Rate (“SOFR”) rate, and provide for an early termination fee of between 0.5% and 2% of the maximum facility loan amount. The Company incurred $0.2 million of debt issuance fees associated with the December 15, 2022 amendment. On May 10, 2023, the parties to the Revolving Credit Facility entered into a joinder agreement adding one of the Company’s Canadian subsidiaries as a borrower under the Revolving Credit Facility, granting the lenders under the Revolving Credit Facility a lien on that subsidiary’s collateral,

and including that subsidiary's receivables in the calculation of the borrowing base under the Revolving Credit Facility. The Revolving Credit agreement was further amended on each of June 29, 2023 and September 26, 2023 in a second and third amendment, respectively. As a result of these second and third amendments, the Revolving Credit Facility was amended to provide for, among other things: (i) permitted overadvances during the periods from June 29, 2023 through August 31, 2023 and September 26, 2023 through December 31, 2023; (ii) permitted overadvances of up to $7.4 million; (iii) an increase in the applicable margin only during the overadvance periods (ranging from 4.5% to 5% depending on the utilization of the facility, with the range reverting to 3.75% to 4.25% starting January 1, 2024); and (iv) a change in the definition of the term “SOFR Index.” The Company incurred $0.2 million of debt issuance fees associated with the June 29, 2023 amendment and $0.1 million of debt issuance fees associated with the September 26, 2023 amendment.

The Revolving Credit Facility includes covenants that, among other things, require the Company to maintain at least $25.0 million of unrestricted cash at all times and limit, under prescribed circumstances, the ability of the Company to incur additional indebtedness, pay dividends, hold unpermitted investments, or make material changes to the business. The Company was in compliance with the financial covenants under such facility as of September 30, 2023.

Borrowings under the Revolving Credit Facility bear interest at the greater of a floor rate of 0.75% or the sum of the rate per annum for the forward-looking term rate for SOFR for a term of one (1) month, plus a margin, which, during the overadvance period ending December 31, 2023, ranges from 4.5% to 5% depending on the utilization of the facility, with the range reverting to 3.75% to 4.25% on January 1, 2024, depending on the level of the Company’s utilization of the facility (the implied interest rate was approximately 9% at September 30, 2023), and subject to a monthly minimum utilization of $15.0 million. The facility also includes an unused commitment fee of 0.375%.

The Company had outstanding borrowings of $33.8 million and $33.5 million at September 30, 2023 and December 31, 2022, respectively. The Company had outstanding letters of credit of $15.5 million under the Revolving Credit Facility at September 30, 2023 and December 31, 2022, and the total unused borrowing capacity was $0.7 million and $1.0 million as of September 30, 2023 and December 31, 2022, respectively.

The Revolving Credit Facility is secured by a first priority security interest on the Company’s and the other borrowers’ and guarantors’ cash, accounts receivable, books and records, and related assets.

As of September 30, 2023 and December 31, 2022, the Company had $0.6 million and $0.4 million, of costs in connection with the issuance of debt included in Prepaid and other assets in the condensed consolidated balance sheet, respectively.

Convertible Notes

In June 2021, in connection with the entry into the merger agreement pursuant to which Business Combination was consummated, the Company entered into subscription agreements with certain investors to sell $150.0 million aggregate principal amount of unsecured convertible notes due 2026 (i.e., the Notes). In connection with the closing of the Business Combination, the Company issued, and those investors purchased, the Notes. The Notes bear interest at a rate of 8.50% per annum, payable semi-annually, are convertible into approximately 12,000,000 shares of our Class A common stock (or, at the Company’s election, a combination of cash and our Class A common stock), at an initial conversion price of $12.50, and mature on December 3, 2026.

The Company may, at its election, force conversion of the Notes after December 3, 2024 (i.e., after the third anniversary of the issuance of the Notes), subject to a holder’s prior right to convert and the satisfaction of certain other conditions, if the volume-weighted average trading price of our Class A common stock is greater than or equal to 130% of the conversion price for more than 20 trading days during a period of 30 consecutive trading days, which has yet to occur. In the event that a holder of the Notes elects to convert its Notes after the one year anniversary, and prior to the three-year anniversary, of the issuance of the Notes (i.e., between December 3, 2022 and December 3, 2024), the Company will be obligated to pay an amount in cash equal to: (i) from the one year anniversary of the issuance of the Notes to the two year anniversary of the issuance of the Notes, an amount equal to 18 month’s interest declining ratably on a monthly basis to 12 month’s interest on the aggregate principal amount of the Notes so converted and (ii) from the two year anniversary of the issuance of the Notes to the three year anniversary of the issuance of the Notes, an amount equal to 12 month’s interest declining ratably on a monthly basis to zero month’s interest, in each case, on the aggregate principal amount of the Notes so converted. Without limiting a holder’s right to convert the Notes at its option, interest will cease to accrue on the Notes during any period in which the Company would otherwise be entitled to force conversion of the Notes, but is not permitted to do so solely due to the failure of a trading volume condition specified in the indenture governing the Notes.

Each holder of a Note will have the right to cause the Company to repurchase for cash all or a portion of the Notes held by such holder (i) at any time after the third anniversary of the date on which the Business Combination was consummated (i.e., at any time on or after December 3, 2024), at a price equal to par plus accrued and unpaid interest; or (ii) at any time upon the occurrence of a fundamental change (as defined in the indenture governing the Notes), at a price equal to 101% of par plus accrued and unpaid interest.

The indenture governing the Notes includes restrictive covenants that, among other things, limit the Company’s ability to incur additional debt or liens, make restricted payments or investments, dispose of significant assets, transfer intellectual property, or enter into transactions with affiliates.

In accounting for the Notes, the Company bifurcated a derivative liability representing the conversion option, with a fair value at issuance of $31.6 million. To measure the fair value of the derivative liability, the Company compared the calculated value of the Notes with the indicated value of the host instrument, defined as the straight-debt component of the Notes. The difference between the value of the straight-debt host instrument and the fair value of the Notes resulted in the value of the derivative liability. The value of the straight-debt host instrument was estimated based on a binomial lattice model, excluding the conversion option and the make-whole payment upon conversion. The derivative liability is remeasured at each reporting date with the resulting gain or loss recorded in Change in fair value of derivative liability within the condensed consolidated statements of operations.

Interest expense on the Notes is recognized at an effective interest rate of 15% and totaled $4.8 million and $4.5 million for the three months ended September 30, 2023 and 2022, respectively, and $14.1 million and $13.4 million for the nine months ended September 30, 2023 and 2022, respectively, of which amortization of the debt discount and issuance costs comprised $1.6 million and $1.4 million for the three months ended September 30, 2023 and 2022, respectively, and $4.5 million and $3.9 million for the nine months ended September 30, 2023 and 2022, respectively.

The net carrying amount of the Notes as of September 30, 2023 and December 31, 2022 was:


	September 30, 2023		December 31, 2022
Principal outstanding	$	150,000	$	150,000
Unamortized debt discount and issuance costs	(26,777)		(31,252)
Net carrying value	$	123,223	$	118,748

The fair value of the Notes was approximately $110.0 million and $99.8 million as of September 30, 2023 and December 31, 2022, respectively. The fair value of the Notes was estimated using Level 3 inputs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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+ Details

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Advertising	$	32,589	$	50,404	$	102,234	$	152,296
Content	26,250		38,416		79,347		110,979
Commerce and other	14,460		14,913		36,772		38,776
Total	$	73,299	$	103,733	$	218,353	$	302,051

The following table presents the Company’s revenue disaggregated by geography:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue:
United States	$	66,877	$	94,582	$	202,770	$	272,869
International	6,422		9,151		15,583		29,182
Total	$	73,299	$	103,733	$	218,353	$	302,051

Income Taxes - Schedule of Income Tax Benefit and Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax provision	$ 55	$ 890	$ 165	$ 3,036
Effective tax rate	(0.40%)	(3.40%)	(0.20%)	(3.30%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Capitalized Software Costs, net (Tables)

9 Months Ended

Sep. 30, 2023

Capitalized Computer Software, Net [Abstract]

Schedule of Capitalized Software Costs

Capitalized software costs, net consisted of the following:


	September 30, 2023		December 31, 2022
Website and internal-use software	$	86,791	$	75,871
Less: Accumulated amortization	(64,681)		(56,612)
Net Carrying Value	$	22,110	$	19,259

