0001828972-24-000057 | 10-K | XBRL Viewer

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Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Effective income tax rate	(2.70%)	(2.00%)	(245.20%)
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Increase decrease in valuation allowance	$ 11,700,000
Tax credits	7,500,000
Unrecognized tax benefits	0	$ 0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating losses	358,300,000
Net operating losses subject to expiration	202,200,000
Operating losses indefinite lived carryforward	156,100,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating losses	13,300,000
Net operating losses subject to expiration	13,300,000
Operating losses indefinite lived carryforward	47,200,000
Foreign Tax Authority \| CANADA
Operating Loss Carryforwards [Line Items]
Net operating losses	1,100,000
Foreign Tax Authority \| JAPAN
Operating Loss Carryforwards [Line Items]
Net operating losses	5,000,000
Foreign Tax Authority \| SPAIN
Operating Loss Carryforwards [Line Items]
Net operating losses	1,300,000
Foreign Tax Authority \| UNITED KINGDOM
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 15,900,000

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncash or Part Noncash Acquisitions [Line Items]
Cash paid for income taxes, net	$ 1,296	$ 2,028	$ 1,228
Cash paid for interest	17,169	15,729	901
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment	134	298	306
Accrued deferred offering costs	597	0	0
Exchange of accounts receivable in exchange for investment in equity securities	750	0	0
Warrants assumed as part of the Business Combination	0	0	9,678
Accrued reverse recapitalization costs	0	0	585
HuffPost and Verizon Investment
Non-cash investing and financing activities:
Issuance of common stock for acquisition	0	0	24,064
C Acquisition
Non-cash investing and financing activities:
Issuance of common stock for acquisition	$ 0	$ 0	$ 96,200

Stockholders' Equity

12 Months Ended

Dec. 31, 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. Our 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 December 31, 2023.

Stock-Based Compensation

Stock Incentive Plans

On June 25, 2008, the Company adopted the 2008 Stock Plan (the “2008 Plan”). On October 30, 2015, the Company adopted the 2015 Equity Incentive Plan (“2015 Plan”). The 2015 Plan superseded the 2008 Plan and increased the number of Legacy BuzzFeed shares available for grant and issuance to 16,895,765. The 2015 Plan allowed for the grant of incentive and nonqualified stock options, restricted stock units (“RSUs”), and stock appreciation rights to eligible participants.

On October 16, 2018, the 2015 Plan was amended to increase the maximum number of shares of Legacy BuzzFeed common stock available for issuance by 15,700,000. At the time the 2021 Equity Incentive Plan (defined below) became effective, 32,595,765 shares of Legacy BuzzFeed common stock were authorized for issuance under the 2015 Plan. Upon the closing of the Business Combination, all Legacy BuzzFeed stock options outstanding under the 2015 Plan and 2008

Plan, whether vested or unvested, were substituted and converted into options to purchase shares of our Class A common stock granted in accordance with the 2021 Equity Incentive Plan based on the exchange ratio of 0.306. All Legacy BuzzFeed outstanding RSUs under the 2015 Plan and 2008 Plan were substituted and converted into RSUs representing the opportunity to be issued shares of our Class A common stock granted in accordance with the 2021 Equity Incentive Plan based on the exchange ratio of 0.306. No additional awards were, or will be, granted under the 2015 Plan following the effectiveness of the 2021 Equity Incentive Plan.

On December 2, 2021, prior to, and effective as of, the closing of the Business Combination, the 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”) was adopted by the 890 board and approved by the 890 stockholders. The 2021 Equity Incentive Plan allows the Company to grant awards of stock options, restricted stock awards, stock appreciation rights (SARs), RSUs, cash awards, performance awards, and stock bonus awards to officers, employees, directors and consultants. A total of 31,206,550 shares of our Class A common stock were reserved for issuance under the 2021 Equity Incentive Plan as of its effective date. The number of shares reserved for issuance under the Equity Incentive Plan will increase automatically on January 1 of each year from 2022 through 2031 by a number of shares equal to 5% of the total number of outstanding shares of all classes of common stock as of the immediately preceding December 31, or a lesser number as may be determined by our board of directors or its compensation committee. As such, an additional 6,977,162 shares of our Class A common stock became issuable from the automatic increase as of January 1, 2023 and 7,280,589 shares of our Class A common stock became issuable as of January 1, 2024.

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	(182)	5.25
Expired	(440)	5.90
Balance as of December 31, 2023	3,377	$	6.24	2.36	$	—
Expected to vest at December 31, 2023	3,377	$	6.24	2.36	$	—
Exercisable at December 31, 2023	3,045	$	6.44	1.71	$	—

Options are generally granted for a term of ten years from the date of grant. Options granted under the plans may be exercised prior to vesting. Stock options generally vest over four years based on service.

The fair value of stock option awards is estimated on the date of grant using the Black-Scholes option-pricing model based upon the following range of assumptions:

2023

2022

2021

Exercise price

$0.61 – $0.62

$1.17 –$5.31

$8.99 – $9.25

Expected dividend yield

Expected volatility

93% –97%

48% – 93%

45% –48%

Expected term (years)

6.10– 6.20

1.00 – 6.20

5.00 – 6.07

Risk free interest rate

4.17% – 4.57%

1.86% – 3.95%

0.80% – 1.04%

The Company uses the simplified method in accordance with the applicable authoritative guidance to estimate the expected term of the option, due to the limited historical experience to date. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Since the Company’s common stock has not been publicly traded for a sufficient time period, the expected volatility is based on expected volatilities of similar companies that have a history of being publicly traded. No dividends have been assumed.

The Company records stock-based compensation expense on a straight-line basis over the vesting period. For a graded vesting award with both a service and a performance condition, the Company records stock-based compensation expense on a straight-line basis over the vesting period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. As of December 31, 2023, the total share-based compensation costs not yet recognized related to unvested stock options was $0.7 million, which is expected to be recognized over the weighted-average remaining requisite service period of 1.0 years. The weighted average fair value of stock options granted during December 31, 2023, 2022 and 2021 was $0.61, $1.64, and $1.23, respectively. The intrinsic value of stock options exercised was $nil, $1.1 million, and $13.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Restricted Stock Units

A summary of RSU activity is presented below:


	Shares	Weighted Average Grant-Date Fair Value
Outstanding as of December 31, 2022	7,495	$	3.59
Granted	12,360	0.56
Vested	(4,531)	3.10
Forfeited	(6,565)	1.76
Outstanding as of December 31, 2023	8,759	$	0.94

As of December 31, 2023, there were approximately $5.5 million of unrecognized compensation costs related to RSUs.

The liquidity condition for 2.4 million of the restricted stock units (“Liquidity 1 RSUs”) was satisfied upon the occurrence of a sale transaction (an “Acquisition”) or the completion of an initial public offering. The Business Combination did not result in the satisfaction of this liquidity condition, as it did not meet the definition of an Acquisition per the award agreements. However, on May 12, 2022, the Company’s board of directors waived this liquidity condition, permitting the Liquidity 1 RSUs to vest (based on service). As a result, the Company recognized a cumulative catch-up adjustment of $8.2 million, of which $2.3 million was reflected in cost of revenue, excluding depreciation and amortization, $1.0 million was reflected in sales and marketing, $1.9 million was reflected in general and administrative, and $3.0 million was reflected in research and development, in each case, within the consolidated statement of operations for the year ended December 31, 2022.

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 it 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 it may, from time to time, sell up to 13,266,011 shares of our Class A common stock. As of December 31, 2023, the Company sold, in the aggregate, 2,069,538 shares of our 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.

Escrowed Shares

In connection with the closing of Business Combination, the Company’s Chief Executive Officer and Founder, Jonah Peretti, Jonah Peretti, LLC, NBCUniversal Media, LLC (“NBCU”), and PNC Bank National Association, entered into an amended and restated escrow agreement (the “Escrow Agreement”). The Escrow Agreement provided for, among other things, the escrow of 1,200,000 shares of our Class A common stock or our Class B common stock (the “Escrowed Shares”) exchangeable by Jonah Peretti, LLC in connection with the Business Combination. Pursuant to the Escrow Agreement, in the event the Transfer Date SPAC Share Price (as defined in the Escrow Agreement) was less than $12.50 per share on the Transfer Date (as defined in the Escrow Agreement), Jonah Peretti, LLC, and NBCU were to instruct the escrow agent to transfer (1) to NBCU a number of Escrowed Shares equal to the Make Whole Shares (as defined in the

Escrow Agreement) and (2) to Mr. Peretti, the remainder of the Escrowed Shares, if any. In accordance with the Escrow Agreement, on December 4, 2023, 1,200,000 shares of our Class B common stock were transferred to NBCU, which were automatically converted to Class A common stock on a one-to one basis upon receipt by NBCU, pursuant to our second amended and restated certificate of incorporation.

The Escrow Agreement was accounted for as a compensatory stock-based compensation award with a market condition. As there are no future service conditions, the $5.4 million fair value of the award was recognized within general and administrative expense at the time of closing of the Business Combination. The fair value was estimated using a model based on multiple stock price paths developed through the use of a Monte Carlo simulation that incorporates into the valuation the likelihood that the market condition will be satisfied.

- Definition

The entire disclosure for equity.

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+ Details

Goodwill and Intangibles, net - Intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Value	$ 37,968	$ 37,968
Accumulated Amortization	11,303	6,930
Intangible assets, net	26,665	31,038
Trademarks & tradenames
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets	$ 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)	0 years
Gross Carrying Value	$ 5,500	5,500
Accumulated Amortization	5,271	3,438
Intangible assets, net	$ 229	2,062
Trademarks & tradenames
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted- Average Remaining Useful Lives (in years)	13 years
Gross Carrying Value	$ 28,550	28,550
Accumulated Amortization	4,704	2,801
Intangible assets, net	$ 23,846	25,749
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted- Average Remaining Useful Lives (in years)	2 years
Gross Carrying Value	$ 2,550	2,550
Accumulated Amortization	1,328	691
Intangible assets, net	$ 1,222	$ 1,859

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 35,637	$ 55,774
Accounts receivable (net of allowance for doubtful accounts of $1,424, and $1,879 as at December 31, 2023 and 2022, respectively)	75,692	116,460
Prepaid expenses and other current assets	21,460	26,373
Current assets of discontinued operations	0	0
Total current assets	132,789	198,607
Property and equipment, net	11,856	17,774
Right-of-use assets	46,715	66,581
Capitalized software costs, net	22,292	19,259
Intangible assets, net	26,665	31,038
Goodwill	57,562	57,562
Prepaid expenses and other assets	9,508	14,790
Noncurrent assets of discontinued operations	104,089	124,361
Total assets	411,476	529,972
Current liabilities
Accounts payable	46,378	29,329
Accrued expenses	15,515	26,357
Deferred revenue	1,895	8,836
Accrued compensation	12,970	31,052
Current lease liabilities	21,659	23,398
Current debt	124,977	0
Other current liabilities	4,401	3,900
Current liabilities of discontinued operations	0	0
Total current liabilities	227,795	122,872
Noncurrent lease liabilities	37,820	59,315
Debt	33,837	152,253
Derivative liability	0	180
Warrant liabilities	406	395
Other liabilities	435	403
Noncurrent liabilities of discontinued operations	0	0
Total liabilities	300,293	335,418
Commitments and contingencies
Stockholders’ equity
Additional paid-in capital	723,081	716,233
Accumulated deficit	(611,768)	(523,063)
Accumulated other comprehensive loss	(2,500)	(1,968)
Total BuzzFeed, Inc. stockholders’ equity	108,828	191,217
Noncontrolling interests	2,355	3,337
Total stockholders’ equity	111,183	194,554
Total liabilities and stockholders' equity	411,476	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