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 01, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-39877
Entity Registrant Name	BuzzFeed, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3022075
Entity Address, Address Line One	229 West 43rd Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	646
Local Phone Number	397-2039
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001828972
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock, $0.0001 par value per share
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	BZFD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		138,228,523
Redeemable warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share
Trading Symbol	BZFDW
Security Exchange Name	NASDAQ
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,675,517
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees In the course of its business, the Company both provides and receives indemnities which are intended to allocate certain risks associated with business transactions. Similarly, the Company may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not fulfill its obligations under an indemnification obligation. The Company records a liability for indemnification obligations and other contingent liabilities when probable and reasonably estimable. Legal Matters The Company is party to various lawsuits and claims in the ordinary course of business. Video Privacy Protection Act: On May 16, 2023, a lawsuit titled Hunthausen v. BuzzFeed, Inc. was filed against the Company in the United States District Court for the Southern District of California, asserting class action claims for alleged violation of the Video Privacy Protection Act (“VPPA”) based on the claimed transmission of personally identifying information via the Meta pixel, Google Analytics, and the TikTok pixel, all of which are purportedly connected to posts on the BuzzFeed.com website. The putative class plaintiff is seeking an injunction to stop further alleged wrongful conduct, to recover unspecified compensatory damages and an award of costs, and any further appropriate relief. The Company has moved to dismiss the case. On August 4, 2023, the Company received 8,927 individual demands for JAMS arbitration in California, all of which allege that the Company violated the VPPA by transmitting personally identifying information via the Meta pixel, purportedly connected to posts on the BuzzFeed website. Each claimant is seeking to recover damages in the amount of $2,500 for each alleged violation of the VPPA. No arbitration claims have yet been filed in connection with these demands. On August 15, 2023, the Company received (1) 5,247 individual demands for JAMS arbitration in California, all of which allege that the Company violated the VPPA by transmitting personally identifying information via the use of various pixels purportedly in connection with the HuffPost.com website; and (2) 12,176 individual demands for JAMS arbitration in California, all of which allege that the Company violated the VPPA by transmitting personal identifying information via the use of various pixels purportedly in connection with the BuzzFeed.com website. Each claimant is seeking to recover damages in the amount of $2,500 for each alleged violation of the VPPA, as well as punitive damages, attorneys’ fees and costs, and equitable relief. No arbitration claims have yet been filed in connection with these demands. Mass Arbitrations: Two mass arbitrations (the “Arbitrations”) were initiated before the American Arbitration Association on March 15, 2022 against the Company and certain of its executive officers and directors (together, the “BuzzFeed Defendants”) and Continental Stock Transfer Corporation by 91 individuals previously employed by Legacy BuzzFeed (the “Claimants”). The Claimants alleged that they were harmed when they were allegedly unable to convert their shares of Class B common stock to Class A common stock and sell those shares on December 6, 2021, the first day of trading following the Business Combination, and asserted claims for negligence, misrepresentation, breach of fiduciary duty, and violation of Section 11 of the Securities Act. The Claimants sought to recover unspecified compensatory damages, an award of costs, and any further appropriate relief. On April 21, 2022, the BuzzFeed Defendants filed a complaint in the Delaware Court of Chancery seeking to enjoin the Arbitrations on the grounds that, inter alia, the Claimants’ purported causes of action arise from their rights as shareholders of the Company, are governed by the Company’s charter, including its forum selection provision, and are therefore not arbitrable (the “Delaware Action”). The complaint sought declaratory and injunctive relief. A hearing on the merits of the Delaware Action was held on July 26, 2022. On October 28, 2022, the Court of Chancery granted the Company’s motion to permanently enjoin the Claimants’ arbitration claims. On January 17, 2023, the Claimants filed amended statements of claim in the Arbitrations against BuzzFeed Media Enterprises, Inc., a wholly-owned subsidiary of the Company, and Continental Stock Transfer & Trust Corporation, the transfer agent for 890 and later the Company. The amended statements of claim likewise allege that the Claimants were harmed when they were allegedly unable to convert their shares of Class B common stock to Class A common stock and sell those shares on the first day of trading following the Business Combination. The Claimants allege claims for breach of contract and the covenant of good faith and fair dealing, misrepresentation, and negligence, and seek to recover unspecified compensatory damages, an award of costs, and any further appropriate relief. On March 29, 2023, BuzzFeed Media Enterprises, Inc., filed a complaint in the Delaware Court of Chancery seeking to enjoin the Arbitrations on the grounds that, inter alia, the Claimants’ purported causes of action arise from their rights as shareholders of the Company, are governed by the Company’s charter, including its forum selection provision, and are therefore not arbitrable. The complaint seeks declaratory and injunctive relief. The parties have cross-moved for summary judgment and a hearing on those motions is pending. Although the outcome of such matters cannot be predicted with certainty and the impact that the final resolution of such matters will ultimately have on the Company’s condensed consolidated financial statements is not known, the Company does not believe that the resolution of these matters will have a material adverse effect on the Company’s future results of operations or cash flows. The Company settled or resolved certain legal matters during the three and nine months ended September 30, 2023 and 2022 that did not individually or in the aggregate have a material impact on the Company’s business or its condensed consolidated balance sheets, results of operations or cash flows. Nasdaq Listing Compliance On May 31, 2023, the Company received a letter (the “Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the previous 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Requirement”). The Notice has no effect at this time on the Company’s common stock or warrants, which continue to trade on the Nasdaq Global Market under the symbols “BZFD” and “BZFDW,” respectively. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until November 27, 2023 (the “Compliance Date”), to regain compliance with the Bid Price Requirement. If, at any time before the Compliance Date, the bid price for the Company’s common stock closes at $1.00 or more for at least 10 consecutive business days, unless the Staff exercises its discretion to extend this 10-day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H), the Staff will provide written notification to the Company that it has regained compliance with the Bid Price Requirement. If the Company is not in compliance with the Bid Price Requirement by the Compliance Date, the Company may qualify for a second 180-calendar day compliance period. To qualify, the Company would be required, among other things, to transfer from the Nasdaq Global Market to the Nasdaq Capital Market, to meet the continued listing requirement for the market value of publicly held shares, as well as the standards for initial listing on the Nasdaq Capital Market with the exception of the Bid Price Requirement, and would need to provide written notice of its intention to cure the bid price deficiency during the second compliance period. If the Company does not qualify for, or fails to regain compliance during, a second compliance period, then the Staff will provide written notification to the Company that its common stock will be subject to delisting. At that time, the Company may appeal the Staff’s delisting determination to the Nasdaq Listing Qualifications Panel. However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination, such an appeal would be successful. The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance with the Bid Price Requirement. To the extent such Bid Price Requirement is not regained by November 27, 2023, the Company plans to seek a 180-calendar day extension of time in conjunction with the submission of an application to transfer to The Nasdaq Capital Market.

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Stock Options Activity

A summary of the stock option activity under the Company’s equity incentive plans is presented below:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Term	Aggregate Intrinsic Value
Balance as of December 31, 2022	3,976	$	6.20	3.80	$	—
Granted	57	0.61		—	—
Exercised	(34)	0.86		—	—
Forfeited	(167)	5.17		—	—
Expired	(358)	5.41		—	—
Balance as of September 30, 2023	3,474	$	6.29	2.89	$	—
Expected to vest at September 30, 2023	3,474	$	6.29	2.89	$	—
Exercisable at September 30, 2023	3,077	$	6.50	2.17	$	—

Schedule of RSU Activity

A summary of Restricted Stock Unit (“RSU”) activity is presented below:


	Shares	Weighted Average Grant- Date Fair Value
Outstanding as of December 31, 2022	7,495	$	3.59
Granted	9,373	0.63
Vested	(3,642)	3.25
Forfeited	(1,713)	3.78
Outstanding as of September 30, 2023	11,513	$	1.26

Summary of Stock-Based Compensation Expense

The following table summarizes stock-based compensation cost included in the condensed consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of revenue, excluding depreciation and amortization	$	272	$	460	$	883	$	3,615
Sales and marketing	261		550		1,148		2,663
General and administrative	1,191		2,448		3,345		8,828
Research and development1	75		177		(198)		3,753
Total	$	1,799	$	3,635	$	5,178	$	18,859

_________________________________

(1) The negative stock-based compensation expense for the nine months ended September 30, 2023 for Research and development was due to forfeitures.

Leases - Supplemental Cash Flow Information and Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	$ 25,369	$ 25,434
Weighted average remaining lease term (years)	2 years 10 months 24 days		3 years 4 months 24 days
Weighted average discount rate	13.85%		13.76%

Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	$ 1,799	$ 3,635	$ 5,178	$ 18,859
Cost of revenue, excluding depreciation and amortization
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	272	460	883	3,615
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	261	550	1,148	2,663
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	1,191	2,448	3,345	8,828
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	$ 75	$ 177	$ (198)	$ 3,753

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplemental Disclosures - Film Costs (Additional Information) (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Supplemental Disclosures [Abstract]
Reduction in film costs	$ 0	$ 1,500,000
Film costs, production tax credit, receivable	$ 3,000,000	$ 3,000,000

Redeemable Noncontrolling Interest

9 Months Ended

Sep. 30, 2023

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

Redeemable Noncontrolling InterestThe redeemable noncontrolling interest represented BuzzFeed Japan, which was held by Yahoo Japan. On May 17, 2022, Yahoo Japan transferred its interests in BuzzFeed Japan to other third parties. The agreements with the third parties do not contain any put rights. As such, on May 17, 2022, the Company reclassified the former redeemable noncontrolling interest to nonredeemable noncontrolling interest that is presented within Stockholders’ equity permanent equity on the Company’s condensed consolidated balance sheet, with no adjustment to the prior periods presented.

The table below presents the reconciliation of changes in redeemable noncontrolling interest:


	2023		2022
Balance as of January 1,	$	—	$	2,294
Allocation of net income	—		164
Balance as of March 31,	$	—	$	2,458

Allocation of net income (loss)	—		—
Reclassification to permanent equity	—		(2,458)
Balance as of June 30,	$	—	$	—
Allocation of net income (loss)	—		—
Balance as of September 30,	$	—	$	—

Debt - Schedule of Net Carrying Amount (Details) - Convertible Notes - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal outstanding	$ 150,000	$ 150,000
Unamortized debt discount and issuance costs	(26,777)	(31,252)
Net carrying value	$ 123,223	$ 118,748

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%	21.00%
Discrete tax expense		$ 0.9		$ 0.9

Net Loss Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

Net Loss Per ShareNet loss per share is computed using the two-class method. Basic net loss per share is computed using the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share reflects the

effect of the assumed exercise of any stock options, the vesting of any restricted stock units, the exercise of any warrants (including the Public Warrants and the Private Warrants), the conversion of any convertible debt (including the Notes), and the conversion of any convertible preferred stock, in each case only in the periods in which such effect would have been dilutive.