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	HuffPost	Class A Common Stock	Class B Common Stock	Class C Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Stock Class C Common Stock	Common Stock Class C Common Stock HuffPost	Additional Paid-in Capital	Additional Paid-in Capital HuffPost	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Total BuzzFeed, Inc. Stockholders' Equity (Deficit)	Total BuzzFeed, Inc. Stockholders' Equity (Deficit) Cumulative Effect, Period of Adoption, Adjustment	Total BuzzFeed, Inc. Stockholders' Equity (Deficit) HuffPost	Noncontrolling Interests	Noncontrolling Interests HuffPost
Balance at beginning (in shares) at Dec. 31, 2020							1,540	10,439	0
Balance at beginning at Dec. 31, 2020	$ (313,803)						$ 0	$ 1	$ 0		$ 36,373		$ (346,818)		$ (3,359)	$ (313,803)			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	24,940												24,712			24,712			228
Issuance of common stock (in shares)									3,839
Issuance of common stock	35,000								$ 1		34,999					35,000
Shares issued for acquisition (in shares)							10,000			2,639
Shares issued for acquisition	96,200		$ 26,186				$ 1				96,199	$ 24,064				96,200		$ 24,064
Stock-based compensation	23,565										23,565					23,565
HuffPost acquisition, noncontrolling interest																				$ 2,122
Issuance of common stock in connection with share-based plans (in shares)							1,921	476
Issuance of common stock in connection with share-based plans	6,975										6,975					6,975
Merger of BuzzFeed Japan and HuffPost Japan	(510)																		(510)
Disposition of subsidiaries	204																		204
Conversion of shares (in shares)							9,693	(9,693)
Conversion of shares	0						$ 1	$ (1)
Reverse recapitalization, net of transaction costs (in shares)							93,021	11,175
Reverse recapitalization, net of transaction costs	473,704						$ 9	$ 1			473,694					473,704
Other comprehensive loss	126														126	126
Reclassification of noncontrolling interest (see Note 10)	0
Balance at end (in shares) at Dec. 31, 2021							116,175	12,397	6,478
Balance at end at Dec. 31, 2021	372,587						$ 11	$ 1	$ 1		695,869		(322,106)		(3,233)	370,543			2,044
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(201,490)												(200,957)			(200,957)			(533)
Stock-based compensation	21,605										21,605					21,605
Conversion of shares (in shares)							5,719	(5,719)
Issuance of common stock in connection with share-based plans (in shares)							4,965
Issuance of common stock in connection with share-based plans	459						$ 2				457					459
Shares withheld for employee taxes (in shares)							(472)
Shares withheld for employee taxes	(1,698)										(1,698)					(1,698)
Other comprehensive loss	633														1,265	1,265			(632)
Reclassification of noncontrolling interest (see Note 10)	2,458																		2,458
Balance at end (in shares) at Dec. 31, 2022				126,387	6,678	6,478	126,387	6,678	6,478
Balance at end at Dec. 31, 2022	194,554						$ 13	$ 1	$ 1		716,233		(523,063)		(1,968)	191,217			3,337
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(89,322)												(88,579)			(88,579)			(743)
Issuance of common stock (in shares)							2,070
Issuance of common stock	947										947					947
Stock-based compensation	6,323										6,323					6,323
Issuance of common stock in connection with share-based plans (in shares)							4,683	0
Issuance of common stock in connection with share-based plans	29										29					29
Conversion of shares (in shares)							1,204	(1,204)
Conversion of shares							$ 1		$ (1)
Shares withheld for employee taxes (in shares)							(684)
Shares withheld for employee taxes	(451)										(451)					(451)
Other comprehensive loss	(771)														(532)	(532)			(239)
Reclassification of noncontrolling interest (see Note 10)	0
Conversion of Class C common stock to Class A common stock (in shares)							6,478		(6,478)
Balance at end (in shares) at Dec. 31, 2023				140,138	5,474	0	140,138	5,474	0
Balance at end at Dec. 31, 2023	$ 111,183	$ (126)					$ 14	$ 1	$ 0		$ 723,081		$ (611,768)	$ (126)	$ (2,500)	$ 108,828	$ (126)		$ 2,355

Other Expense, Net (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Expense

Other expense, net consisted of the following for the years ended December 31, 2023, 2022, and 2021:


	Year Ended December 31,
	2023		2022		2021
Exchange gain (loss)	$	1,103	$	(4,612)	$	(1,837)
(Loss) gain on investments	(3,500)		1,260		—
Other expense	(841)		(1,250)		(1,366)
Other income	73		1,026		683
Loss on disposition of subsidiary	—		—		(1,234)
Gain (loss) on disposition of assets	175		500		(220)
Total	$	(2,990)	$	(3,076)	$	(3,974)

Leases - Supplemental Cash Flow Information and Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	$ 32,870	$ 34,059
Weighted average remaining lease term (years)	2 years 8 months 12 days	3 years 4 months 24 days
Weighted average discount rate	13.87%	13.76%
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 10,192

Net Loss Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

Net 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 Placement 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.

Undistributed earnings were allocated to convertible preferred stock and shares of Class A common stock, Class B common stock, and Class C common stock based on the contractual participation rights of each as if earnings for the year had been distributed. Holders of convertible preferred stock outstanding prior to the Business Combination were entitled to noncumulative annual dividends at a rate of 8% of the applicable original issue price when, as and if declared by the Company’s board of directors and prior to and in preference of payment of dividends on the Company’s common stock. Thereafter, dividends would have been distributed among holders of Class A common stock, Class B common stock and convertible preferred stock on a proportionate basis, based on the number of shares of common stock that would be held by each holder if all shares of convertible preferred stock were converted to Class B common stock at the then-effective conversion rate.

For the year ended December 31, 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 years ended December 31, 2022 and 2021, 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 income (loss) per share:


	Year Ended December 31,
	2023		2022		2021
Numerator:
Net (loss) income from continuing operations	$	(60,332)	$	(140,483)	$	3,870
Net (loss) income from discontinued operations, net of tax	(28,990)		(60,843)		22,006
Less: net income attributable to the redeemable noncontrolling interest	—		164		936
Less: net (loss) income attributable to noncontrolling interests	(743)		(533)		228
Allocation of undistributed earnings to convertible preferred stock	—		—		24,712
Net loss attributable to holders of Class A, Class B, and Class C common stock for basic net loss per share	$	(88,579)	$	(200,957)	$	—
Add: interest on Notes	—		—		1,317
Deduct: change in fair value of derivative liability	—		—		(26,745)
Reallocation of undistributed earnings to convertible preferred stock	—		—		24,712
Net loss attributable to holders of Class A, Class B, and Class C common stock for diluted net loss per share	$	(88,579)	$	(200,957)	$	(716)
Amounts attributable to BuzzFeed, Inc for net loss per common share, basic:
Net (loss) income from continuing operations	$	(59,589)	$	(140,114)	$	—
Net (loss) income from discontinued operations, net of tax	(28,990)		(60,843)		—
Net (loss) income attributable to BuzzFeed, Inc.	$	(88,579)	$	(200,957)	$	—
Amounts attributable to BuzzFeed, Inc for net loss per common share, diluted:
Net (loss) income from continuing operations	$	(59,589)	$	(140,114)	$	(716)
Net (loss) income from discontinued operations, net of tax	(28,990)		(60,843)		—
Net (loss) income attributable to BuzzFeed, Inc.	$	(88,579)	$	(200,957)	$	(716)

Denominator:
Weighted average common shares outstanding, basic	143,062		138,148		27,048
Impact of assumed conversion of Notes	—		—		953
Weighted average common shares outstanding, diluted	143,062		138,148		28,001

Net loss per common share, basic:
Continuing operations	$	(0.42)	$	(1.01)	$	—
Discontinued operations	$	(0.20)	$	(0.44)	$	—
Net loss per common share, basic, attributable to BuzzFeed, Inc.	$	(0.62)	$	(1.45)	$	—
Net loss per common share, diluted:
Continuing operations	$	(0.42)	$	(1.01)	$	(0.03)
Discontinued operations	$	(0.20)	$	(0.44)	$	—
Net loss per common share, diluted, attributable to BuzzFeed, Inc.	$	(0.62)	$	(1.45)	$	(0.03)

The numerator for net loss per basic and diluted common share from continuing operations excludes the impact of (i) net income attributable to the redeemable noncontrolling interests and (ii) net (loss) income attributable to the noncontrolling interests for all periods presented.

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


	2023	2022	2021
Stock options	3,377	3,976	4,560
Restricted stock units	8,759	7,495	2,779
Warrants	9,876	9,876	9,876

Additionally, the calculation of diluted net loss per share excluded 2.4 million restricted stock units at December 31, 2021, for which the related liquidity condition had not been met.

Income Taxes - Summary of Income (Loss) Before Income Taxes On Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ (63,874)	$ (131,717)	$ 1,348
Foreign	5,144	(6,063)	(227)
Total (loss) income before income taxes	$ (58,730)	$ (137,780)	$ 1,121

Capitalized Software Costs, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized Computer Software, Net [Abstract]
Website and internal-use software	$ 82,138	$ 75,871
Less: Accumulated amortization	(59,846)	(56,612)
Net Carrying Value	22,292	19,259
Amount of capitalized software	13,900	12,400	$ 11,000
Amortization expense	$ 11,000	$ 9,700	$ 11,100

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 28,244
2025	25,640
2026	13,069
2027	2,731
2028	828
Thereafter	544
Total lease payments	71,056
Less: imputed interest	(11,577)
Total	$ 59,479	$ 82,713

Fair Value Measurements - Significant Unobservable Inputs Related to the Derivative Liability (Details)	Dec. 31, 2022
Term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	3.9
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	4.11
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	76.6

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Financial Statements and Principles of Consolidation

The accompanying consolidated financial statements include the accounts of BuzzFeed, Inc., and its wholly-owned and majority-owned subsidiaries. The Company’s consolidated financial statements are prepared in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated in consolidation.

The Company evaluates its relationships with other entities to identify whether they are variable interest entities (“VIEs”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation.

In August 2015, the Company signed a Joint Venture Agreement (the “JVA”) with Yahoo Japan to establish and develop operations in Japan. During the year ended December 31, 2022, Yahoo Japan transferred its interests in BuzzFeed Japan to other third parties. As such, BuzzFeed Japan is a joint venture owned 51% by the Company, through its wholly-owned subsidiaries, BuzzFeed UK Limited, and The Huffington Post Holdings LLC and 24.5% by Asahi Shimbun Company, 21.5% by Asahi Broadcasting Group Holdings Corporation, and 3.0% by ValueCommerce Co. Ltd. BuzzFeed Japan carries out the core BuzzFeed business in the Japanese language for the Japanese market. BuzzFeed Japan is included as a consolidated subsidiary in the consolidated financial statements.

During 2023, 2022, and 2021, the Company established several production companies created solely for the purpose of producing a single film each, which are considered VIEs. The Company is the primary beneficiary of each production company, as it has the ability to direct the activities that most significantly impact the economic performance of the entities, the obligation to absorb losses, and the right to receive benefits from the entities. As a result, the production companies are included as consolidated subsidiaries in the consolidated financial statements.

Discontinued Operations and Held for Sale

A business is classified as held for sale when management having the authority to approve the action commits to a plan to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current fair value, and when certain other criteria are met. A business classified as held for sale is recorded at the lower of (i) its carrying amount and (ii) estimated fair value less costs to sell. When the carrying amount of the business exceeds its estimated fair value less costs to sell, a loss is recognized and updated each reporting period as appropriate.

The results of operations of businesses classified as held for sale are reported as discontinued operations if the disposal represents a strategic shift that will have a major effect on the entity’s operations and financial results. When a business is identified for discontinued operations reporting: (i) results for prior periods are retrospectively reclassified as discontinued operations; (ii) results of operations are reported in a single line, net of tax, in the consolidated statement of operations; and (iii) assets and liabilities are reported as held for sale in the consolidated balance sheets in the period in which the business is classified as held for sale.

The Company concluded the assets of the Complex Networks business, excluding the First We Feast brand, met the criteria for classification for held for sale as of December 31, 2023. Additionally, the Company determined the ultimate disposal will represent a strategic shift that will have a major effect on our operations and financial results. As such, the results of Complex Networks, excluding First We Feast, are presented as discontinued operations in the consolidated financial statements of operations for all periods presented. Prior periods have been adjusted to conform to the current presentation. The assets of Complex Networks have been reflected as assets of discontinued operations in the consolidated balance sheets for all periods presented. Refer to Note 22 herein for additional details.

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.

Fair Value Measurements

The fair value framework under the applicable authoritative guidance requires the categorization of assets and liabilities into three levels:

•Level 1 — inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2 — inputs are observable, either directly or indirectly, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

•Level 3 — inputs are generally unobservable inputs and typically reflect management’s best estimate of assumptions that market participants would use in pricing the asset or liability.

The fair value of a financial instrument is the amount for which the instrument could be exchanged in a current transaction between willing parties. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety.

The carrying amounts of cash and cash equivalents, accounts receivable, prepaid and other current assets, accounts payable, accrued expenses, deferred revenue, other current liabilities, and borrowings on our three-year $50.0 million revolving loan and standby letter of credit facility agreement (the “Revolving Credit Facility”) approximate fair value. Money market funds are categorized as Level 1.

The Company’s non-financial assets, which include property and equipment, capitalized software costs, prepaid and other assets, and intangible assets, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required and the Company is required to evaluate the non-financial asset for impairment, a resulting asset impairment would require that the non-financial asset be recorded at its fair value.

Cash and Cash Equivalents

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. The Company considers instruments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company’s cash and cash equivalents consist of demand deposits with financial institutions and investments in money market funds. Deposits held with these financial institutions may exceed the amount of insurance provided on such deposits. The associated risk of concentration is mitigated by banking with creditworthy institutions.

The Company classifies all cash the use of which is limited by contractual provisions as restricted cash. In the first quarter of 2021, letters of credit totaling $15.5 million were issued under the Revolving Credit Facility, which reduced the remaining borrowing capacity by the same amount. These letters of credit were used in favor of our landlords, relieving us of the requirement to maintain $15.5 million of cash as collateral. In February 2024, in connection with the termination of the Revolving Credit Facility, the Company was required to cash collateralize the letters of credit; refer to Note 23 herein for additional details.

Accounts Receivable and Allowance for Doubtful Accounts

The Company’s accounts receivable are customer obligations due under normal trade terms, carried at their face value less an allowance for doubtful accounts if required. The Company determines its allowance for doubtful accounts based on the evaluation of the aging of its accounts receivable and on a customer-by-customer analysis of its high-risk customers. The Company’s reserve contemplates its historical loss rate on receivables, specific customer situations and the economic environments in which the Company operates.

The change in the Company’s allowance for doubtful accounts was as follows:


	Year Ended December 31,
	2023		2022		2021
Balance as of January 1,	$	1,879	$	1,094	$	1,387
Additions	1,407		2,582		703
Write-offs, net of recoveries	(1,862)		(1,797)		(996)
Balance as of December 31,	$	1,424	$	1,879	$	1,094

As of December 31, 2023, the Company had three customers that each represented 12% of net accounts receivable. As of December 31, 2022, the Company had three customers that represented 16%, 13%, and 10% of net accounts receivable. The Company had two customers that represented 17% and 11% of total revenue for the year ended December 31, 2023, two customers that represented 14% and 11% of total revenue for the year ended December 31, 2022, and two customers that represented 13% and 12% of total revenue for the year ended December 31, 2021.