For the three and nine months ended September 30, 2023, net loss per share amounts were the same for Class A and Class B common stock because the holders of each class are entitled to equal per share dividends. For the three and nine months ended September 30, 2022, net loss per share amounts were the same for Class A, Class B, and Class C common stock because the holders of each class are entitled to equal per share dividends.

The table below presents the computation of basic and diluted net loss per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
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 holders of Class A, Class B, and Class C common stock	$	(13,722)	$	(26,856)	(77,559)		(95,515)
Denominator:
Weighted average common shares outstanding, basic and diluted	145,053		138,939		142,585		137,591
Net loss per common share, basic and diluted	$	(0.09)	$	(0.19)	$	(0.54)	$	(0.69)

The table below presents the details of securities that were excluded from the calculation of diluted net income (loss) per share as the effect would have been anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Stock options	3,474	4,204	3,474	4,204
Restricted stock units	11,513	8,256	11,513	8,256
Warrants	9,876	9,876	9,876	9,876
Convertible notes	12,000	12,000	12,000	12,000

Additionally, the calculation of diluted loss per share excluded 2.4 million RSUs for the nine months ended September 30, 2022, for which the related liquidity condition had not been met.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of company's financial assets and liabilities that are measured at fair value on a recurring basis

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis are summarized below:


	September 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	25,205	$	—	$	—	$	25,205
Total	$	25,205	$	—	$	—	$	25,205
Liabilities:
Derivative liability	$	—	$	—	$	30	$	30
Other non-current liabilities:
Public Warrants	484		—		—		484
Private Warrants	—		5		—		5
Total	$	484	$	5	$	30	$	519


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	1,154	$	—	$	—	$	1,154
Total	$	1,154	$	—	$	—	$	1,154
Liabilities:
Derivative liability	$	—	$	—	$	180	$	180
Other non-current liabilities:
Public Warrants	384		—		—		384
Private Warrants	—		11		—		11
Total	$	384	$	11	$	180	$	575

Schedule of quantitative information regarding the significant unobservable inputs used by the Company related to the derivative liability

The following table provides quantitative information regarding the significant unobservable inputs used by the Company related to the derivative liability:


	September 30, 2023		December 31, 2022
Term (in years)	3.2		3.9
Risk-free rate	4.78	%	4.11	%
Volatility	97.1	%	76.6	%

Schedule of activity of the Level 3 instruments

The following table represents the activity of the Level 3 instruments:


	Derivative Liability
Balance as of December 31, 2022	$	180
Change in fair value of derivative liability	(150)
Balance as of September 30, 2023	$	30

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThe Company recognized revenue from NBCUniversal Media, LLC (“NBCU”) of $1.9 million and $1.2 million for the three months ended September 30, 2023 and 2022, respectively, and $2.6 million and $3.3 million for the nine months ended September 30, 2023 and 2022, respectively. The Company recognized expenses under contractual obligations from NBCU of $nil and $0.2 million for the three months ended September 30, 2023 and 2022, respectively, and $nil and $0.6 million for the nine months ended September 30, 2023 and 2022, respectively. The Company had outstanding receivable balances of $2.0 million and $2.2 million from NBCU as of September 30, 2023 and December 31, 2022, respectively. The Company had an outstanding payable balance of $0.2 million to NBCU as of September 30, 2023 (none as of December 31, 2022).On March 15, 2023, Verizon Ventures LLC (“Verizon”) converted all 6,478,031 shares of Class C common stock into Class A common stock, resulting in Verizon and its affiliates holding more than 5% of our Class A common stock. Verizon is the landlord for the Company’s corporate headquarters (assumed from the Complex Networks Acquisition), and we transact with Verizon in the normal course of business, such as with agency advertising deals and for certain utilities. The Company recognized revenue from Verizon of $nil for both the three and nine months ended September 30, 2023 and 2022. The Company recognized expenses under contractual obligations from Verizon of $1.5 million for both the three months ended September 30, 2023 and 2022, and $4.5 million for both the nine months ended September 30, 2023 and 2022. The Company had no outstanding receivables or payables from or to Verizon as of September 30, 2023 or December 31, 2022.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Supplemental Disclosures

9 Months Ended

Sep. 30, 2023

Supplemental Disclosures [Abstract]

Supplemental Disclosures

Film Costs

Film costs, which were included in Prepaid and other assets on the condensed consolidated balance sheets, were as follows:


	September 30, 2023		December 31, 2022
Individual Monetization:
Feature films in production	$	3,878	$	—
Total	$	3,878	$	—

The Company had no material amortization of film costs for the three and nine months ended September 30, 2023 or 2022.

Governmental Assistance

Production tax incentives reduced capitalized film costs by $1.5 million as of December 31, 2022 (none as of September 30, 2023). The Company had receivables related to our production tax credits of $3.0 million as of September 30, 2023 and December 31, 2022, included in Prepaid and other current assets in our condensed consolidated balance sheet.

Supplemental Cash Flow Disclosures


	Nine Months Ended September 30,
	2023		2022
Cash paid for income taxes, net	$	1,126	$	2,098
Cash paid for interest	9,599		8,495
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment	245		549
Accrued deferred offering costs	597		—
Exchange of accounts receivable for investment in equity securities	750		—

Intangible Assets, net

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

Capitalized Software Costs, net

Capitalized software costs, net consisted of the following:


	September 30, 2023		December 31, 2022
Website and internal-use software	$	86,791	$	75,871
Less: Accumulated amortization	(64,681)		(56,612)
Net Carrying Value	$	22,110	$	19,259

The Company capitalized $3.2 million and $3.1 million for the three months ended September 30, 2023 and 2022, respectively, and $10.9 million and $9.7 million for the nine months ended September 30, 2023 and 2022, respectively, included in Capitalized software costs. The Company amortized $2.7 million and $2.5 million for the three months ended September 30, 2023 and 2022, respectively, and $8.1 million and $7.0 million for the nine months ended September 30, 2023 and 2022, respectively, included in Depreciation and amortization expense.Intangible Assets, net

The following table presents the detail of intangible assets for the periods presented and the weighted average remaining useful lives:


	September 30, 2023							December 31, 2022
	Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Acquired Technology	1	$	10,600	$	7,929	$	2,671	2	$	10,600	$	5,279	$	5,321
Trademarks and Trade Names	13	111,000		14,306		96,694		14	111,000		8,756		102,244
Trademarks and Trade Names	Indefinite	1,368		—		1,368		Indefinite	1,368		—		1,368
Customer Relationships	2	17,000		7,792		9,208		3	17,000		4,604		12,396
Total		$	139,968	$	30,027	$	109,941		$	139,968	$	18,639	$	121,329

With respect to intangible assets, the Company amortized $3.8 million for the three months ended September 30, 2023 and 2022, and $11.4 million and for the nine months ended September 30, 2023 and 2022, included in Depreciation and amortization expense.

Estimated future amortization expense as of September 30, 2023 is as follows (in thousands):


Remainder of 2023	$	3,796
2024	13,438
2025	11,296
2026	7,400
2027	7,400
Thereafter	65,243
Total	$	108,573

Description of the Business	9 Months Ended
Description of the Business	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business BuzzFeed, Inc. (referred to herein, collectively with its subsidiaries, as “BuzzFeed” or the “Company”) is a premier digital media company for the most diverse, most online, and most socially connected generations the world has ever seen. Across food, news, pop culture and commerce, our brands drive conversation and inspire what audiences watch, read, and buy now — and into the future. The Company’s portfolio of iconic, globally-loved brands includes BuzzFeed, HuffPost, Tasty, Complex Networks, and First We Feast. BuzzFeed derives its revenue primarily from advertising, content, and commerce and other sold to leading brands. The Company has one reportable segment. On December 3, 2021, we consummated a business combination (the “Business Combination”) with 890 5th Avenue Partners, Inc. (“890”), certain wholly-owned subsidiaries of 890, and BuzzFeed, Inc., a Delaware corporation (“Legacy BuzzFeed”). In connection with the Business Combination, we acquired 100% of the membership interests of CM Partners, LLC. CM Partners, LLC, together with Complex Media, Inc., is referred to herein as “Complex Networks.” Following the closing of the Business Combination, 890 was renamed “BuzzFeed, Inc.” Additionally, pursuant to subscription agreements entered into in connection with the entry into the merger agreement pursuant to which the Business Combination was consummated, the Company issued, and certain investors purchased, $150.0 million aggregate principal amount of unsecured convertible notes due 2026 concurrently with the closing of the Business Combination (the “Notes”). Liquidity As a digital media company, the Company is subject to certain inherent risks and uncertainties associated with the development of its business. To date, substantially all of the Company’s efforts have been devoted to the growth of its owned and operated properties and portfolio of brands. This includes the Company’s proprietary technology infrastructure, advertising solutions, content creation tools, and more. The Company has invested in the recruitment of key management and technical staff and has acquired certain businesses. These investments have historically been funded by raising outside capital, and as a result of these efforts, the Company has generally incurred significant losses and used net cash outflows from operations since inception — and it may continue to incur such losses and use net cash outflows for the foreseeable future until such time it reaches scale of profitability without needing to rely on funding from outside capital to sustain its operations. In order to execute its growth strategy, the Company has historically relied on outside capital through the issuance of equity, debt, and borrowings under financing arrangements (collectively “outside capital”). The Company may continue to rely on outside capital for the foreseeable future. While the Company believes it will eventually reach a scale of profitability to sustain its operations, there can be no assurance it will be able to achieve such profitability or generate consistent positive cash flows from operations, or do so in a manner that does not necessitate its continued reliance on outside capital. As of the date the condensed consolidated financial statements were issued (the “issuance date”), the presence of the following risks and uncertainties associated with the Company’s financial condition may adversely affect our ability to sustain its operations over the next 12 months beyond the issuance date. •Since its inception, the Company has generally incurred significant losses and used net cash flows from operations to grow its owned and operated properties and portfolio of brands. During the nine months ended September 30, 2023, the Company incurred a net loss of $78.0 million and used net cash flows from its operations of $2.4 million. Additionally, as of September 30, 2023, the Company had unrestricted cash and cash equivalents of $42.5 million to fund its operations, $0.7 million available under the Company’s $50.0 million revolving loan and standby letter of credit facility agreement (the “Revolving Credit Facility”) (refer to Note 9 herein for additional details), and an accumulated deficit of $600.7 million. •The Company expects to continue to be impacted by the challenging U.S. and global macroeconomic environment, which could adversely impact its ability to grow revenue over the next 12 months beyond the issuance date. For example, the Company has experienced negative impacts on both traffic consumption and client demands. •The Company continues to be affected by its ongoing efforts to integrate its combined brand portfolio and sales execution against the combined brand portfolio, which may result in the incurrence of unexpected expenses or the inability to realize anticipated benefits and synergies over the next 12 months beyond the issuance date. •The Company is required to remain in compliance with certain covenants required by the Revolving Credit Facility, which, among others, require it to maintain a minimum of $25.0 million of unrestricted cash at all times and limit, under prescribed circumstances, its ability to incur additional indebtedness, pay dividends, hold unpermitted investments or make material changes to the business. While the Company was in compliance with the financial covenants under the Revolving Credit Facility as of September 30, 2023, and it expects to remain in compliance throughout 12 months beyond the issuance date, the Company may be unable to remain in compliance with one or more of these covenants if it is unable to generate net cash inflows from operations or, if necessary, secure additional outside capital (including through our at-the-market-offering; refer to Note 11 herein for additional details). In the event the Company is unable to remain in compliance with one or more of the aforementioned covenants, and it is unable to secure a waiver or forbearance, the lender may, at its discretion, exercise any and all of its existing rights and remedies, which may include, among others, accelerating repayment of the outstanding borrowings and/or asserting its rights in the assets securing the loan. Due to the risks and uncertainties described above, the Company continues to carefully evaluate its liquidity position. The Company recognizes the significant challenge of maintaining sufficient liquidity to sustain its operations or remain in compliance with one or more of the covenants required by the Revolving Credit Facility for the next 12 months beyond the issuance date. However, notwithstanding its liquidity position as of the issuance date, and while it is difficult to predict its future liquidity requirements with certainty, the Company currently expects it will be able to generate sufficient liquidity to fund its operations over the next 12 months beyond the issuance date. In response to the risks and uncertainties described above, the Company may plan to secure additional outside capital over the next 12 months beyond the issuance date. While the Company has historically been successful in its ability to secure outside capital, as of the issuance date, the Company had no firm commitments of additional outside capital other than the Company’s at-the-market-offering, which is subject to the conditions contained in the At-The-Market Offering agreement dated June 20, 2023 with Craig-Hallum Capital Group LLC (refer to Note 11 herein for additional details). The Company can provide no assurance it will be able to continue to secure outside capital in the future or do so on terms that are acceptable to it, which could be due to future market conditions which are outside of its control. Furthermore, the Company also plans to continue to closely monitor its cash flow forecast and, if necessary, it will implement certain incremental cost savings to preserve its liquidity beyond those that were implemented through the restructuring activities that occurred during fiscal year 2022 and 2023 (refer to Note 14 herein for additional details) or through the reduction of its real estate footprint. While the Company currently expects it will be able to generate sufficient liquidity to fund its operations for the next 12 months beyond the issuance date, it can provide no assurance it will successfully generate such liquidity, or if necessary, secure additional outside capital (including through our at-the-market-offering; refer to Note 11 herein for additional details) or implement incremental cost savings. COVID-19 In March 2020, the World Health Organization declared the viral strain of COVID-19 a global pandemic and recommended containment and mitigation measures worldwide. The spread of COVID-19 and the resulting economic contraction resulted in increased business uncertainty and significantly impacted the Company’s business and results of operations. While the extent of the impact has generally decreased, the Company continues to monitor the status, and respond to the effects of, the COVID-19 pandemic and its impact on the Company’s business. Future developments regarding COVID-19 continue to be uncertain and difficult to predict. There can be no assurances that future impacts related to COVID-19, including new variants, or other global pandemics will not adversely impact our business, results of operations, financial condition and cash flows in future periods.

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 10,000	$ 12,100
Deferred revenue	8,273	$ 8,836
Revenue recognized	6,300
Transaction price allocated to the remaining performance obligations	$ 2,400
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected recognized period (in years)	4 years
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected recognized period (in years)	1 year

Other Expense, Net (Tables)

9 Months Ended

Sep. 30, 2023

Other Nonoperating Income (Expense) [Abstract]

Schedule of Other expense, net

Other expense, net consisted of the following for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,			Nine Months Ended September 30,
		2023		2022		2023		2022
Exchange loss		(1,224)		(3,034)		(314)		(6,535)
Gain (loss) on investment		90		—		(3,500)		1,260
Other expense		(182)		(230)		(769)		(623)
Other income		9		12		221		68

Gain on disposition of assets		—		500		—		500
Total		$	(1,307)	$	(2,752)	$	(4,362)	$	(5,330)

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision (Benefit) for Income Taxes


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Income tax provision	$	55		$	890		$	165		$	3,036
Effective tax rate	(0.4)		%	(3.4)		%	(0.2)		%	(3.3)		%

Acquisitions and Dispositions - Estimated Fair Value of Each of the Identifiable Intangible Assets (Details) $ in Thousands	Dec. 03, 2021 USD ($)
Trademarks & tradenames
Acquired Finite-Lived Intangible Assets [Line Items]
Asset Fair Value	$ 97,000
Weighted Average Useful Life (Years)	15 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Asset Fair Value	$ 17,000
Weighted Average Useful Life (Years)	4 years
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Asset Fair Value	$ 5,100
Weighted Average Useful Life (Years)	3 years

Supplemental Disclosures - Schedule of Film Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Individual Monetization:
Feature films in production	$ 3,878	$ 0
Total	$ 3,878	$ 0

Acquisitions and Dispositions - Goodwill Impairment (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 03, 2021
Business Combination and Asset Acquisition [Abstract]
Goodwill	$ 91,632,000	$ 91,632,000	$ 188,500,000
Impairment loss on goodwill	$ 0	$ 102,300,000
Number of days prior to the measurement date considered for average share price	7 days
Number of days prior to the measurement date taken for average share price	30 days
Number of years of historical transactions used for estimation of control premium	3 years
Percentage of fair value in excess of carrying amount	10.00%

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
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 assets	24,320	26,373
Total current assets	127,607	198,607
Property and equipment, net	13,415	17,774
Right-of-use assets	51,162	66,581
Capitalized software costs, net	22,110	19,259
Intangible assets, net	109,941	121,329
Goodwill	91,632	91,632
Prepaid expenses and other assets	15,340	14,790
Total assets	431,207	529,972
Current liabilities
Accounts payable	41,610	29,329
Accrued expenses	17,713	26,357
Deferred revenue	8,273	8,836
Accrued compensation	14,724	31,052
Current lease liabilities	21,312	23,398
Other current liabilities	4,171	3,900
Total current liabilities	107,803	122,872
Noncurrent lease liabilities	43,424	59,315
Debt	157,061	152,253
Derivative liability	30	180
Warrant liabilities	489	395
Other liabilities	445	403
Total liabilities	309,252	335,418
Commitments and contingencies
Stockholders’ equity
Additional paid-in capital	721,980	716,233
Accumulated deficit	(600,748)	(523,063)
Accumulated other comprehensive loss	(1,776)	(1,968)
Total BuzzFeed, Inc. stockholders’ equity	119,471	191,217
Noncontrolling interests	2,484	3,337
Total stockholders’ equity	121,955	194,554
Total liabilities and stockholders’ equity	431,207	529,972
Class A Common Stock
Stockholders’ equity
Common stock	14	13
Class B Common Stock
Stockholders’ equity
Common stock	1	1
Class C Common Stock
Stockholders’ equity
Common stock	$ 0	$ 1

Supplemental Disclosures (Tables)

9 Months Ended

Sep. 30, 2023

Supplemental Disclosures [Abstract]

Schedule Of Film Costs

Film costs, which were included in Prepaid and other assets on the condensed consolidated balance sheets, were as follows:


	September 30, 2023		December 31, 2022
Individual Monetization:
Feature films in production	$	3,878	$	—
Total	$	3,878	$	—

Schedule of Supplemental Cash Flow Information


	Nine Months Ended September 30,
	2023		2022
Cash paid for income taxes, net	$	1,126	$	2,098
Cash paid for interest	9,599		8,495
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment	245		549
Accrued deferred offering costs	597		—
Exchange of accounts receivable for investment in equity securities	750		—

Restructuring Costs	9 Months Ended
Restructuring Costs	Sep. 30, 2023
Restructuring Costs [Abstract]
Restructuring Costs	Restructuring Costs On April 20, 2023, the Company announced plans to reduce expenses by implementing an approximately 15% reduction in the current workforce. The reduction in workforce plan is part of a broader strategic reprioritization across the Company in order to accelerate revenue growth and improve upon profitability and cash flow. The Company incurred approximately $9.7 million of restructuring costs for the nine months ended September 30, 2023, comprised mainly of severance and related benefit costs, of which $5.5 million were included in Cost of revenue, excluding depreciation and amortization, $2.8 million were included in Sales and marketing, $0.6 million were included in General and administrative, and $0.8 million were included in Research and development. In March 2022, in connection with the acquisition of Complex Networks, the Company approved certain organizational changes to align sales and marketing and general and administrative functions as well as changes in content to better serve audience demands. Additionally, in June 2022, as part of a strategic repositioning of BuzzFeed News, the Company entered into a voluntary buyout proposal covering certain desks which was negotiated as part of collective bargaining between the Company and the BuzzFeed News Union. The Company incurred approximately $nil and $5.3 million of restructuring costs for the three and nine months ended September 30, 2022, respectively, comprised mainly of severance and related benefit costs. For the nine months ended September 30, 2022, approximately $4.4 million were included in Cost of revenue, excluding depreciation and amortization, $0.3 million were included in Sales and marketing, $0.5 million were included in General and administrative, and $0.1 million were included in Research and development.