Film Costs

Costs incurred to produce films, which include direct production costs, production overhead, acquisition costs and development costs, are capitalized when incurred. Capitalized film costs are amortized based upon the ratio of current period revenues to estimated total gross revenues to be earned from the film. Film costs, which were included in prepaid and other assets on the consolidated balance sheets, were as follows:


	December 31, 2023		December 31, 2022
Individual Monetization:
Feature films	$	1,707	$	—
Total	$	1,707	$	—

The Company amortized film costs of $3.2 million, $8.4 million, and $7.1 million associated with individually monetized feature films during the year ended December 31, 2023, 2022, and 2021, respectively. Film cost amortization is included in cost of revenue, excluding depreciation and amortization in the consolidated statements of operations.

Film costs are stated at the lower of amortized cost and estimated fair value and are reviewed on a title-by-title basis when an event or change in circumstances indicates that the fair value of a film is less than its unamortized cost. During the years ended December 31, 2023, 2022 or 2021, the Company recorded no impairment charges related to film costs.

Production tax incentives reduced capitalized film costs by $0.7 million and $1.5 million as of December 31, 2023 and 2022, respectively. The Company has receivables related to its production tax credits of $3.5 million and $3.0 million as of December 31, 2023 and 2022, respectively, which are reflected in prepaid and other current assets in our consolidated balance sheets.

Property and Equipment

Property and equipment is stated at cost, less accumulated depreciation. Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life. The estimated useful lives of property and equipment of each asset category are as follows:


			Useful Life (Years)
Furniture and fixtures			5
Leasehold improvements			7 – 11
Computer equipment			4
Video equipment			3

Capitalized Software Costs

The Company capitalizes certain costs incurred for development of websites or software for internal use. The Company capitalizes development costs when preliminary development efforts are successfully completed, management has authorized and committed project funding and it is probable that the project will be completed and the software will be used as intended. Costs include payroll and payroll-related costs of employees directly associated with the development activities. Costs incurred for enhancements that are expected to result in additional features or functionality are capitalized and amortized over the estimated useful life of the enhancements, generally one to three years. Costs incurred in the preliminary and post-implementation stages of the Company’s products are expensed as incurred.

Investments

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 December 31, 2023 and 2022, the Company had an investment in equity securities of a privately-held company without a readily determinable fair value. During the year ended December 31, 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, and therefore the difference between the carrying value and the fair value was recorded as loss on investment within other expense, net, within the consolidated statement of operations. Furthermore, during the year ended December 31, 2023, the Company exchanged a receivable for a $0.8 million investment in the new capital structure of the aforementioned private company (receiving approximately 500,000 shares of preferred stock). The total carrying value of the investment, included in prepaid and other assets on the consolidated balance sheets, was $0.8 million and $3.6 million as of December 31, 2023 and 2022, respectively.

Evaluation of Long-Lived Assets and Impairment

The Company reviews its property and equipment and capitalized software costs for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If circumstances require a long-lived asset to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by the asset to its carrying value. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques which may include discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Refer to Notes 6, 15, and 21 herein for additional details with respect to an impairment charge the Company recorded during the year ended December 31, 2022 regarding certain long-lived assets. There was no impairment of long-lived assets for the years ended December 31, 2023 or 2021.

Revenue Recognition

The Company recognizes revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

The Company primarily generates its revenue from advertising services and content, which includes strategic partnerships and promotional content, with the remaining balance from other arrangements, including commerce.

Advertising

The Company generates its advertising revenue from managing a customer’s Internet advertising campaigns to target markets both via BuzzFeed’s proprietary owned and operated sites as well as premium publishers (e.g., Facebook and Google). Our performance obligations typically consist of a promised number of ads delivered or a promised number of actions related to the ads (such as impressions or views). Advertising revenue is recognized in the period that the related views, impressions, or actions by users on advertisements are delivered. When ads are placed on the Company’s owned and operated or third parties’ properties, the Company generally recognizes revenue on a gross basis because the Company is primarily responsible for the delivery of the promised services, has pricing discretion, and controls the advertising

inventory prior to transfer to the customer. In some cases, the Company utilizes third-party intermediaries to facilitate the sale of advertising to the end customer. In these situations, while the Company is primarily responsible for the delivery of the promised services and controls the advertising inventory prior to transfer to the end customer, the Company typically does not have insight, and does not expect to have insight, into the gross amount paid by the end customer and therefore records as revenue the net amount received from the intermediary.

Content

The Company generates revenue from creating content, including promotional content, customer advertising, feature films and content licensing. The Company’s performance obligations typically consist of Company-created content for use by its customers or the delivery of a promised number of actions related to the content (impressions or views). The revenue is recognized when the content, or the related action, is delivered.

Commerce and other

The Company participates in multiple marketplace arrangements with third parties such as Amazon, whereby the Company provides affiliate links which redirect the audience to purchase products and / or services from the third parties. When the participant purchases a product and / or service, the Company receives a commission fee for that sale from the third parties. The revenue is recognized when a successful sale is made and the commission is earned.

Cost of Revenue, Excluding Depreciation and Amortization

Cost of revenue, excluding depreciation and amortization, consists primarily of compensation-related expenses and costs incurred for the publishing of editorial, promotional, and news content across all platforms, as well as amounts due to third party websites and platforms to fulfill customers’ advertising campaigns. Web hosting and advertising serving platform costs are also included in cost of revenue.

Sales and Marketing

Sales and marketing expenses consist primarily of compensation-related expenses for sales employees. In addition, marketing and sales-related expenses include advertising costs and market research.

General and Administrative

General and administrative expenses consist primarily of compensation-related expenses for corporate employees. Also, it consists of expenses for facilities, professional services fees, insurance costs, and other general overhead costs.

Research and Development

Research and development expenses consist primarily of compensation-related expenses incurred for the development of, enhancements to, and maintenance of the Company’s website, technology platforms and infrastructure. Research and development expenses that do not meet the criteria for capitalization are expensed as incurred. Certain development expenses are capitalized under the provisions of the applicable authoritative guidance, whereby the Company capitalizes costs associated with website and internal-use software systems that have reached the application development stage.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company recognizes tax benefits from uncertain tax positions if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position.

The Company made a policy election to treat the income tax with respect to the global intangible low taxed income (“GILTI”) as a period expense when incurred.

Stock-Based Compensation

Stock-based compensation is recognized as an expense in the consolidated financial statements and is measured at the fair value of the award. The Company recognizes compensation expense for stock awards based on grant date fair value using the Black-Scholes option-pricing model. The Company accounts for forfeitures as they occur.

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


	Year Ended December 31,
	2023		2022		2021
Cost of revenue, excluding depreciation and amortization	$	870	$	3,028	$	2,788
Sales and marketing	960		3,026		4,829
General and administrative	3,911		9,251		15,052
Research and development1	(162)		3,864		896
	$	5,579	$	19,169	$	23,565

_________________________________

(1) The negative stock-based compensation expense for the year ended December 31, 2023 for research and development was primarily due to forfeitures.

The Company recognized no income tax benefit in the consolidated statements of operations for stock-based compensation arrangements in 2023, 2022 or 2021.

Comprehensive (Loss) Income

Comprehensive (loss) income includes certain changes in stockholders’ equity that are excluded from net (loss) income such as cumulative foreign currency translation adjustments, comprehensive income attributed to the redeemable noncontrolling interest, comprehensive (loss) income attributable to noncontrolling interests, and foreign currency translation adjustment attributable to noncontrolling interests.

Foreign Currency

The functional currency of our foreign subsidiaries is generally the local currency. The financial statements of these subsidiaries are translated into U.S. dollars using month-end rates of exchange for assets and liabilities, and average rates of exchange for revenue, costs and expenses during the year. Translation gains and losses are recorded in accumulated other comprehensive loss in stockholders’ equity. Transaction gains and losses including intercompany transactions denominated in a currency other than the functional currency of the entity involved are included in exchange gain (loss) within other expense, net in the consolidated statements of operations. The Company does not enter into foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of adverse fluctuations in foreign currency exchange rates.

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 (“FASB”) issued Accounting Standards Update (“ASU”) 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 was 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 consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity’s segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Although the ASU only requires additional disclosures about the Company’s operating segments, the Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. The Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.

Summary of Significant Accounting Policies -Allowance for doubtful accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,879	$ 1,094	$ 1,387
Additions	1,407	2,582	703
Write-offs, net of recoveries	(1,862)	(1,797)	(996)
Ending balance	$ 1,424	$ 1,879	$ 1,094

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) shares in Thousands		3 Months Ended	12 Months Ended
	Dec. 30, 2020	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2023	Mar. 31, 2023	Mar. 31, 2021	Aug. 31, 2015
Significant Accounting Policies [Line Items]
Collateral amount			$ 15,500,000					$ 15,500,000
Impairment charges related to film costs			0	$ 0	$ 0
Investment owned, balance (in shares)						6
Equity investment without a readily determinable fair value			800,000	3,600,000		$ 0	$ 3,600,000
Equity securities without readily determinable fair value, acquired during period		$ 800,000
Impairment of long-lived assets			0		0
Income tax benefit for stock- based compensation arrangements			$ 0	$ 0	$ 0
Preferred Stock
Significant Accounting Policies [Line Items]
Investment owned, balance (in shares)		500
Minimum
Significant Accounting Policies [Line Items]
Useful life of enhancements			1 year
Maximum
Significant Accounting Policies [Line Items]
Useful life of enhancements			3 years
Accounts Receivable \| Customer Concentration Risk \| Customer 1
Significant Accounting Policies [Line Items]
Concentration risk, percentage			12.00%	16.00%
Accounts Receivable \| Customer Concentration Risk \| Customer 2
Significant Accounting Policies [Line Items]
Concentration risk, percentage			12.00%	13.00%
Accounts Receivable \| Customer Concentration Risk \| Customer 3
Significant Accounting Policies [Line Items]
Concentration risk, percentage			12.00%	10.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Customer 1
Significant Accounting Policies [Line Items]
Concentration risk, percentage			17.00%	14.00%	13.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Customer 2
Significant Accounting Policies [Line Items]
Concentration risk, percentage			11.00%	11.00%	12.00%
Revolving Credit Facility
Significant Accounting Policies [Line Items]
Debt instrument term	3 years
Maximum borrowing capacity	$ 50,000,000
BuzzFeed Japan
Significant Accounting Policies [Line Items]
Ownership interest, parent (in percent)									51.00%
Ownership interest, noncontrolling owners (in percent)			49.00%
BuzzFeed Japan \| Z Holdings Corporation
Significant Accounting Policies [Line Items]
Ownership interest, noncontrolling owners (in percent)									21.50%
BuzzFeed Japan \| Asahi Shimbun Company
Significant Accounting Policies [Line Items]
Ownership interest, noncontrolling owners (in percent)									24.50%
BuzzFeed Japan \| ValueCommerce Co. Ltd.
Significant Accounting Policies [Line Items]
Ownership interest, noncontrolling owners (in percent)									3.00%

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Year Ended December 31,
	2023		2022		2021
Advertising	$	115,620	$	166,934	$	200,498
Content	83,642		121,541		121,763
Commerce and other	53,415		54,079		61,543
	$	252,677	$	342,554	$	383,804

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


	Year Ended December 31,
	2023		2022		2021
Revenue:
United States	$	226,011	$	303,847	$	338,733
International	26,666		38,707		45,071
Total	$	252,677	$	342,554	$	383,804

Other Expense, Net

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Expense, Net

Other expense, net consisted of the following for the years ended December 31, 2023, 2022, and 2021:


	Year Ended December 31,
	2023		2022		2021
Exchange gain (loss)	$	1,103	$	(4,612)	$	(1,837)
(Loss) gain on investments	(3,500)		1,260		—
Other expense	(841)		(1,250)		(1,366)
Other income	73		1,026		683
Loss on disposition of subsidiary	—		—		(1,234)
Gain (loss) on disposition of assets	175		500		(220)
Total	$	(2,990)	$	(3,076)	$	(3,974)

Leases - Schedule of Sublease Receipts to be Received Under Noncancellable Subleases (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 15,538
2025	15,538
2026	4,886
2027	178
2028	0
Thereafter	0
Total	$ 36,140

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 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	(182)	5.25
Expired	(440)	5.90
Balance as of December 31, 2023	3,377	$	6.24	2.36	$	—
Expected to vest at December 31, 2023	3,377	$	6.24	2.36	$	—
Exercisable at December 31, 2023	3,045	$	6.44	1.71	$	—

Schedule of Fair Value of Stock Option Awards Valuation Assumptions

The fair value of stock option awards is estimated on the date of grant using the Black-Scholes option-pricing model based upon the following range of assumptions:

2023

2022

2021

Exercise price

$0.61 – $0.62

$1.17 –$5.31

$8.99 – $9.25

Expected dividend yield

Expected volatility

93% –97%

48% – 93%

45% –48%

Expected term (years)

6.10– 6.20

1.00 – 6.20

5.00 – 6.07

Risk free interest rate

4.17% – 4.57%

1.86% – 3.95%

0.80% – 1.04%

Schedule of RSU Activity

A summary of RSU activity is presented below:


	Shares	Weighted Average Grant-Date Fair Value
Outstanding as of December 31, 2022	7,495	$	3.59
Granted	12,360	0.56
Vested	(4,531)	3.10
Forfeited	(6,565)	1.76
Outstanding as of December 31, 2023	8,759	$	0.94

Redeemable Noncontrolling Interest - Narrative (Details)	Dec. 31, 2023	May 01, 2021
BuzzFeed Japan
Redeemable Noncontrolling Interest [Line Items]
Ownership interest, noncontrolling owners (in percent)	49.00%
Yahoo Japan
Redeemable Noncontrolling Interest [Line Items]
Ownership interest, noncontrolling owners (in percent)		24.50%

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	1

Income Taxes - Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating loss carryforwards	$ 101,422	$ 97,812
Accruals	2,119	2,295
Stock-based compensation	1,913	2,859
Bad debt	263	360
Interest expense	7,857	4,146
Lease liabilities	14,442	20,022
Section 174 capitalized R&D costs	13,057	9,826
Capitalized production expenses	330	2,384
Other	1,729	94
Total deferred tax asset	143,132	139,798
Valuation allowance	(116,404)	(104,679)
Net deferred tax asset	26,728	35,119
Deferred tax liabilities
Deferred state income tax	(3,158)	(2,678)
Operating lease, right-of-use asset	(11,334)	(16,078)
Depreciation and amortization	(710)	(1,529)
Intangible assets	(11,558)	(11,630)
Total deferred tax liability	(26,760)	(31,915)
Net deferred tax (liability) asset	$ (32)
Net deferred tax (liability) asset		$ 3,204

Segment Information	12 Months Ended
Segment Information	Dec. 31, 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 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 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

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands						12 Months Ended
	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 04, 2023 shares	Jun. 20, 2023 shares	Mar. 21, 2023 USD ($)	Dec. 03, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2023 TWD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Jan. 01, 2024 shares	Dec. 29, 2023 $ / shares	Jan. 01, 2023 shares	Oct. 16, 2018 shares	Oct. 30, 2015 shares
Class of Stock [Line Items]
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
Shares issued (in shares)	0					0
Shares outstanding (in shares)	0					0
Options granted term						10 years	10 years
Stock-based compensation cost not yet recognized, options \| $	$ 700					$ 700
Accelerated cost \| $								$ 8,200
Sale of stock, equity issuable, amount \| $				$ 150,000
Proceeds from issuance of common stock \| $						0		0	$ 35,000
Escrowed shares (in shares)					1,200,000
Share price (in dollars per share) \| $ / shares					$ 12.50
Stock-based compensation cost \| $					$ 5,400	$ 5,579		19,169	23,565
ATM Offering Agreement
Class of Stock [Line Items]
Sale of stock, equity distribution agreement, maximum offering (in shares)			13,266,011
Number of shares issued (in shares)	2,069,538
Issue price (in dollars per share) \| $ / shares	$ 0.52					$ 0.52
Proceeds from issuance of common stock \| $	$ 900
Sale of stock, equity distribution agreement, remaining shares available (in shares)	11,196,473
Cost of revenue, excluding depreciation and amortization
Class of Stock [Line Items]
Accelerated cost \| $								2,300
Stock-based compensation cost \| $						$ 870		3,028	2,788
Sales and marketing
Class of Stock [Line Items]
Accelerated cost \| $								1,000
Stock-based compensation cost \| $						960		3,026	4,829
General and administrative
Class of Stock [Line Items]
Accelerated cost \| $								1,900
Stock-based compensation cost \| $						3,911		9,251	15,052
Research and development
Class of Stock [Line Items]
Accelerated cost \| $								3,000
Stock-based compensation cost \| $						$ (162)		$ 3,864	$ 896
2015 Equity Incentive Plan
Class of Stock [Line Items]
Exchange ratio					0.306%
Award vesting period						4 years	4 years
2021 Equity Incentive Plan
Class of Stock [Line Items]
Number of shares available for future issuance (in shares)					31,206,550
Increase in number of shares reserved for issuance as percentage of total number of outstanding shares					5.00%
Stock options
Class of Stock [Line Items]
Weighted-average remaining requisite service period						1 year	1 year
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares						$ 0.61		$ 1.64	$ 1.23
Intrinsic value of stock options exercised							$ 0	$ 1,100	$ 13,800
Stock options \| 2015 Equity Incentive Plan
Class of Stock [Line Items]
Number of shares available for grant (in shares)														16,895,765
Number of shares available for future issuance (in shares)													15,700,000
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)					32,595,765
Restricted stock units
Class of Stock [Line Items]
Number of awards outstanding (in shares)	8,759,000					8,759,000		7,495,000
Restricted Stock
Class of Stock [Line Items]
Unrecognized compensation costs \| $	$ 5,500					$ 5,500
Number of awards outstanding (in shares)	2,400,000					2,400,000
Class A Common Stock, $0.0001 par value per share
Class of Stock [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 (in vote per share) \| vote	1					1
Share price (in dollars per share) \| $ / shares											$ 0.25
Class A Common Stock, $0.0001 par value per share \| 2021 Equity Incentive Plan
Class of Stock [Line Items]
Common stock, number of additional shares authorized												6,977,162
Class A Common Stock, $0.0001 par value per share \| 2021 Equity Incentive Plan \| Subsequent Event
Class of Stock [Line Items]
Common stock, number of additional shares authorized										7,280,589
Class B Common Stock
Class of Stock [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 (in vote per share) \| vote	50					50
Number of shares transferred (in shares)		1,200,000
Class C Common Stock
Class of Stock [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 (in vote per share) \| vote	0					0

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Dispositions

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 (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 Membership Interest Purchase Agreement, dated as of March 27, 2021, by and among Legacy BuzzFeed, CM Partners, LLC, Complex Media, Inc., Verizon CMP Holdings LLC, and HDS II, Inc.

(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 Closing Date.

The following table summarizes the determination of the fair value of identifiable assets acquired and liabilities assumed as part of 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.

The Complex Networks Acquisition contributed $18.5 million of revenue and $1.2 million of net income for the year ended December 31, 2021, which included the revenue and net income of First We Feast.

Pro Forma Financial Information

The following unaudited pro forma information has been presented as if the Complex Networks Acquisition occurred on January 1, 2020. The information is based on the historical results of operations of Complex Networks, adjusted for:

1.The allocation of purchase price and related adjustments, including adjustments to amortization expense related to the fair value of intangible assets acquired;

2.Impacts of issuance of the Notes to partially fund the acquisition, including interest;

3.The movement and allocation of all acquisition-related costs incurred during the twelve months ended December 3, 2021 to the twelve months ended December 31, 2020;

4.Associated tax-related impacts of adjustments; and

5.Changes to align accounting policies.

The pro forma results do not necessarily represent what would have occurred if the Complex Networks Acquisition had taken place on January 1, 2020, nor do they represent the results that may occur in the future. The pro forma adjustments were based on available information and upon assumptions that the Company believes are reasonable to reflect the impact of this acquisition on the Company’s historical financial information on a supplemental pro forma basis. Pro forma combined revenue and net loss was $510.7 million and $6.7 million, respectively, for the year ended December 31, 2021.

Redeemable Noncontrolling Interest - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Redeemable Noncontrolling Interest [Roll Forward]
Beginning balance	$ 0	$ 2,294	$ 848
Merger of BuzzFeed Japan and HuffPost Japan	0	0	510
Allocation of net income	0	164	936
Reclassification into permanent equity	0	(2,458)	0
Ending balance	$ 0	$ 0	$ 2,294

Goodwill and Intangibles, net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill Activities

The following table presents the goodwill activities for the periods presented:


Balance as of December 31, 2021	$	121,851

Goodwill Impairment	(64,289)
Balance as of December 31, 2022	$	57,562


Balance as of December 31, 2023	$	57,562

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:


	December 31, 2023							December 31, 2022
	Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Acquired Technology	0 years	$	5,500	$	5,271	$	229	$	5,500	$	3,438	$	2,062
Trademarks and Trade Names	13 years	28,550		4,704		23,846		28,550		2,801		25,749
Trademarks and Trade Names	Indefinite	1,368		—		1,368		1,368		—		1,368
Customer Relationships	2 years	2,550		1,328		1,222		2,550		691		1,859
Total		$	37,968	$	11,303	$	26,665	$	37,968	$	6,930	$	31,038

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense as of December 31, 2023 is as follows (in thousands):


2024	$	2,770
2025	2,488
2026	1,903
2027	1,903
2028	1,903
Thereafter	14,330
	$	25,297

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Leases - Schedule of Right-Of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Right-of-use assets	$ 46,715	$ 66,581
Liabilities [Abstract]
Current lease liabilities	21,659	23,398
Noncurrent lease liabilities	37,820	59,315
Total	$ 59,479	$ 82,713

Summary of Significant Accounting Policies - Stock-based compensation cost (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 03, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	$ 5,400	$ 5,579	$ 19,169	$ 23,565
Cost of revenue, excluding depreciation and amortization
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost		870	3,028	2,788
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost		960	3,026	4,829
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost		3,911	9,251	15,052
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost		$ (162)	$ 3,864	$ 896

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Costs

The following illustrates the lease costs for the year ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022
Operating lease cost	29,511		30,689
Sublease income	(15,694)		(10,428)
Total lease cost	$	13,817	$	20,261

Schedule Of Right-Of-Use Assets And Lease Liabilities

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


	December 31, 2023		December 31, 2022
Assets
Right-of-use assets	$	46,715	$	66,581

Liabilities
Current lease liabilities	21,659		23,398
Noncurrent lease liabilities	37,820		59,315
Total lease liabilities	$	59,479	$	82,713

Summary of Supplemental Cash Flow Information and Additional Information

Other information related to leases was as follows:


	Year Ended December 31,
	2023		2022
Supplemental cash flow information
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	$	32,870	$	34,059
Non-cash transactions:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	10,192


	December 31, 2023		December 31, 2022
Weighted average remaining lease term (years)	2.7		3.4
Weighted average discount rate	13.87	%	13.76	%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as December 31, 2023 were as follows:


Year	Amount
2024	$	28,244
2025	25,640
2026	13,069
2027	2,731
2028	828
Thereafter	544
Total lease payments	$	71,056
Less: imputed interest	(11,577)
Total	$	59,479

Sublease receipts to be received in the future under noncancellable subleases as of December 31, 2023 were as follows:


Year	Amount
2024	$	15,538
2025	15,538
2026	4,886
2027	178
2028	—
Thereafter	—
Total	$	36,140

Summary of Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2023
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	5 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	7 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	11 years
Computer equipment
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	4 years
Video equipment
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	3 years

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees In the course of 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. 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 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 years ended December 31, 2023, 2022 and 2021 that did not individually or in the aggregate have a material impact on the Company’s business or its consolidated financial position, results of operations or cash flows. 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 was 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 matter was settled on January 4, 2024 and is now disposed. 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 was seeking to recover damages in the amount of $2,500 (actual dollars) for each alleged violation of the VPPA. We provisionally settled these claims on January 29, 2024. 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 was seeking to recover damages in the amount of $2,500 (actual dollars) for each alleged violation of the VPPA, as well as punitive damages, attorneys’ fees and costs, and equitable relief. We provisionally settled these claims on January 16, 2024. On October 31, 2023, we received 590 individual demands for JAMS arbitration in California, all of which allege that we violated the VPPA by transmitting personally identifying information via the use of various pixels purportedly in connection with the BuzzFeed.com website. Each claimant was seeking to recover damages in the amount of $2,500 (actual dollars) for each alleged violation of the VPPA. We provisionally settled these claims on January 29, 2024. Mass Arbitrations: Two mass arbitrations (the “Arbitrations”) were initiated before the American Arbitration Association (the “AAA”) 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, for 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 cross-moved for summary judgment. On November 20, 2023, the Court of Chancery heard oral arguments on the Company’s motion for summary judgment and the Claimants’ cross-motion to dismiss the Company’s complaint. The arbitrations are stayed until the Court resolves the motions on the merits. The decision of the Court is pending. 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 Class A 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”). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided an initial period of 180 calendar days, or until November 27, 2023, to regain compliance with the Bid Price Requirement. The Company did not regain compliance with the Bid Price Requirement on or before November 27, 2023. However, upon receipt of both the Company’s application to transfer from The Nasdaq Global Market to The Nasdaq Capital Market and a written notification by the Company of its intent to regain compliance with the Bid Price Requirement, including by effecting a reverse stock split, if necessary, the Staff notified the Company in a letter dated November 28, 2023, that the Company was eligible for an additional 180-day period, or until May 28, 2024, to regain compliance (the “Second Compliance Period”). The Staff’s determination was based, in part, on the Company meeting the continued listing requirement with respect to the market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market except for the Minimum Bid Price Requirement. As of the opening of business November 30, 2023, the Company’s Class A common stock and warrants were transferred to The Nasdaq Capital Market, which operates in substantially the same manner as The Nasdaq Global Market, where they continue to trade under the symbols “BZFD” and “BZFDW,” respectively. If, at any time before the end of the Second Compliance Period, the bid price for the Company’s Class A 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. The Company intends to monitor the closing bid price of its Class A common stock until the expiration of the Second Compliance Period. If necessary, the Company’s plan to regain compliance includes the implementation of a reverse stock split. The Company intends to seek stockholder approval to effect a reverse stock split at the Company’s 2024 annual meeting of stockholders on April 25, 2024. Such approval would allow the Company’s board of directors, in its discretion, to elect to implement such reverse stock split at any time prior to April 25, 2025 (i.e., within one year of the date the proposal is approved by our stockholders). Completing a reverse stock split will not, in of itself, cause the Company to remain in compliance with Nasdaq’s listing standards. If the Company chooses to effect a reverse stock split, it will have to be implemented no later than ten business days prior to the end of the Second Compliance Period (i.e., by May 13, 2024). If the Company does not regain compliance with the Minimum Bid Price Requirement by the end of the Second Compliance Period (i.e., by May 28, 2024), Nasdaq will notify the Company that its securities are subject to delisting. In the event of such a notification, the Company may appeal the Staff’s determination to delist its securities before 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.