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands				9 Months Ended
	Sep. 30, 2023 USD ($) vote $ / shares shares	Jun. 20, 2023 shares	Mar. 21, 2023 USD ($)	Sep. 30, 2023 USD ($) vote $ / shares shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)	50,000,000			50,000,000
Preferred stock, par value per share (in dollars per share) \| $ / shares	$ 0.0001			$ 0.0001
Preferred stock, shares issued (in shares)	0			0		0
Preferred stock, shares outstanding (in shares)	0			0		0
Sale of stock, maximum equity issuable \| $			$ 150,000
Proceeds from the issuance of common stock in connection with at-the-market offering, net of issuance costs \| $				$ 902	$ 0
ATM Offering Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Sale of stock, equity distribution agreement, maximum offering, shares (in shares)		13,266,011
Number of shares issued (in shares)	2,069,538
Shares issued, price per share (in dollars per share) \| $ / shares	$ 0.52			$ 0.52
Proceeds from the issuance of common stock in connection with at-the-market offering, net of issuance costs \| $	$ 900
Sale of stock, equity distribution agreement, remaining shares available (in shares)	11,196,473
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, amount \| $	$ 800			$ 800
Weighted-average remaining requisite service period				1 year 1 month 6 days
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs \| $	$ 10,600			$ 10,600
Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares authorized (in shares)	700,000,000			700,000,000		700,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001			$ 0.0001		$ 0.0001
Common shares, votes per share \| vote	1			1
Class B Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares authorized (in shares)	20,000,000			20,000,000		20,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001			$ 0.0001		$ 0.0001
Common shares, votes per share \| vote	50			50
Class C Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares authorized (in shares)	10,000,000			10,000,000		10,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001			$ 0.0001		$ 0.0001
Common shares, votes per share \| vote	0			0

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (13,932)	$ (26,993)	$ (78,029)	$ (95,140)
Other comprehensive income (loss)
Foreign currency translation adjustment	511	21	(191)	423
Other comprehensive income (loss)	511	21	(191)	423
Comprehensive loss	(13,421)	(26,972)	(78,220)	(94,717)
Comprehensive income attributable to the redeemable noncontrolling interest	0	0	0	164
Comprehensive (loss) income attributable to noncontrolling interests	(210)	(137)	(470)	211
Foreign currency translation adjustment attributable to noncontrolling interests	(83)	(234)	(383)	(687)
Comprehensive loss attributable to BuzzFeed, Inc.	$ (13,128)	$ (26,601)	$ (77,367)	$ (94,405)

Impairment Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Impairment Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Impaired Long-Lived Assets Held and Used [Line Items]
Subtenant rent free period (in months)		4 months
Non-cash impairment charge	$ 0	$ 2,160	$ 0	$ 2,160
Subleased Property
Impaired Long-Lived Assets Held and Used [Line Items]
Non-cash impairment charge		2,200
Non-cash impairment charge allocated to the right-of-use asset		1,400
Non-cash impairment charge allocated to leasehold improvements		$ 800

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s tax provision or benefit from income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. Each quarter the Company updates its estimate of the annual effective tax rate and makes a year-to-date adjustment to the provision.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Income tax provision	$	55		$	890		$	165		$	3,036
Effective tax rate	(0.4)		%	(3.4)		%	(0.2)		%	(3.3)		%

For the three and nine months ended September 30, 2023 and 2022, the Company’s effective tax rate differed from the U.S. federal statutory income tax rate of 21% primarily due to limited tax benefits provided for against its current

year pre-tax operating loss, as the Company maintains a full valuation allowance against its U.S. deferred tax assets that are not realizable on a more-likely-than-not basis. Additionally, the Company recorded a $0.9 million discrete tax expense during the three and nine months ended September 30, 2022, primarily related to changes to the Company’s valuation allowance related to Complex Networks’ measurement period adjustments as a result of the finalization of Complex Networks’ pre-acquisition tax filings.

The Company, or one of its subsidiaries, files its tax returns in the U.S. and certain state and foreign income tax jurisdictions with varying statute of limitations. The major jurisdictions in which the Company is subject to potential examination by tax authorities are the U.S., the United Kingdom, Japan, and Canada.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Redeemable Noncontrolling Interest - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Redeemable Noncontrolling Interest [Roll Forward]
Beginning balance	$ 0	$ 0	$ 0	$ 0	$ 2,458	$ 2,294	$ 0	$ 2,294
Allocation of net income (loss)	0	0	0	0	0	164	0	164
Reclassification to permanent equity		0			(2,458)
Ending balance	$ 0	$ 0	$ 0	$ 0	$ 0	$ 2,458	$ 0	$ 0

Revenue Recognition - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue Recognition
Revenue	$ 73,299	$ 103,733	$ 218,353	$ 302,051
United States
Revenue Recognition
Revenue	66,877	94,582	202,770	272,869
International
Revenue Recognition
Revenue	6,422	9,151	15,583	29,182
Advertising
Revenue Recognition
Revenue	32,589	50,404	102,234	152,296
Content
Revenue Recognition
Revenue	26,250	38,416	79,347	110,979
Commerce and other
Revenue Recognition
Revenue	$ 14,460	$ 14,913	$ 36,772	$ 38,776

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

The Company leases office space under non-cancelable operating leases with various expiration dates through 2029. The Company accounts for leases under Accounting Standards Update 2016-02, Leases (Topic 842) (“ASC 842”) by recording right-of-use assets and liabilities. The right-of-use asset represents the Company’s right to use underlying assets for the lease term and the lease liability represents the Company’s obligation to make lease payments under the lease. The Company determines if an arrangement is, or contains, a lease at contract inception and exercises judgment and applies certain assumptions when determining the discount rate, lease term, and lease payments. ASC 842 requires a lessee to record a lease liability based on the discounted unpaid lease payments using the interest rate implicit in the lease or, if the rate cannot be readily determined, the incremental borrowing rate. Generally, the Company does not have knowledge of the rate implicit in the lease and, therefore, uses its incremental borrowing rate for a lease. The lease term includes the non-cancelable period of the lease plus any additional periods covered by an option to extend that the Company is reasonably certain to exercise. The Company’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. Certain of the Company’s lease agreements include escalating lease payments. Additionally, certain lease agreements contain renewal provisions and other provisions which require the Company to pay taxes, insurance, or maintenance costs.

The Company subleases certain leased office space to third parties when it determines there is excess leased capacity. On July 8, 2022, the Company entered into a sublease with a third party with respect to substantially all of the Company's then-existing corporate headquarters. The sublease commenced on August 26, 2022 and expires on May 30, 2026, unless terminated sooner in accordance with the provisions of the sublease. Pursuant to the terms of the sublease, the subtenant will pay a fixed monthly rent of $0.8 million, subject to periodic increases. In-lieu of a cash security deposit, the Company received a letter of credit from Citibank for approximately $4.5 million.

Sublease rent income is recognized as an offset to rent expense on a straight-line basis over the lease term. In addition to sublease rent, other costs such as common-area maintenance, utilities, and real estate taxes are charged to subtenants over the duration of the lease for their proportionate share of these costs. Refer to Note 21 herein for information regarding an impairment charge the Company recorded during the three months ended September 30, 2022

with respect to the original lease of the Company’s former corporate headquarters that was fully subleased during the third quarter of 2022.

The following illustrates the lease costs for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	7,557	$	7,653	$	22,620	$	22,820
Sublease income	(3,926)		(2,680)		(11,778)		(6,350)
Total lease cost	$	3,631	$	4,973	$	10,842	$	16,470

All components of total lease cost are recorded within General and administrative expenses within the condensed consolidated statement of operations. The Company does not have material short-term or variable lease costs.

The following amounts were recorded in the Company’s condensed consolidated balance sheet related to operating leases:


	September 30, 2023		December 31, 2022
Assets
Right-of-use assets	$	51,162	$	66,581

Liabilities
Current lease liabilities	21,312		23,398
Noncurrent lease liabilities	43,424		59,315
Total lease liabilities	$	64,736	$	82,713

Other information related to leases was as follows:


	Nine Months Ended September 30, 2023	Nine Months Ended September 30, 2022
Supplemental cash flow information:
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	25,369	25,434


	September 30, 2023		December 31, 2022
Weighted average remaining lease term (years)	2.9		3.4
Weighted average discount rate	13.85	%	13.76	%

Maturities of lease liabilities as of September 30, 2023 were as follows:


Year	Operating Leases
Remainder of 2023	$	7,476
2024	28,211
2025	25,607
2026	13,036
2027	2,698
Thereafter	1,317
Total lease payments	78,345
Less: imputed interest	(13,609)
Total	$	64,736

Sublease receipts to be received in the future under noncancelable subleases as of September 30, 2023 were as follows:


Year	Amount
Remainder of 2023	$	4,027
2024	15,538
2025	15,538
2026	4,886
2027	178
Thereafter	—
Total	$	40,167

Summary of Significant Accounting Policies (Polices)	9 Months Ended
Summary of Significant Accounting Policies (Polices)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Financial Statements and Principles of Consolidation	Basis of Financial Statements and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. As such, the accompanying condensed consolidated financial statements and these related notes should be read in conjunction with the Company’s consolidated financial statements and related notes as of and for the year ended December 31, 2022, as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated financial statements include all normal recurring adjustments that, in the opinion of management, are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ended December 31, 2023. The condensed consolidated financial statements include the accounts of BuzzFeed, Inc., and its wholly-owned and majority-owned subsidiaries, and any variable interest entities for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported results of operations during the reporting period. Due to the use of estimates inherent in the financial reporting process actual results could differ from those estimates. Key estimates and assumptions relate primarily to revenue recognition, fair values of intangible assets acquired in business combinations, valuation allowances for deferred income tax assets, allowance for doubtful accounts, fair value of the derivative liability, fair values used for stock-based compensation in periods prior to the Business Combination, useful lives of fixed assets, and capitalized software costs.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company, an emerging growth company (“EGC”), has elected to take advantage of the benefits of the extended transition period provided for in Section 7(a)(2)(B) of the Securities Act, as amended, for complying with new or revised accounting standards which allows the Company to defer adoption of certain accounting standards until those standards would otherwise apply to private companies. In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13, Financial Instruments — Credit Losses (Topic 326), which changes the impairment model for most financial assets, including accounts receivable, and replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The guidance is effective for the Company for interim and annual periods beginning after December 15, 2022, with early adoption permitted. Effective January 1, 2023, the Company adopted this standard using a modified retrospective transition approach, which required a cumulative effect adjustment to the balance sheet as of January 1, 2023. The adoption of this standard did not have a material impact to our condensed consolidated financial statements.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted None.

Leases - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Operating Leased Assets [Line Items]
Fixed monthly rent for sublease	$ 800
Borrowings on Revolving Credit Facility	2,128	$ 5,000
Letter of Credit
Operating Leased Assets [Line Items]
Borrowings on Revolving Credit Facility	$ 4,500

Intangible Assets, net - Estimated Future Amortization (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract]
Remainder of 2023	$ 3,796
2024	13,438
2025	11,296
2026	7,400
2027	7,400
Thereafter	65,243
Total	$ 108,573

Other Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Other Expense, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Nonoperating Income (Expense) [Abstract]
Exchange loss	$ (1,224)	$ (3,034)	$ (314)	$ (6,535)
Gain (loss) on investment	90	0	(3,500)	1,260
Other expense	(182)	(230)	(769)	(623)
Other income	9	12	221	68
Gain on disposition of assets	0	500	0	500
Total	$ (1,307)	$ (2,752)	$ (4,362)	$ (5,330)

Capitalized Software Costs, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Capitalized Computer Software, Net [Abstract]
Website and internal-use software	$ 86,791		$ 86,791		$ 75,871
Less: Accumulated amortization	(64,681)		(64,681)		(56,612)
Net Carrying Value	22,110		22,110		$ 19,259
Amount of capitalized internal used software	3,200	$ 3,100	10,900	$ 9,700
Capitalized computer software, amortization	$ 2,700	$ 2,500	$ 8,100	$ 7,000

Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

In connection with the closing of the Business Combination, the Company authorized the issuance of 700,000,000 shares of Class A common stock, par value $0.0001 per share, 20,000,000 shares of Class B common stock, par value $0.0001 per share, and 10,000,000 shares of Class C common stock, par value $0.0001 per share. Each share of Class A common stock is entitled to one vote and each share of Class B common stock is entitled to fifty votes. Class C common stock is non-voting.

Preferred Stock

In connection with the closing of the Business Combination, the Company authorized the issuance of 50,000,000 shares of preferred stock, par value $0.0001 per share. The Board of Directors is authorized, without further stockholder approval, to issue such preferred stock in one or more series, to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. There were no issued and outstanding shares of preferred stock as of September 30, 2023 or December 31, 2022.

Stock-Based Compensation

Stock Options

A summary of the stock option activity under the Company’s equity incentive plans is presented below:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Term	Aggregate Intrinsic Value
Balance as of December 31, 2022	3,976	$	6.20	3.80	$	—
Granted	57	0.61		—	—
Exercised	(34)	0.86		—	—
Forfeited	(167)	5.17		—	—
Expired	(358)	5.41		—	—
Balance as of September 30, 2023	3,474	$	6.29	2.89	$	—
Expected to vest at September 30, 2023	3,474	$	6.29	2.89	$	—
Exercisable at September 30, 2023	3,077	$	6.50	2.17	$	—

As of September 30, 2023, the total share-based compensation costs not yet recognized related to unvested stock options was $0.8 million, which is expected to be recognized over the weighted-average remaining requisite service period of 1.1 years.

Restricted Stock Units

A summary of Restricted Stock Unit (“RSU”) activity is presented below:


	Shares	Weighted Average Grant- Date Fair Value
Outstanding as of December 31, 2022	7,495	$	3.59
Granted	9,373	0.63
Vested	(3,642)	3.25
Forfeited	(1,713)	3.78
Outstanding as of September 30, 2023	11,513	$	1.26

As of September 30, 2023, there were approximately $10.6 million of unrecognized compensation costs related to RSUs.

Stock-Based Compensation Expense

The following table summarizes stock-based compensation cost included in the condensed consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of revenue, excluding depreciation and amortization	$	272	$	460	$	883	$	3,615
Sales and marketing	261		550		1,148		2,663
General and administrative	1,191		2,448		3,345		8,828
Research and development1	75		177		(198)		3,753
Total	$	1,799	$	3,635	$	5,178	$	18,859

_________________________________

(1) The negative stock-based compensation expense for the nine months ended September 30, 2023 for Research and development was due to forfeitures.

RSUs settle into shares of common stock upon vesting. Upon the vesting of the RSUs, for certain employees, the Company net-settles the RSUs and withholds a portion of the shares to satisfy minimum statutory employee withholding tax requirements. Total payment of the employees’ tax obligations to the tax authorities is reflected as a financing activity within the condensed consolidated statements of cash flows.

At-The-Market Offering

On March 21, 2023, the Company filed a shelf registration statement on Form S-3 (the “Shelf Registration Statement”) under which the Company may, from time to time, sell securities in one or more offerings having an aggregate offering price of up to $150.0 million. The Shelf Registration Statement was declared effective as of April 5, 2023. On June 20, 2023, the Company entered into an At-The-Market Offering agreement with Craig-Hallum Capital Group LLC pursuant to which the Company may, from time to time, sell up to 13,266,011 shares of its Class A common stock. As of September 30, 2023, the Company sold, in the aggregate, 2,069,538 shares of its Class A common stock, at an average price of $0.52 per share, for aggregate net proceeds of $0.9 million after deducting commissions and offering expenses. The Company used the aggregate net proceeds for general corporate purposes, and the Company has 11,196,473 remaining shares available under the At-The-Market-Offering agreement.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 18
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Restructuring Costs - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
Restructuring Costs - Narrative (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Apr. 20, 2023
Restructuring Cost and Reserve [Line Items]
Reduction in workforce, percentage				15.00%
Restructuring charges		$ 9,700,000
C Acquisition Purchase Agreement \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0		$ 5,300,000
Cost of revenue, excluding depreciation and amortization \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges			4,400,000
Cost of revenue, excluding depreciation and amortization \| 2023 Workforce Reduction \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges		5,500,000
Sales and marketing \| 2023 Workforce Reduction \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges		2,800,000
Sales and marketing \| C Acquisition Purchase Agreement \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges			300,000
General and administrative \| 2023 Workforce Reduction \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges		600,000
General and administrative \| C Acquisition Purchase Agreement \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges			500,000
Research and development \| 2023 Workforce Reduction \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 800,000
Research and development \| C Acquisition Purchase Agreement \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 100,000

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Remainder of 2023	$ 7,476
2024	28,211
2025	25,607
2026	13,036
2027	2,698
Thereafter	1,317
Total lease payments	78,345
Less: imputed interest	(13,609)
Total lease liabilities	$ 64,736	$ 82,713

Leases - Schedule of Right-Of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Right-of-use assets	$ 51,162	$ 66,581
Liabilities
Current lease liabilities	21,312	23,398
Noncurrent lease liabilities	43,424	59,315
Total lease liabilities	$ 64,736	$ 82,713

Other Expense, Net

9 Months Ended

Sep. 30, 2023

Other Nonoperating Income (Expense) [Abstract]

Other Expense, Net

Other expense, net consisted of the following for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,			Nine Months Ended September 30,
		2023		2022		2023		2022
Exchange loss		(1,224)		(3,034)		(314)		(6,535)
Gain (loss) on investment		90		—		(3,500)		1,260
Other expense		(182)		(230)		(769)		(623)
Other income		9		12		221		68

Gain on disposition of assets		—		500		—		500
Total		$	(1,307)	$	(2,752)	$	(4,362)	$	(5,330)

Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 03, 2021
Business Acquisition [Line Items]
Identifiable intangible assets acquired of goodwill	$ 91,632	$ 91,632	$ 188,500
C Acquisition
Business Acquisition [Line Items]
Percentage of membership interests acquired			100.00%

- Definition

+ References + Details

Impairment Expense	9 Months Ended
Impairment Expense	Sep. 30, 2023
Asset Impairment Charges [Abstract]
Impairment Expense	Impairment ExpenseDuring the three months ended September 30, 2022, the Company subleased its former corporate headquarters to a third party. The sublease commenced on August 26, 2022 and expires on May 30, 2026, unless terminated sooner in accordance with the provisions of the sublease. In connection with the sublease, the Company afforded the subtenant a four-month rent free period, which was the main driver in the resulting cash outflows exceeding the cash inflows over the life of the sublease. As such, the Company identified a triggering event for a potential impairment with respect to certain assets associated with the subleased property (specifically, right-of-use assets and leasehold improvements). The Company determined the subleased property represented a separate asset class for the purposes of impairment testing and measurement, and the Company recorded a non-cash impairment charge of $2.2 million, with $1.4 million allocated to the right-of-use asset, and the remaining $0.8 million allocated to leasehold improvements. The fair values were determined based on estimated future discounted cash flows using market participant assumptions.