Net Loss Per Share - Summary of Shares Excluded From the Computation of Diluted Loss Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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)	3,377	3,976	4,560
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)	8,759	7,495	2,779
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

Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 29, 2023	Dec. 31, 2022	Dec. 03, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share price (in dollars per share)				$ 12.50
Fair value measurement, transfers	$ 0
Class A Common Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share price (in dollars per share)		$ 0.25
Public Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price per share (in dollars per share)	$ 0.04		$ 0.04

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net (loss) income	$ (89,322)	$ (201,326)	$ 25,876
Less: net loss (income) from discontinued operations, net of tax	28,990	60,843	(22,006)
Net (loss) income from continuing operations	(60,332)	(140,483)	3,870
Adjustments to reconcile net (loss) income from continuing operations to net cash (used in) provided by operating activities:
Depreciation and amortization	21,941	24,263	22,093
Unrealized (gain) loss on foreign currency	(1,088)	5,389	1,824
Stock based compensation	5,579	19,169	23,565
Change in fair value of warrants	11	(4,543)	(4,740)
Change in fair value of derivative liability	(180)	(4,695)	(26,745)
Issuance costs allocated to derivative liability	0	0	1,424
Amortization of debt discount and deferred issuance costs	4,945	4,268	259
Deferred income tax	3,236	(1,594)	(28,087)
Loss on disposition of subsidiaries	0	0	1,234
(Gain) loss on disposition of assets	(175)	(500)	220
Loss (gain) on investment	3,500	(1,260)	0
Provision for doubtful accounts	(581)	785	(161)
Impairment expense	0	66,464	0
Noncash lease expense	20,017	19,870	0
Changes in operating assets and liabilities:
Accounts receivable	40,737	23,941	(12,951)
Prepaid expenses and other current assets and prepaid expenses and other assets	4,795	2,540	2,361
Accounts payable	19,258	11,582	3,546
Deferred rent	0	0	(4,456)
Accrued compensation	(18,088)	(5,663)	2,307
Accrued expenses, other current liabilities and other liabilities	(12,619)	(2,841)	(1,847)
Lease liabilities	(23,421)	(23,249)	0
Deferred revenue	(6,946)	7,154	(5,759)
Cash provided by (used in) operating activities from continuing operations	589	597	(22,043)
Net cash (used in) provided by operating activities from discontinued operations	(6,692)	(8,454)	22,840
Net cash flow (used in) provided by operating activities	(6,103)	(7,857)	797
Investing activities:
Business acquisitions, net of cash acquired	0	0	(189,885)
Capital expenditures	(964)	(5,424)	(4,983)
Capitalization of internal-use software	(13,934)	(12,361)	(11,039)
Proceeds from sale of asset	175	500	0
Cash of disposed subsidiaries, less proceeds on disposition	0	0	(2,121)
Cash used in investing activities from continuing operations	(14,723)	(17,285)	(208,028)
Cash (used in) provided by investing activities from discontinued operations	0	0	0
Cash used in investing activities	(14,723)	(17,285)	(208,028)
Financing activities:
Proceeds from reverse recapitalization, net of costs	0	0	(11,652)
Proceeds from issuance of common stock	0	0	35,000
Payment for shares withheld for employee taxes	(451)	(1,698)	0
Deferred reverse recapitalization costs	0	(585)	0
Proceeds from issuance of convertible notes, net of issuance costs	0	0	143,806
Proceeds from exercise of stock options	29	459	6,975
Proceeds from the issuance of common stock in connection with the at-the-market offering, net of issuance costs	902	0	0
Borrowings on Revolving Credit Facility	2,128	5,000	9,000
Payments on Revolving Credit Facility	(1,796)	0	(1,306)
Cash provided by financing activities	812	3,176	181,823
Effect of currency translation on cash and cash equivalents	(123)	(1,993)	(985)
Net decrease in cash and cash equivalents	(20,137)	(23,959)	(26,393)
Cash and cash equivalents and restricted cash at beginning of period	55,774	79,733	106,126
Cash and cash equivalents and restricted cash at end of period	$ 35,637	$ 55,774	$ 79,733

Subsequent Events (Details) $ in Thousands, £ in Millions							1 Months Ended	12 Months Ended
Subsequent Events (Details) $ in Thousands, £ in Millions	Apr. 01, 2024 USD ($)	Apr. 01, 2024 GBP (£)	Mar. 28, 2024	Mar. 07, 2024 USD ($)	Feb. 28, 2024	Feb. 21, 2024 USD ($)	Feb. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Subsequent Event [Line Items]
Collateral amount								$ 15,500		$ 15,500
One-time license fee received								$ 15,694	$ 10,428
Forecast
Subsequent Event [Line Items]
Net sales revenue share	25.00%	25.00%
Minimum \| Forecast
Subsequent Event [Line Items]
Proceeds from license fees received	$ 300	£ 0.3
Maximum \| Forecast
Subsequent Event [Line Items]
Proceeds from license fees received	$ 500	£ 0.5
Subsequent Event
Subsequent Event [Line Items]
License agreement, term			5 years
Subsequent Event \| 2024 Workforce Reduction
Subsequent Event [Line Items]
Number of positions eliminated, percentage						16.00%
Subsequent Event \| 2024 Workforce Reduction \| Minimum
Subsequent Event [Line Items]
Estimated restructuring charges						$ 2,500
Subsequent Event \| 2024 Workforce Reduction \| Maximum
Subsequent Event [Line Items]
Estimated restructuring charges						4,000
Subsequent Event \| Commerce Media Holdings, LLC
Subsequent Event [Line Items]
One-time license fee received						2,800
Subsequent Event \| Commerce Media Holdings, LLC \| 2024 Workforce Reduction
Subsequent Event [Line Items]
Reimbursement for restructuring costs						1,800
Subsequent Event \| Revolving Credit Facility
Subsequent Event [Line Items]
Repayments of long-term debt						33,800
Accrued and unpaid interest payment						700
Early termination fee						500
Subsequent Event \| Letter of Credit
Subsequent Event [Line Items]
Letters of credit outstanding, amount						15,500
Collateral amount						17,100
Standby letter of credit fee						500
Subsequent Event \| Convertible Debt
Subsequent Event [Line Items]
Repayments of long-term debt				$ 30,900
Percentage of net proceeds from future asset sales					0.95
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Complex Networks, Excluding The First We Feast Brand \| Subsequent Event
Subsequent Event [Line Items]
Proceeds from divestiture of businesses						$ 108,600	$ 108,600

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Income (Loss) Before Income Taxes On Continuing Operations

The domestic and foreign components of (loss) income before provision for income taxes on continuing operations were as follows:


	2023		2022		2021
Domestic	$	(63,874)	$	(131,717)	$	1,348
Foreign	5,144		(6,063)		(227)
Total (loss) income before income taxes	$	(58,730)	$	(137,780)	$	1,121

Schedule of Provision (Benefit) for Income Taxes On Continuing Operations

The provision (benefit) for income taxes on continuing operations consisted of the following:


	Year Ended December 31,
	2023		2022		2021
Current (benefit) / provision
Federal	$	—	$	2	$	(16)
State	92		77		126
Foreign	(1,689)		2,756		1,666
Total current (benefit) / provision	$	(1,597)	$	2,835	$	1,776
Deferred (benefit) / provision
Federal	$	3	$	733	$	(2,300)
State	(4)		197		239
Foreign	3,200		(1,062)		(2,464)
Total deferred (benefit) / provision	$	3,199	$	(132)	$	(4,525)
Total (benefit) / provision
Federal	$	3	$	735	$	(2,316)
State	88		274		365
Foreign	1,511		1,694		(798)
Total (benefit) / provision	$	1,602	$	2,703	$	(2,749)

Summary of Reconciliation of the U.S. Statutory Income Tax Rate On Continuing Operations to the Company's Effective Tax Rate

A reconciliation of the U.S. federal statutory income tax rate on continuing operations of 21% for the years ended December 31, 2023, 2022 and 2021 to the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2023		2022		2021
Income tax (benefit) provision at the U.S. federal statutory rate	$	(12,333)	$	(28,934)	$	235
State income taxes	(1,418)		(1,208)		(454)
Permanent differences	(50)		380		286
Change in valuation allowance	11,725		14,529		4,693
Effect of foreign operations	1,837		(147)		(825)
Stock-based compensation	1,728		4,222		(838)
Transaction costs	—		—		1,247
Section 162(m)	221		493		—
Derivative and warrant liabilities	(36)		(1,940)		(6,612)
U.S. GILTI inclusion	511		139		—
Goodwill impairment	—		13,957		—
Effect of change in tax rates	17		(165)		(835)

Research & development tax credits	—		—		(501)
Foreign currency translation & transactions	(237)		560		254

Other	(363)		817		601
Total provision (benefit) for income taxes	$	1,602	$	2,703	$	(2,749)

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

Significant components of deferred tax assets and liabilities as of were as follows:


	Year Ended December 31,
	2023		2022
Deferred tax assets
Net operating loss carryforwards	$	101,422	$	97,812
Accruals	2,119		2,295
Stock-based compensation	1,913		2,859
Bad debt	263		360

Interest expense	7,857		4,146
Lease liabilities	14,442		20,022
Section 174 capitalized R&D costs	13,057		9,826
Capitalized production expenses	330		2,384
Other	1,729		94
Total deferred tax asset	$	143,132	$	139,798
Valuation allowance	(116,404)		(104,679)
Net deferred tax asset	$	26,728	$	35,119

Deferred tax liabilities
Deferred state income tax	(3,158)		(2,678)
Operating lease, right-of-use asset	(11,334)		(16,078)
Depreciation and amortization	(710)		(1,529)
Intangible assets	(11,558)		(11,630)
Total deferred tax liability	$	(26,760)	$	(31,915)
Net deferred tax (liability) asset	$	(32)	$	3,204

Schedule of Income Tax Examinations

The earliest years’ tax returns filed by the Company that are still subject to examination by the tax authorities in the major jurisdictions are as follows:


			Years
United States			2019
United Kingdom			2022
Japan			2018
Canada			2019

Net Loss Per Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock dividend rate	8.00%
Restricted Stock
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)		2.4

Acquisitions and Dispositions - Schedule of Purchase Price Allocation for the Assets Acquired and Liabilities Assumed (Details) - C Acquisition $ in Thousands	Dec. 03, 2021 USD ($)
Business Acquisitions [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 Acquisitions [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 Acquisitions [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

Stockholders' Equity - Schedule of Fair Value of Stock Option Awards Valuation Assumptions (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	97.00%	93.00%	48.00%
Expected volatility	93.00%	48.00%	45.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)	$ 0.61	$ 1.17	$ 8.99
Expected term (years)	6 years 1 month 6 days	1 year	5 years
Risk free interest rate	4.17%	1.86%	0.80%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)	$ 0.62	$ 5.31	$ 9.25
Expected term (years)	6 years 2 months 12 days	6 years 2 months 12 days	6 years 25 days
Risk free interest rate	4.57%	3.95%	1.04%

Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 03, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Business Acquisitions [Line Items]
Goodwill	$ 188,500	$ 121,851	$ 57,562	$ 57,562
Business acquisition, pro forma revenue		510,700
Business acquisition, pro forma net income (loss)		$ (6,700)
C Acquisition
Business Acquisitions [Line Items]
Percentage of membership interests acquired	100.00%
Acquisition contributed of revenue	$ 18,500
Acquisition contributed of net income	$ 1,200

- 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

Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregated Revenue


	Year Ended December 31,
	2023		2022		2021
Advertising	$	115,620	$	166,934	$	200,498
Content	83,642		121,541		121,763
Commerce and other	53,415		54,079		61,543
	$	252,677	$	342,554	$	383,804

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


	Year Ended December 31,
	2023		2022		2021
Revenue:
United States	$	226,011	$	303,847	$	338,733
International	26,666		38,707		45,071
Total	$	252,677	$	342,554	$	383,804

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 the type; 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 (its performance precedes the billing date) or deferred revenue (customer payment is received in advance of performance). In addition, we have determined our 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 consolidated balance sheets and totaled $8.3 million and $12.1 million at December 31, 2023 and 2022, respectively. These amounts relate to revenue recognized during the respective year 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 consolidated balance sheets, are expected to be recognized as revenues during the succeeding twelve-month period. Deferred revenue totaled $1.9 million and $8.8 million at December 31, 2023 and 2022, respectively. The amount of revenue recognized during the year ended December 31, 2023 that was included in the deferred revenue balance as of December 31, 2022 was $7.9 million.