Fair Value Measurements - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment owned, balance (in shares)	500	6
Carrying value of the investment in equity securities without a readily determinable fair value		$ 0	$ 3,600,000
Equity securities without readily determinable fair value, acquired during period	$ 800,000
Prepaid Expenses and Other Current Assets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying value of the investment in equity securities without a readily determinable fair value	$ 800,000			$ 3,600,000
Public Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price per share (in dollars per share)	$ 0.05			$ 0.04

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount of the Notes

The net carrying amount of the Notes as of September 30, 2023 and December 31, 2022 was:


	September 30, 2023		December 31, 2022
Principal outstanding	$	150,000	$	150,000
Unamortized debt discount and issuance costs	(26,777)		(31,252)
Net carrying value	$	123,223	$	118,748

Debt - Narrative (Details)				1 Months Ended	3 Months Ended			6 Months Ended	9 Months Ended
Debt - Narrative (Details)	Jan. 01, 2024	Dec. 15, 2022 USD ($)	Dec. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) d	Sep. 30, 2022 USD ($)	Sep. 26, 2023 USD ($)	Jun. 29, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Issuance of letter of credit									$ 2,128,000	$ 5,000,000
Debt issuance cost		$ 200,000
Outstanding borrowings					$ 157,061,000				157,061,000				$ 152,253,000
Unused borrowing capacity					700,000				$ 700,000
Convertible Notes
Debt Instrument [Line Items]
Aggregate principal amount				$ 150,000,000
Interest rate				8.50%
Shares convertible (in shares) \| shares				12,000,000
Initial conversion price (in dollars per share) \| $ / shares				$ 12.50
Volume-weighted average trading price as percentage of conversion price									130.00%
Number of trading days \| d									20
Number of consecutive trading days \| d									30
Term for calculating amount of interest declining ratably									1 year
Term for calculating amount of interest on the aggregate principal amount									3 years
Repurchase price as percentage of par plus accrued and unpaid interest									101.00%
Derivative liability					$ 31,600,000				$ 31,600,000
Effective interest rate					15.00%				15.00%
Interest expense					$ 4,800,000	$ 4,500,000			$ 14,100,000	13,400,000
Amortization of debt discount and issuance costs					1,600,000	$ 1,400,000			4,500,000	$ 3,900,000
Fair value of the notes					110,000,000				$ 110,000,000				99,800,000
Convertible Notes \| Debt Conversion Terms One
Debt Instrument [Line Items]
Term for calculating amount of interest declining ratably									18 months
Term for calculating amount of interest on the aggregate principal amount									12 months
Convertible Notes \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Term for calculating amount of interest declining ratably									12 months
Term for calculating amount of interest on the aggregate principal amount									0 days
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument term			3 years
Maximum borrowing capacity			$ 50,000,000
Percentage of qualifying investment grade accounts receivable			95.00%
Percentage of qualifying non-investment grade accounts receivable			90.00%
Debt issuance cost					600,000				$ 600,000		$ 100,000	$ 200,000	400,000
Debt instrument, covenants, liquidity threshold			$ 25,000,000		25,000,000				25,000,000
Outstanding borrowings					33,800,000				33,800,000				33,500,000
Letter of credit outstanding					15,500,000				15,500,000				15,500,000
Unused borrowing capacity					700,000				$ 700,000				$ 1,000,000
Revolving Credit Facility \| Forecast
Debt Instrument [Line Items]
Debt instrument, overadvance, maximum								$ 7,400,000
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Early termination fee, percentage		0.50%
Revolving Credit Facility \| Minimum \| Forecast
Debt Instrument [Line Items]
Margin rate, percentage	3.75%							4.50%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Early termination fee, percentage		2.00%
Revolving Credit Facility \| Maximum \| Forecast
Debt Instrument [Line Items]
Margin rate, percentage	4.25%							5.00%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin rate, percentage									9.00%
Debt instrument floor rate									0.75%
Minimum monthly average utilization of debt					$ 15,000,000				$ 15,000,000
Percentage of fee on unused commitments									0.375%
Standby letters of credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 15,500,000
Issuance of letter of credit							$ 15,500,000

Fair Value Measurements - Significant Unobservable Inputs Related to the Derivative Liability (Details) - item	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Term (in years)	3 years 2 months 12 days	3 years 10 months 24 days
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.0478	0.0411
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.971	0.766

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Leased Assets [Line Items]
Operating lease cost		$ 7,653	$ 22,620	$ 22,820
Sublease income		(2,680)	(11,778)	(6,350)
Total lease cost		$ 4,973	$ 10,842	$ 16,470
General and administrative
Operating Leased Assets [Line Items]
Operating lease cost	$ 7,557
Sublease income	(3,926)
Total lease cost	$ 3,631

Leases - Schedule of Sublease Receipts to be Received Under Noncancellable Subleases (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
Remainder of 2023	$ 4,027
2024	15,538
2025	15,538
2026	4,886
2027	178
Thereafter	0
Total	$ 40,167

Description of the Business - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 30, 2020 USD ($)
Description of the Business [Line Items]
Number of reportable segments \| segment			1
Net loss	$ 13,932	$ 26,993	$ 78,029	$ 95,140
Cash (used in) provided by operating activities			(2,363)	$ (7,897)
Cash and cash equivalents	42,470		42,470		$ 55,774
Unused borrowing capacity	700		700
Accumulated deficit	600,748		600,748		523,063
Unsecured convertible notes due 2026
Description of the Business [Line Items]
Aggregate principal amount	150,000		150,000
Revolving Credit Facility
Description of the Business [Line Items]
Unused borrowing capacity	700		700		$ 1,000
Maximum borrowing capacity						$ 50,000
Debt instrument, covenants, liquidity threshold	$ 25,000		$ 25,000			$ 25,000
CM Partners, LLC
Description of the Business [Line Items]
Percentage of membership interests acquired	100.00%		100.00%

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and in assessing performance. The Company has determined that its chief executive officer is its CODM who makes resource allocation decisions and assesses performance based upon financial information at the consolidated level. The Company manages its operations as a single segment for the purpose of assessing and making operating decisions. Since the Company operates in one operating segment, all required financial segment information can be found in the condensed consolidated financial statements.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Acquisitions and Dispositions - Fair Value of Consideration Exchanged (Details) - C Acquisition $ / shares in Units, $ in Thousands	Dec. 03, 2021 USD ($) $ / shares shares
Business Acquisition [Line Items]
Cash consideration	$ 197,966
Share consideration	96,200
Total consideration	$ 294,166
Class A Common Stock, $0.0001 par value per share
Business Acquisition [Line Items]
Number of shares issued for acquisition (in shares) \| shares	10,000,000
Stock issued price per share (in dollars per share) \| $ / shares	$ 9.62
C Acquisition Purchase Agreement
Business Acquisition [Line Items]
Total consideration	$ 200,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 73,299	$ 103,733	$ 218,353	$ 302,051
Costs and Expenses
Cost of revenue, excluding depreciation and amortization	39,836	60,989	137,687	183,336
Sales and marketing	10,300	16,317	39,736	52,808
General and administrative	19,080	27,254	62,438	92,381
Research and development	2,815	5,900	10,594	23,345
Depreciation and amortization	8,068	9,198	24,503	26,292
Impairment expense	0	2,160	0	2,160
Total costs and expenses	80,099	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 liabilities	104	(395)	(94)	2,964
Change in fair value of derivative liability	30	300	150	3,525
Loss before income taxes	(13,877)	(26,103)	(77,864)	(92,104)
Income tax provision	55	890	165	3,036
Net loss	(13,932)	(26,993)	(78,029)	(95,140)
Net income attributable to the redeemable noncontrolling interest	0	0	0	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 (in dollars per share)	$ (0.09)	$ (0.19)	$ (0.54)	$ (0.69)
Diluted (in dollars per share)	$ (0.09)	$ (0.19)	$ (0.54)	$ (0.69)
Weighted average common shares outstanding:
Basic (in shares)	145,053	138,939	142,585	137,591
Diluted (in shares)	145,053	138,939	142,585	137,591

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Lease Costs

The following illustrates the lease costs for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	7,557	$	7,653	$	22,620	$	22,820
Sublease income	(3,926)		(2,680)		(11,778)		(6,350)
Total lease cost	$	3,631	$	4,973	$	10,842	$	16,470

Schedule of Right-of-Use Assets and Lease Liabilities

The following amounts were recorded in the Company’s condensed consolidated balance sheet related to operating leases:


	September 30, 2023		December 31, 2022
Assets
Right-of-use assets	$	51,162	$	66,581

Liabilities
Current lease liabilities	21,312		23,398
Noncurrent lease liabilities	43,424		59,315
Total lease liabilities	$	64,736	$	82,713

Schedule of Supplemental Cash Flow Information and Additional Information

Other information related to leases was as follows:


	Nine Months Ended September 30, 2023	Nine Months Ended September 30, 2022
Supplemental cash flow information:
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	25,369	25,434


	September 30, 2023		December 31, 2022
Weighted average remaining lease term (years)	2.9		3.4
Weighted average discount rate	13.85	%	13.76	%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of September 30, 2023 were as follows:


Year	Operating Leases
Remainder of 2023	$	7,476
2024	28,211
2025	25,607
2026	13,036
2027	2,698
Thereafter	1,317
Total lease payments	78,345
Less: imputed interest	(13,609)
Total	$	64,736