Transaction Price Allocated to Remaining Performance Obligations

We have certain licensing contracts with minimum guarantees and terms extending beyond one year. Revenue to be recognized related to the remaining performance obligations was $2.2 million at December 31, 2023 and is generally

expected to be recognized over the next one to three 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, and (iii) variable consideration allocated entirely to wholly unperformed performance obligations.

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
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-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
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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

+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Allowance for Doubtful Accounts

The change in the Company’s allowance for doubtful accounts was as follows:


	Year Ended December 31,
	2023		2022		2021
Balance as of January 1,	$	1,879	$	1,094	$	1,387
Additions	1,407		2,582		703
Write-offs, net of recoveries	(1,862)		(1,797)		(996)
Balance as of December 31,	$	1,424	$	1,879	$	1,094

Schedule of Film Capitalized Cost

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


	December 31, 2023		December 31, 2022
Individual Monetization:
Feature films	$	1,707	$	—
Total	$	1,707	$	—

Schedule of Property, Plant and Equipment, Useful Life

The estimated useful lives of property and equipment of each asset category are as follows:


			Useful Life (Years)
Furniture and fixtures			5
Leasehold improvements			7 – 11
Computer equipment			4
Video equipment			3

Schedule of Stock-Based Compensation

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


	Year Ended December 31,
	2023		2022		2021
Cost of revenue, excluding depreciation and amortization	$	870	$	3,028	$	2,788
Sales and marketing	960		3,026		4,829
General and administrative	3,911		9,251		15,052
Research and development1	(162)		3,864		896
	$	5,579	$	19,169	$	23,565

_________________________________

(1) The negative stock-based compensation expense for the year ended December 31, 2023 for research and development was primarily due to forfeitures.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (88,579)	$ (200,957)	$ 24,712

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Information [Abstract]

Schedule of Supplemental Cash Flow Information


	Year Ended December 31,
	2023		2022		2021
Cash paid for income taxes, net	$	1,296	$	2,028	$	1,228
Cash paid for interest	17,169		15,729		901
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment	134		298		306
Accrued deferred offering costs	597		—		—
Exchange of accounts receivable in exchange for investment in equity securities	750		—		—
Issuance of common stock for HuffPost Acquisition	—		—		24,064
Issuance of common stock for Complex Networks Acquisition	—		—		96,200
Warrants assumed as part of the Business Combination	—		—		9,678
Accrued reverse recapitalization costs	—		—		585

Summary of Significant Accounting Policies (Polices)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Financial Statements and Principles of Consolidation

Discontinued Operations and Held for Sale

Use of Estimates

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.

Fair Value Measurements

The fair value framework under the applicable authoritative guidance requires the categorization of assets and liabilities into three levels:

•Level 1 — inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 3 — inputs are generally unobservable inputs and typically reflect management’s best estimate of assumptions that market participants would use in pricing the asset or liability.

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents

The Company classifies all cash the use of which is limited by contractual provisions as restricted cash.

Accounts Receivable and Allowance for Doubtful Accounts

Film Costs


	December 31, 2023		December 31, 2022
Individual Monetization:
Feature films	$	1,707	$	—
Total	$	1,707	$	—

Property and Equipment


			Useful Life (Years)
Furniture and fixtures			5
Leasehold improvements			7 – 11
Computer equipment			4
Video equipment			3

Capitalized Software Costs

Investments

Evaluation of Long-Lived Assets and Impairment

Revenue Recognition

Advertising

Content

Commerce and other

Cost of Revenue, Excluding Depreciation and Amortization

Sales and Marketing

Sales and marketing expenses consist primarily of compensation-related expenses for sales employees. In addition, marketing and sales-related expenses include advertising costs and market research.

General and Administrative

Research and Development

Income Taxes

The Company made a policy election to treat the income tax with respect to the global intangible low taxed income (“GILTI”) as a period expense when incurred.

Stock-Based Compensation

Comprehensive (Loss) Income

Foreign Currency

Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

effect adjustment to the balance sheet as of January 1, 2023. The adoption of this standard did not have a material impact to our consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

Redeemable Noncontrolling Interest

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

The redeemable noncontrolling interest represents the interests in BuzzFeed Japan which were held by Yahoo Japan, which were puttable to the Company in certain conditions, none of which were previously met, including material breach of the JVA by the Company or the bankruptcy or liquidation of the Company. The redeemable noncontrolling interest was presented outside of the permanent equity on the Company’s consolidated balance sheets, as the put right was outside of the Company’s control. Pursuant to the terms of the original JVA, Yahoo Japan held a 49% interest in BuzzFeed Japan. On May 1, 2021, The HuffingtonPost Japan, Limited, a consolidated subsidiary, merged into BuzzFeed Japan. As a result of the merger, Yahoo Japan’s interest in the combined entity was diluted to 24.5%.

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 permanent equity on the Company’s 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		2021
Balance as of January 1,	$	—	$	2,294	$	848
Merger of BuzzFeed Japan and HuffPost Japan	—		—		510
Allocation of net income	—		164		936
Reclassification into permanent equity	—		(2,458)		—
Balance as of December 31,	$	—	$	—	$	2,294

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 252,677	$ 342,554	$ 383,804
United States
Disaggregation of Revenue [Line Items]
Revenue	226,011	303,847	338,733
International
Disaggregation of Revenue [Line Items]
Revenue	26,666	38,707	45,071
Advertising
Disaggregation of Revenue [Line Items]
Revenue	115,620	166,934	200,498
Content
Disaggregation of Revenue [Line Items]
Revenue	83,642	121,541	121,763
Commerce and other
Disaggregation of Revenue [Line Items]
Revenue	$ 53,415	$ 54,079	$ 61,543

- 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)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (89,322)	$ (201,326)	$ 25,876
Other comprehensive (loss) income
Foreign currency translation adjustment	(771)	633	126
Other comprehensive (loss) income	(771)	633	126
Comprehensive (loss) income	(90,093)	(200,693)	26,002
Comprehensive income attributable to the redeemable noncontrolling interest	0	164	936
Comprehensive (loss) income attributable to noncontrolling interests	(743)	(533)	228
Foreign currency translation adjustment attributable to noncontrolling interests	(239)	(632)	0
Comprehensive (loss) income attributable to BuzzFeed, Inc.	$ (89,111)	$ (199,692)	$ 24,838

Acquisitions and Dispositions - Schedule of Estimated Fair Value of Each of the Identifiable Intangible Assets (Details) $ in Thousands	Dec. 03, 2021 USD ($)
Trademarks & tradenames
Estimated fair value of each of the identifiable intangible assets
Asset Fair Value	$ 97,000
Weighted Average Useful Life (Years)	15 years
Customer relationships
Estimated fair value of each of the identifiable intangible assets
Asset Fair Value	$ 17,000
Weighted Average Useful Life (Years)	4 years
Developed technology
Estimated fair value of each of the identifiable intangible assets
Asset Fair Value	$ 5,100
Weighted Average Useful Life (Years)	3 years

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2023	Jul. 08, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Sublease, fixed monthly rent			$ 800
Borrowings on Revolving Credit Facility		$ 2,128		$ 5,000	$ 9,000
Letter of Credit
Lessee, Lease, Description [Line Items]
Borrowings on Revolving Credit Facility	$ 15,500		$ 4,500

Redeemable Noncontrolling Interest (Tables)

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Schedule of Redeemable Noncontrolling Interest

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


	2023		2022		2021
Balance as of January 1,	$	—	$	2,294	$	848
Merger of BuzzFeed Japan and HuffPost Japan	—		—		510
Allocation of net income	—		164		936
Reclassification into permanent equity	—		(2,458)		—
Balance as of December 31,	$	—	$	—	$	2,294

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Sale of Complex Networks: On February 21, 2024, a wholly-owned subsidiary of the Company entered into the Complex Sale Agreement with Commerce Media, providing for the sale of certain assets relating to the business of Complex Networks (i.e., the Disposition). Pursuant to the Complex Sale Agreement, Commerce Media purchased certain assets, and assumed certain liabilities, related to the business of Complex Networks, excluding the business operating under the First We Feast brand and as otherwise set forth in the Agreement, for an aggregate purchase price of $108.6 million, which was paid in cash on February 21, 2024. In connection with the Disposition, the Company was required to repay (i) approximately $30.9 million to holders of the Notes and (ii) approximately $33.8 million outstanding under the Revolving Credit Facility, plus accrued and unpaid interest of $0.7 million (such amounts were repaid shortly after the Disposition). The Company terminated the Revolving Credit Facility, except for the $15.5 million in letters of credit outstanding, which were cash collateralized in the amount of $17.1 million. The Company incurred a $0.5 million early termination fee and a standby letter of credit fee of $0.5 million, both of which were paid upon closing of the Disposition on February 21, 2024. Concurrent with the closing of the Disposition, the Company and Commerce Media entered into a Space Sharing Agreement whereby Commerce Media paid the Company a one-time license fee of approximately $2.8 million for use of the certain office space in our corporate headquarters from February 21, 2024 until on June 30, 2025 (or such earlier date that the underlying sublease or master lease earlier expires or is terminated). Additionally, on February 28, 2024, the indenture governing the Notes was amended to, among other things, provide that 95% of the net proceeds of future asset sales must be used to repay the Notes. Restructuring: On February 21, 2024, the Company announced plans to reduce expenses by implementing an approximately 16% reduction in the then-current workforce (after the Disposition). In doing so, the Company is reducing the size of its centralized operations to enable its individual brands to operate with more autonomy and deliver against their differentiated value propositions for advertisers. The reduction in workforce plan is intended to position the Company to be more agile, sustainable, and profitable. The Company expects to substantially complete the reduction in workforce plan by the end of the second quarter of 2024. Where required, worker adjustment and retraining notification (“WARN”) was given. In addition, all eligible employees were offered severance benefits in exchange for the execution of a separation and release agreement, subject to the WARN offset where applicable. In connection with the workforce reduction, senior executives subject to the Company’s Change in Control and Severance Plan were offered severance in accordance therewith, contingent on their execution of a separation and release agreement. The Company expects to recognize restructuring charges in connection with the workforce reduction plan, including the cost of providing, where required, WARN notice, and severance, including outplacement services and benefits continuation. The Company estimates that the foregoing charges will range between $2.5 million to $4.0 million, and we expect the charges will be recognized primarily in the first quarter of 2024, with the majority of such charges anticipated to be paid by the end of the second quarter of 2024. The substantial majority of these charges will result in cash expenditures. Additionally, pursuant to the Complex Sale Agreement, Commerce Media reimbursed the Company for approximately $1.8 million in payments related to “Non-Transferring Employees” (as defined in the Complex Sale Agreement), including severance. The amount of these severance and related charges are not included within our expected restructuring charges noted above. The Company expects to treat the reimbursement as an expense reimbursement. License of BuzzFeed, Tasty and HuffPost’s U.K. Operations: On March 28, 2024, BuzzFeed Media Enterprises, Inc., BuzzFeed UK Ltd., and TheHuffingtonPost.com, Inc., all of which are wholly-owned subsidiaries of the Company, entered into a license agreement and an ancillary asset purchase and employee transfer agreement and IT services agreement with Independent Digital News and Media Limited (“IDNM”). Under the license agreement, the above-referenced entities have granted IDNM a license to use the intellectual property, websites, social media accounts, and content of the BuzzFeed, Tasty and HuffPost brands in the U.K. The initial term is five years, unless earlier terminated pursuant to the terms of the license agreement. All employees who support the BuzzFeed, Tasty and HuffPost brands will be transferred to IDNM as of April 1, 2024. Pursuant to the license agreement, IDNM will pay an annual license fee of between £0.3 million and £0.5 million (or approximately between $0.3 million and $0.5 million as of March 27, 2024), plus a net revenue share of 25% if certain criteria are met, as set forth in the license agreement.

Impairment Expense	12 Months Ended
Impairment Expense	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment Expense	Impairment Expense During the year ended December 31, 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 cash outflows exceeding cash inflows over the life of the sublease. As such, the Company identified a triggering event for a potential impairment with respect to right-of-use assets and leasehold improvements associated with the subleased property. 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. Additionally, during the year ended December 31, 2022, the Company experienced a sustained decline in share price that pushed its market capitalization below its carrying value. The Company concluded the sustained decline in share price was a triggering event for potential impairment and conducted a quantitative impairment assessment. Based on the quantitative impairment assessment, the Company concluded the fair value of the single reporting unit was less than its carrying value and as such recorded a non-cash impairment charge of $64.3 million. The fair value of the single reporting was determined using an equal weighting of the adjusted market capitalization method (market approach) and the discounted cash flow method (income approach).