Schedule of Sublease Receipts to be Received in the Future

Sublease receipts to be received in the future under noncancelable subleases as of September 30, 2023 were as follows:


Year	Amount
Remainder of 2023	$	4,027
2024	15,538
2025	15,538
2026	4,886
2027	178
Thereafter	—
Total	$	40,167

Commitments and Contingencies - Narrative (Details)	Nov. 27, 2023	Aug. 15, 2023 USD ($) individual	Aug. 04, 2023 USD ($) individual	Mar. 15, 2022 individual arbitration	May 31, 2023 $ / shares
Loss Contingencies [Line Items]
Number of plaintiffs				91
Number of mass arbitrations \| arbitration				2
Consecutive trading days, suspension from trading or the delisting of common stock					30 days
Share price, threshold for delisting (in dollars per share) \| $ / shares					$ 1.00
Initial period, suspension from trading or the delisting of common stock					180 days
Consecutive trading days, before compliance date, suspension from trading or the delisting of common stock					10 days
Second period, suspension from trading or the delisting of common stock					180 days
Forecast
Loss Contingencies [Line Items]
Extension period, suspension from trading or the delisting of common stock	180 days
Violation Of VPPA
Loss Contingencies [Line Items]
Loss contingency, damages sought, value \| $		$ 2,500	$ 2,500
Violation of VPP Act - BuzzFeed.com Website
Loss Contingencies [Line Items]
Number of plaintiffs		12,176	8,927
Violation Of VPP Act - HuffPost.com Website
Loss Contingencies [Line Items]
Number of plaintiffs		5,247

Capitalized Software Costs, net

9 Months Ended

Sep. 30, 2023

Capitalized Computer Software, Net [Abstract]

Capitalized Software Costs, net

Capitalized software costs, net consisted of the following:


	September 30, 2023		December 31, 2022
Website and internal-use software	$	86,791	$	75,871
Less: Accumulated amortization	(64,681)		(56,612)
Net Carrying Value	$	22,110	$	19,259

The following table presents the detail of intangible assets for the periods presented and the weighted average remaining useful lives:


	September 30, 2023							December 31, 2022
	Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Acquired Technology	1	$	10,600	$	7,929	$	2,671	2	$	10,600	$	5,279	$	5,321
Trademarks and Trade Names	13	111,000		14,306		96,694		14	111,000		8,756		102,244
Trademarks and Trade Names	Indefinite	1,368		—		1,368		Indefinite	1,368		—		1,368
Customer Relationships	2	17,000		7,792		9,208		3	17,000		4,604		12,396
Total		$	139,968	$	30,027	$	109,941		$	139,968	$	18,639	$	121,329

Estimated future amortization expense as of September 30, 2023 is as follows (in thousands):


Remainder of 2023	$	3,796
2024	13,438
2025	11,296
2026	7,400
2027	7,400
Thereafter	65,243
Total	$	108,573

Related Party Transactions - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
	Mar. 15, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenue from related parties		$ 73,299,000	$ 103,733,000	$ 218,353,000	$ 302,051,000
Accounts payable		41,610,000		41,610,000		$ 29,329,000
Related Party
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		0	200,000
NBCUniversal Media, LLC \| Related Party
Related Party Transaction [Line Items]
Revenue from related parties		1,900,000	1,200,000	2,600,000	3,300,000
Related party transaction, amounts of transaction				0	600,000
Outstanding receivable		2,000,000		2,000,000		2,200,000
Accounts payable		200,000		200,000		$ 0
Verizon Ventures LLC \| Verizon Ventures LLC \| Buzzfeed
Related Party Transaction [Line Items]
Percentage of common stock owned by related party	5.00%
Verizon Ventures LLC \| Common Stock
Related Party Transaction [Line Items]
Conversion of stock, shares converted (in shares)	6,478,031
Verizon Ventures LLC \| Related Party
Related Party Transaction [Line Items]
Revenue from related parties		0	0	0	0
Related party transaction, amounts of transaction		$ 1,500,000	$ 1,500,000	$ 4,500,000	$ 4,500,000

Intangible Assets, net (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets and the Weighted Average Remaining Useful Lives

The following table presents the detail of intangible assets for the periods presented and the weighted average remaining useful lives:


	September 30, 2023							December 31, 2022
	Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Acquired Technology	1	$	10,600	$	7,929	$	2,671	2	$	10,600	$	5,279	$	5,321
Trademarks and Trade Names	13	111,000		14,306		96,694		14	111,000		8,756		102,244
Trademarks and Trade Names	Indefinite	1,368		—		1,368		Indefinite	1,368		—		1,368
Customer Relationships	2	17,000		7,792		9,208		3	17,000		4,604		12,396
Total		$	139,968	$	30,027	$	109,941		$	139,968	$	18,639	$	121,329

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense as of September 30, 2023 is as follows (in thousands):


Remainder of 2023	$	3,796
2024	13,438
2025	11,296
2026	7,400
2027	7,400
Thereafter	65,243
Total	$	108,573

Stockholders' Equity - Summary of the Share Activity Under the 2015 Plan (Details) - 2015 Equity Incentive Plan - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Number of Shares
Outstanding at the beginning (in shares)	3,976
Granted (in shares)	57
Exercised (in shares)	(34)
Forfeited (in shares)	(167)
Expired (in shares)	(358)
Outstanding at the end (in shares)	3,474	3,976
Expected to vest (in shares)	3,474
Exercisable (in shares)	3,077
Weighted Average Exercise Price
Outstanding at the beginning (in dollars per share)	$ 6.20
Granted (in dollars per share)	0.61
Exercised (in dollars per share)	0.86
Forfeited (in dollars per share)	5.17
Expired (in dollars per share)	5.41
Outstanding at the end (in dollars per share)	6.29	$ 6.20
Expected to vest (in dollars per share)	6.29
Exercisable (in dollars per share)	$ 6.50
Weighted Average Remaining Term
Weighted Average Remaining Term (in years)	2 years 10 months 20 days	3 years 9 months 18 days
Vested and expected to vest (in years)	2 years 10 months 20 days
Exercisable (in years)	2 years 2 months 1 day
Aggregate Intrinsic Value
Outstanding	$ 0	$ 0
Expected to vest	0
Exercisable	$ 0

Net Loss Per Share - Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss	$ (13,932)			$ (26,993)			$ (78,029)	$ (95,140)
Net income attributable to the redeemable noncontrolling interest	0	$ 0	$ 0	0	$ 0	$ 164	0	164
Net (loss) income attributable to noncontrolling interests	(210)			(137)			(470)	211
Net loss attributable to holders of Class A, Class B, and Class C common stock	$ (13,722)			$ (26,856)			$ (77,559)	$ (95,515)
Denominator:
Weighted average common shares outstanding, basic (in shares)	145,053			138,939			142,585	137,591
Weighted average common shares outstanding, diluted (in shares)	145,053			138,939			142,585	137,591
Net loss per common share, basic (in dollars per share)	$ (0.09)			$ (0.19)			$ (0.54)	$ (0.69)
Net loss per common share, diluted (in dollars per share)	$ (0.09)			$ (0.19)			$ (0.54)	$ (0.69)

Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Liabilities:
Derivative liability	$ 30	$ 180
Fair Value, Recurring
Assets
Cash equivalents:	25,205	1,154
Liabilities:
Derivative liability	30	180
Other non-current liabilities:
Total	519	575
Fair Value, Recurring \| Money Market Funds
Assets
Cash equivalents:	25,205	1,154
Fair Value, Recurring \| Level 1
Assets
Cash equivalents:	25,205	1,154
Liabilities:
Derivative liability	0	0
Other non-current liabilities:
Total	484	384
Fair Value, Recurring \| Level 1 \| Money Market Funds
Assets
Cash equivalents:	25,205	1,154
Fair Value, Recurring \| Level 2
Assets
Cash equivalents:	0	0
Liabilities:
Derivative liability	0	0
Other non-current liabilities:
Total	5	11
Fair Value, Recurring \| Level 2 \| Money Market Funds
Assets
Cash equivalents:	0	0
Fair Value, Recurring \| Level 3
Assets
Cash equivalents:	0	0
Liabilities:
Derivative liability	30	180
Other non-current liabilities:
Total	30	180
Fair Value, Recurring \| Level 3 \| Money Market Funds
Assets
Cash equivalents:	0	0
Fair Value, Recurring \| Public Warrants
Other non-current liabilities:
Other non-current liabilities	484	384
Fair Value, Recurring \| Public Warrants \| Level 1
Other non-current liabilities:
Other non-current liabilities	484	384
Fair Value, Recurring \| Public Warrants \| Level 2
Other non-current liabilities:
Other non-current liabilities	0	0
Fair Value, Recurring \| Public Warrants \| Level 3
Other non-current liabilities:
Other non-current liabilities	0	0
Fair Value, Recurring \| Private Warrants
Other non-current liabilities:
Other non-current liabilities	5	11
Fair Value, Recurring \| Private Warrants \| Level 1
Other non-current liabilities:
Other non-current liabilities	0	0
Fair Value, Recurring \| Private Warrants \| Level 2
Other non-current liabilities:
Other non-current liabilities	5	11
Fair Value, Recurring \| Private Warrants \| Level 3
Other non-current liabilities:
Other non-current liabilities	$ 0	$ 0

Supplemental Disclosures - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental Disclosures [Abstract]
Cash paid for income taxes, net	$ 1,126	$ 2,098
Cash paid for interest	9,599	8,495
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment	245	549
Accrued deferred offering costs	597	0
Exchange of accounts receivable for investment in equity securities	$ 750	$ 0