Description of the Business	12 Months Ended
Description of the Business	Dec. 31, 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, and First We Feast (including Hot Ones). 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.” The shares and corresponding capital amounts and earnings per share related to Legacy BuzzFeed redeemable convertible preferred stock (other than Series F Preferred Stock and Series G Preferred Stock) and Legacy BuzzFeed common stock prior to the Business Combination were retroactively recast as shares reflecting the Exchange Ratio of 0.306 established in the Business Combination. Shares of Legacy BuzzFeed Series F Preferred Stock and Series G Preferred Stock were restated based on the exchange ratio into 30,880,000 shares of BuzzFeed Class A common stock established in the Business Combination. 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 (the “Notes”) concurrently with the closing of the Business Combination. As a result of the sale of certain assets relating to the business of Complex Networks, as discussed within Notes 22 and 23 herein (the “Disposition”), the Company repaid approximately $30.9 million of the Notes on March 7, 2024, leaving approximately $119.1 million aggregate principal amount of Notes outstanding as of March 7, 2024. Liquidity and Going Concern The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of the date the accompanying consolidated financial statements were issued (the “issuance date”), the significance of the following adverse conditions were evaluated in accordance with U.S. GAAP. The presence of the following risks and uncertainties associated with the Company’s financial condition may adversely affect the Company’s 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 its portfolio of iconic brands. During the year ended December 31, 2023, the Company incurred a net loss of $89.3 million (and a net loss of $60.3 million from continuing operations) and used net cash flows from operations of $6.1 million (and net cash provided by continuing operations was $0.6 million). Additionally, as of December 31, 2023, the Company had unrestricted cash and cash equivalents of $35.6 million to fund its operations and an accumulated deficit of $611.8 million. As described in Note 22 herein, the Company repaid approximately $30.9 million of the Notes on March 7, 2024, leaving approximately $119.1 million aggregate principal of Notes outstanding as of March 7, 2024. As described in Note 9 herein, each holder of a Note has the right under the indenture governing the Notes to require the Company to repurchase, for cash, all or a portion of the Notes held by such holder (i) at any time on or after December 3, 2024, at a repurchase price equal to the principal amount plus accrued and unpaid interest, or (ii) upon the occurrence of a fundamental change (as defined in the indenture) before the maturity date (i.e., December 3, 2026), at a repurchase price equal to 101% of the principal amount plus accrued and unpaid interest. Moreover, the Company will be required to repay the Notes, in cash, at their maturity, unless earlier converted, redeemed, or repurchased. On February 28, 2024, the Company amended the indenture governing the Notes to provide that, among other things, 95% of the net proceeds of future asset sales must be used to repay the Notes. In the event some or all of the holders of the Notes exercise their call rights, the Company currently does not have sufficient cash on hand or projected cash flows to fund the potential call. The Company’s failure to comply with the provisions of the indenture governing the Notes, including the Company’s failure to repurchase the Notes, as required by the indenture, could trigger an event of default under the indenture, which would allow the holders of Notes to accelerate the maturity of the Notes and require the Company to repay the Notes prior to their maturity. As described in Note 16 herein, the Company’s Class A common stock experienced a significant decline whereby the trading price remained below $1.00 per share for a sustained period during 2023 and has continued to remain below $1.00 as of the issuance date. However, in order to remain in compliance with Nasdaq market listing requirements, the Company’s Class A common stock price must exceed $1.00 per share for a specified minimum period (i.e., at least 10 consecutive business days) (the “Bid Price Requirement”). As a result of the decline in its stock price, the Company received a notice of noncompliance from Nasdaq on May 31, 2023, notifying the Company that it had until November 28, 2023 in order to regain compliance. After receiving an extension from Nasdaq, the Company now has until May 28, 2024 in order to regain compliance with Nasdaq’s Bid Price Requirement. If the Company is not able to regain compliance and, as such, the Company’s Class A common stock is delisted from Nasdaq, the Company will be faced with a number of significant material adverse consequences, including limited availability of market quotations for its Class A common stock; limited news and analyst coverage; decreased ability to obtain additional financing or failure to comply with the covenants required by the Notes; limited liquidity for its stockholders due to thin trading; and a potential loss of confidence by investors, employees and other third parties who do business with the Company. In particular, under the indenture governing the Notes, the failure of the Company’s Class A common stock to remain listed would constitute a “fundamental change” which would require the Company to offer to repurchase the remaining outstanding Notes, for cash, at a repurchase price equal to 101% of par plus accrued and unpaid interest. As of the issuance date, the Company does not have available liquidity to repurchase the Notes upon a fundamental change. The Company’s failure to repurchase the Notes as required by the indenture would constitute an event of default under the indenture. To address its capital needs, the Company may explore options to restructure its outstanding debt, and is working with advisors to optimize its consolidated balance sheet. However, the Company can provide no assurance that it will generate sufficient cash inflows from operations, or that it will be successful in obtaining such new financing, or in optimizing its consolidated balance sheet in a manner necessary to fund its obligations as they become due over the next twelve months beyond the issuance date. Additionally, the Company may implement incremental cost savings actions and pursue additional sources of outside capital to supplement its funding obligations as they become due, which includes additional offerings of its Class A common stock under the at-the-market offering (refer to Note 11 herein for additional details). However, as of the issuance date, no additional sources of outside capital have been secured or were deemed probable of being secured, 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. The Company can provide no assurance it will successfully generate sufficient liquidity to fund its operations for the next 12 months beyond the issuance date, or if necessary, secure additional outside capital (including through the Company’s at-the-market-offering) or implement incremental cost savings. Moreover, on an ongoing basis, the Company is evaluating strategic changes to its operations, including asset divestitures, restructuring, or the discontinuance of unprofitable lines of business. Any such transaction could be material to the Company’s business, financial condition and results of operations. The nature and timing of any such changes depend on a variety of factors, including, as of the applicable time, the Company’s available cash, liquidity and operating performance; its commitments and obligations; its capital requirements; limitations imposed under its credit arrangements; and overall market conditions. As of the issuance date, the Company continues to work with its external advisors to optimize its consolidated balance sheet and evaluate its assets. These uncertainties raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements have been prepared on the basis that the Company will continue to operate as a going concern, which contemplates that it will be able to realize assets and settle liabilities and commitments in the normal course of business for the foreseeable future. Accordingly, the accompanying consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties.

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 8,300	$ 12,100
Deferred revenue	1,895	$ 8,836
Contract with customer, liability, revenue recognized	7,900
Transaction price allocated to the remaining performance obligations	$ 2,200
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected recognized period (in years)	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected recognized period (in years)	3 years

Held for Sale, Discontinued Operations, and Disposals

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Held for Sale, Discontinued Operations, and Disposals

Held for Sale and Discontinued Operations:

As of December 31, 2023, the Company determined the assets of Complex Networks, excluding the First We Feast brand, met the criteria for classification as held for sale. Additionally, the Company concluded the ultimate disposal will represent a strategic shift that will have a major effect on the Company’s operations and financial results. Therefore, the historical results of Complex Networks, excluding the First We Feast brand, are classified as discontinued operations for all periods presented herein.

In February 2024, the Company completed the sale of certain assets relating to the business of Complex Networks (i.e., the Disposition) for approximately $108.6 million in cash. The Company disposed of Complex Networks in order to refocus its business around scalable, high-margin, and tech-led revenue streams. See Note 23 herein for further details about the Disposition.

Details of net (loss) income from discontinued operations, net of taxes, are as follows:


	For the Year Ended December 31,
	2023		2022		20211
Revenue	$	58,292	$	94,120	$	13,760
Costs and Expenses
Cost of revenue, excluding depreciation and amortization	44,646		67,467		8,382
Sales and marketing	11,387		23,969		1,748
General and administrative	1,816		6,297		3,858
Research and development	2,143		3,497		265
Depreciation and amortization	10,809		10,810		767
Impairment expense	—		38,036		—
Total costs and expenses	70,801		150,076		15,020
Loss from discontinued operations	(12,509)		(55,956)		(1,260)
Loss from classification to held for sale	(9,462)		—		—
Interest expense, net	(7,019)		(5,564)		(389)
Loss from discontinued operations before income taxes	(28,990)		(61,520)		(1,649)
Income tax benefit	—		(677)		(23,655)
Net (loss) income from discontinued operations, net of taxes	$	(28,990)	$	(60,843)	$	22,006

_________________________________

(1) The Company acquired Complex Networks on December 3, 2021, and therefore only approximately one month of activity is presented within loss from discontinued operations, net of tax for the year ended December 31, 2021.

Allocated general corporate overhead costs do not meet the criteria to be presented within net (loss) income from discontinued operations, net of tax, and were excluded from all figures presented in the table above.

For the year ended December 31, 2023, there was no income tax provision / (benefit) in discontinued operations, as a result of the valuation allowance against net deferred tax assets that were not realizable on a more-likely-than-not basis. For the year ended December 31, 2022 and 2021, the Company recorded an income tax benefit in discontinued operations as a result of the partial release of the Company’s U.S. valuation allowance, as the Business Combination, which was consummated during 2021, created a source of income of future taxable income.

As part of the Disposition, the Company was required to repay approximately $33.8 million outstanding under the Revolving Credit Facility and $30.9 million of the $150.0 million outstanding under the Notes (i.e., approximately 20.6%), leaving approximately $119.1 million aggregate principal amount of Notes outstanding as of March 7, 2024. All historical interest expense associated with the Revolving Credit Facility and 20.6% of the historical interest expense associated with the Notes were allocated to the discontinued operation. Refer to Note 23 herein for further details on this repayment.

Details of the assets of discontinued operations are as follows:


	December 31, 2023		December 31, 2022
Intangible assets, net	$	79,481	$	90,291
Goodwill	34,070		34,070
Valuation allowance	(9,462)		—
Noncurrent assets of discontinued operations, net of valuation allowance	$	104,089	$	124,361

The Company recorded a valuation allowance against the assets held for sale to reflect the write-down of the carrying value to fair value less estimated costs to sell. The non-cash valuation allowance of $9.5 million was recorded within loss from classification to held for sale in the summarized financial information of discontinued operations for the year ended December 31, 2023.

There were no current assets, current liabilities, or noncurrent liabilities of discontinued operations for any periods presented as the disposal group consisted of intangible assets, net, and goodwill.

The Company has continuing involvement with Commerce Media through a transition services agreement, through which the Company and Commerce Media are to provide certain services to each other for a period of time following the Disposition (specifically, for an initial term of 180 days from February 21, 2024, with two additional consecutive terms of 90 days each, at Commerce Media’s discretion). Additionally, the Company and Commerce Media entered into a space sharing agreement whereby Commerce Media will license a portion of the Company’s corporate headquarters (see Note 23 herein for additional details). For the year ended December 31, 2023, we did not collect any cash related to these activities.

Dispositions of HuffPost Italy, HuffPost Korea and HuffPost France:

During 2021 the Company disposed of its 51% ownership interests in HuffingtonPost Italia S.R.L (“HuffPost Italy”), HuffingtonPost Korea, Ltd. (“HuffPost Korea”), and Le HuffingtonPost SAS (“HuffPost France”) for nominal consideration and recognized losses on disposition of $1.2 million. HuffPost Italy, HuffPost Korea, and HuffPost France did not have a material impact on the Company’s net loss for the year ended December 31, 2021.

Restructuring Costs - Narrative (Details) - USD ($) $ in Millions		1 Months Ended			4 Months Ended	12 Months Ended
	Feb. 21, 2024	Apr. 30, 2023	Dec. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
2023 Workforce Reduction
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, percentage		15.00%
Restructuring charges						$ 6.8
2022 Workforce Reduction
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, percentage			12.00%
Restructuring costs			$ 5.3
BuzzFeed News
Restructuring Cost and Reserve [Line Items]
Restructuring charges					$ 4.9
Restructuring costs							$ 10.2
HuffPost
Restructuring Cost and Reserve [Line Items]
Restructuring cost				$ 3.6
2024 Workforce Reduction \| Subsequent Event
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, percentage	16.00%
Cost of revenue, excluding depreciation and amortization \| 2023 Workforce Reduction \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges						4.3
Cost of revenue, excluding depreciation and amortization \| BuzzFeed News
Restructuring Cost and Reserve [Line Items]
Restructuring costs							5.7
Cost of revenue, excluding depreciation and amortization \| HuffPost
Restructuring Cost and Reserve [Line Items]
Restructuring cost				3.2
Sales and marketing \| 2023 Workforce Reduction \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges						1.3
Sales and marketing \| BuzzFeed News
Restructuring Cost and Reserve [Line Items]
Restructuring costs							1.6
Sales and marketing \| HuffPost
Restructuring Cost and Reserve [Line Items]
Restructuring cost				0.3
General and administrative \| 2023 Workforce Reduction \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges						0.4
General and administrative \| BuzzFeed News
Restructuring Cost and Reserve [Line Items]
Restructuring costs							0.9
Research and development \| 2023 Workforce Reduction \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges						$ 0.8
Research and development \| BuzzFeed News
Restructuring Cost and Reserve [Line Items]
Restructuring costs							$ 2.0
Research and development \| HuffPost
Restructuring Cost and Reserve [Line Items]
Restructuring cost				$ 0.1

Restructuring Costs	12 Months Ended
Restructuring Costs	Dec. 31, 2023
Restructuring Costs [Abstract]
Restructuring Costs	Restructuring Costs In April 2023, the Company announced plans to reduce expenses by implementing an approximately 15% reduction in the then-current workforce. The reduction in workforce plan was part of a broader strategic reprioritization across the Company in order to improve upon profitability and cash flow. The Company incurred approximately $6.8 million of restructuring costs for the year ended December 31, 2023, comprised mainly of severance and related benefit costs, of which $4.3 million were included in cost of revenue, excluding depreciation and amortization, $1.3 million were included in sales and marketing, $0.4 million were included in general and administrative, and $0.8 million were included in research and development. In December 2022, the Company’s board of directors authorized a reduction in workforce plan, which included a reduction of our then-current global employee headcount by approximately 12%. The reduction in workforce plan was intended to reduce the Company’s costs in response to a combination of factors, including: (i) challenging macroeconomic conditions; (ii) completing the integration of Complex Networks and eliminating redundancies where they existed; and (iii) an ongoing audience shift to short-form, vertical video, which was still developing from a monetization standpoint. The Company incurred approximately $5.3 million of restructuring costs related to these actions. 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 $4.9 million of restructuring costs related to these actions. As a result, the Company incurred approximately $10.2 million of aggregate restructuring costs for the year ended December 31, 2022, comprised mainly of severance and related benefit costs. For the year ended December 31, 2022, approximately $5.7 million were included in cost of revenue, excluding depreciation and amortization, $1.6 million were included in sales and marketing, $0.9 million were included in general and administrative, and $2.0 million were included in research and development. In March 2021, the Company announced a restructuring of HuffPost, including employee terminations, in order to efficiently integrate HuffPost and establish an efficient cost structure. The Company incurred approximately $3.6 million in severance costs related to the restructuring, of which $3.2 million were included in cost of revenue, excluding depreciation and amortization, $0.3 million were included in sales and marketing, and $0.1 million were included in research and development. On February 21, 2024, the Company announced plans to reduce expenses by implementing an approximately 16% reduction in the then-current workforce (after the Disposition). Refer to Note 23 herein for further details on this restructuring.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The domestic and foreign components of (loss) income before provision for income taxes on continuing operations were as follows:


	2023		2022		2021
Domestic	$	(63,874)	$	(131,717)	$	1,348
Foreign	5,144		(6,063)		(227)
Total (loss) income before income taxes	$	(58,730)	$	(137,780)	$	1,121

The provision (benefit) for income taxes on continuing operations consisted of the following:


	Year Ended December 31,
	2023		2022		2021
Current (benefit) / provision
Federal	$	—	$	2	$	(16)
State	92		77		126
Foreign	(1,689)		2,756		1,666
Total current (benefit) / provision	$	(1,597)	$	2,835	$	1,776
Deferred (benefit) / provision
Federal	$	3	$	733	$	(2,300)
State	(4)		197		239
Foreign	3,200		(1,062)		(2,464)
Total deferred (benefit) / provision	$	3,199	$	(132)	$	(4,525)
Total (benefit) / provision
Federal	$	3	$	735	$	(2,316)
State	88		274		365
Foreign	1,511		1,694		(798)
Total (benefit) / provision	$	1,602	$	2,703	$	(2,749)


	Year Ended December 31,
	2023		2022		2021
Income tax (benefit) provision at the U.S. federal statutory rate	$	(12,333)	$	(28,934)	$	235
State income taxes	(1,418)		(1,208)		(454)
Permanent differences	(50)		380		286
Change in valuation allowance	11,725		14,529		4,693
Effect of foreign operations	1,837		(147)		(825)
Stock-based compensation	1,728		4,222		(838)
Transaction costs	—		—		1,247
Section 162(m)	221		493		—
Derivative and warrant liabilities	(36)		(1,940)		(6,612)
U.S. GILTI inclusion	511		139		—
Goodwill impairment	—		13,957		—
Effect of change in tax rates	17		(165)		(835)

Research & development tax credits	—		—		(501)
Foreign currency translation & transactions	(237)		560		254

Other	(363)		817		601
Total provision (benefit) for income taxes	$	1,602	$	2,703	$	(2,749)

For the years ended December 31, 2023, 2022 and 2021, the Company’s effective tax rate was (2.7)%, (2.0)% and (245.2)% respectively. For the year ended December 31, 2023, the Company’s effective tax rate differed from the U.S. federal statutory income tax rate of 21% primarily related to a valuation allowance against net deferred tax assets that were not realizable on a more-likely-than-not basis. For the year ended December 31, 2022, the Company’s effective tax rate differed from the U.S. federal statutory income tax rate of 21% primarily related to both a valuation allowance against net deferred tax assets that were not realizable on a more-likely-than-not basis and the impairment of non-deductible goodwill for which no tax benefit was provided. For the year ended December 31, 2021, the Company’s effective tax rate differed from the U.S. federal statutory income tax rate of 21% primarily due to the partial release of the Company’s U.S. valuation allowance as a result of the February 2021 acquisition of HuffPost (the “HuffPost Acquisition”). The Company recorded excess deferred tax liabilities related to the Business Combination which provided a source of future taxable income to support this partial realization of the Company’s pre-existing deferred tax assets. The income tax benefit related to this change in the Company’s valuation allowance was offset by an income tax provision for foreign taxes.

In August 2022, the Inflation Reduction Act and CHIPS and Science Act were both enacted. This new legislation included the implementation of a new corporate alternative minimum tax, an excise tax on stock buybacks, and tax incentives for energy and climate initiatives, among other provisions. The income tax provisions of the legislation had limited applicability to the Company and did not have a material impact on the Company’s consolidated financial statements.

On October 8, 2021, the Organization for Economic Co-operation and Development (“OECD”) released a statement on the OECD/G20 Inclusive Framework on Base Erosion and Profit Sharing, which agreed to a two-pillar solution to address tax challenges of the digital economy. On December 20, 2021, the OECD released “Pillar Two” model rules defining a 15% global minimum tax rate for large multinational corporations with consolidated revenue above €750 million (or approximately $827.7 million as of December 31, 2023). The OECD continues to release additional guidance and countries are implementing legislation with widespread adoption of the “Pillar Two Framework” expected by calendar year 2024. The Company continues to evaluate the Pillar Two Framework and its potential impact on future periods, however based on the current proposed revenue thresholds, the Company does not expect to be subject to tax changes associated with Pillar Two.

Significant components of deferred tax assets and liabilities as of were as follows:


	Year Ended December 31,
	2023		2022
Deferred tax assets
Net operating loss carryforwards	$	101,422	$	97,812
Accruals	2,119		2,295
Stock-based compensation	1,913		2,859
Bad debt	263		360

Interest expense	7,857		4,146
Lease liabilities	14,442		20,022
Section 174 capitalized R&D costs	13,057		9,826
Capitalized production expenses	330		2,384
Other	1,729		94
Total deferred tax asset	$	143,132	$	139,798
Valuation allowance	(116,404)		(104,679)
Net deferred tax asset	$	26,728	$	35,119

Deferred tax liabilities
Deferred state income tax	(3,158)		(2,678)
Operating lease, right-of-use asset	(11,334)		(16,078)
Depreciation and amortization	(710)		(1,529)
Intangible assets	(11,558)		(11,630)
Total deferred tax liability	$	(26,760)	$	(31,915)
Net deferred tax (liability) asset	$	(32)	$	3,204

Net deferred tax assets are included within prepaid expenses and other assets and net deferred tax liabilities are included within other liabilities on the Company’s consolidated balance sheets.

In assessing the realizability of its deferred tax assets, the Company considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Based upon the weight of available evidence, the Company concluded it is more likely than not that it will not be able to realize its U.S. deferred tax assets and therefore has maintained a full valuation allowance on its U.S. deferred tax assets. In addition, the Company maintains a valuation allowance against certain deferred tax assets in the United Kingdom (the “U.K.”), Spain, Japan and Canada. The Company’s valuation allowance increased by approximately $11.7 million in 2023.

As of December 31, 2023, the Company has U.S. federal and state NOLs of approximately $358.3 million and $13.3 million, respectively. Of the $358.3 million of U.S. federal NOLs, $202.2 million expire in tax year beginning 2030 through 2037 if not utilized and $156.1 million that have an indefinite lived carryforward period. The $13.3 million of state NOLs will expire in tax years beginning in 2025 to 2043 if not utilized. As of December 31, 2023, the Company has foreign NOL carryforwards of $1.1 million in Canada expiring in 2041 through 2043, $5.0 million in Japan expiring in 2026 through 2033, and $1.3 million in Spain and $15.9 million in the U.K., both with indefinite carryforward periods. Utilization of NOLs and tax credit carryforwards are subject to certain limitations under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), in the event of a change in the Company’s ownership, as defined in current income tax regulations.

As of December 31, 2023, the Company has deferred interest expense carryforwards under Section 163(j) of the Code of $47.2 million which may be carried forward indefinitely but only available to offset 30% of tax adjusted earnings before interest and taxes (EBIT). In addition, the Company had federal research and development tax credits of approximately $7.5 million, which expire in the tax years beginning in 2032 through 2040, if not utilized.

Notwithstanding the current taxation of certain foreign subsidiaries under GILTI and one-time transition taxation enacted as part of the Tax Cut and Jobs Act, the Company intends to continue to reinvest its foreign earnings indefinitely outside the U.S. If these future earnings are repatriated to the U.S., or if the Company determines that such earnings will be remitted in the foreseeable future, the Company may be required to accrue U.S. deferred taxes (if any) and applicable withholding taxes. It is not practicable to estimate the tax impact of the reversal of the outside basis difference, or the repatriation of cash due to the complexity of its hypothetical calculation.

The Company applies the applicable authoritative guidance which prescribes a comprehensive model in which a company should recognize, measure, present and disclose in its financial statements all material uncertain tax positions that the Company has taken or expects to take on a tax return. The Company recognizes interest and penalties related to income tax positions taken on the Company’s tax returns in income tax expense in the consolidated statements of operations. As of December 31, 2023 and 2022, the Company recorded an uncertain tax position of $nil including interest and penalties related to state taxes. As of December 31, 2023 and 2022, the Company had no uncertain tax positions.

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 earliest years’ tax returns filed by the Company that are still subject to examination by the tax authorities in the major jurisdictions are as follows:


			Years
United States			2019
United Kingdom			2022
Japan			2018
Canada			2019

- 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
-Publisher FASB
-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
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

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

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 29,511	$ 30,689
Sublease income	(15,694)	(10,428)
Total lease cost	$ 13,817	$ 20,261

Debt - Narrative (Details)								1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
Debt - Narrative (Details)	Mar. 07, 2024 USD ($) shares	Feb. 28, 2024	Feb. 21, 2024 USD ($)	Jan. 01, 2024	Dec. 31, 2023 USD ($) shares	Dec. 15, 2022 USD ($)	Dec. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) d $ / shares	Mar. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jul. 08, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 29, 2023 $ / shares	Sep. 26, 2023 USD ($)	Jun. 29, 2023 USD ($)	Dec. 03, 2021 $ / shares
Debt Instrument [Line Items]
Issuance of letter of credit											$ 2,128,000		$ 5,000,000	$ 9,000,000
Debt issuance cost						$ 200,000
Outstanding borrowings					$ 33,837,000					$ 33,837,000	33,837,000		152,253,000
Collateral amount					$ 15,500,000				$ 15,500,000	15,500,000	$ 15,500,000
Share price (in dollars per share) \| $ / shares																		$ 12.50
Class A Common Stock, $0.0001 par value per share
Debt Instrument [Line Items]
Share price (in dollars per share) \| $ / shares															$ 0.25
Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount								$ 150,000,000
Initial conversion price (in dollars per share) \| $ / shares								$ 12.50
Interest rate								8.50%
Shares convertible (in shares) \| shares					12,000,000
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								12 months
Term for calculating amount of interest on the aggregate principal amount								0 days
Repurchase price as percentage of par plus accrued and unpaid interest								101.00%			101.00%
Principal outstanding					$ 150,000,000					$ 150,000,000	$ 150,000,000		150,000,000
Derivative liability								$ 31,600,000
Effective interest rate					15.00%					15.00%	15.00%
Interest expense											$ 15,100,000		14,400,000
Amortization of debt discount and issuance costs											5,000,000		4,300,000
Fair value of the notes					$ 112,800,000					$ 112,800,000	112,800,000
Subsequent Event \| Convertible Debt
Debt Instrument [Line Items]
Shares convertible (in shares) \| shares	9,528,000
Repayments of long-term debt	$ 30,900,000
Principal outstanding	$ 119,100,000
Percentage of net proceeds from future asset sales		0.95
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument term							3 years
Maximum borrowing capacity							$ 50,000,000
Letter of credit outstanding					15,500,000		$ 15,500,000			15,500,000	15,500,000
Percentage of qualifying investment grade accounts receivable							95.00%
Percentage of qualifying non-investment grade accounts receivable							90.00%
Debt issuance cost					500,000					500,000	500,000		400,000			$ 100,000	$ 200,000
Debt instrument, overadvance, maximum										7,400,000
Debt instrument, covenants, liquidity threshold							$ 25,000,000
Minimum monthly average utilization of debt					15,000,000					15,000,000	$ 15,000,000
Percentage of unused commitment fee											0.375%
Outstanding borrowings					33,800,000					33,800,000	$ 33,800,000		33,500,000
Unused borrowing capacity					$ 700,000					$ 700,000	$ 700,000		$ 1,000,000
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument margin rate											10.00%
Debt instrument floor rate											0.75%
Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument margin rate													8.00%
Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Repayments of long-term debt			$ 33,800,000
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Revolving credit facility, early termination fee, percentage						0.50%
Debt instrument margin rate										4.50%
Revolving Credit Facility \| Minimum \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument margin rate				3.75%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Revolving credit facility, early termination fee, percentage						2.00%
Debt instrument margin rate										5.00%
Revolving Credit Facility \| Maximum \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument margin rate				4.25%
Letter of Credit
Debt Instrument [Line Items]
Issuance of letter of credit									$ 15,500,000			$ 4,500,000
Letter of Credit \| Subsequent Event
Debt Instrument [Line Items]
Letters of credit outstanding, amount			15,500,000
Collateral amount			$ 17,100,000

Goodwill and Intangibles, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense associated with intangible assets	$ 4,400	$ 4,400
Goodwill impairment		$ 64,289
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%

Stockholders' Equity - Schedule of Stock Options Activity (Details) - 2015 Equity Incentive Plan - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 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)	(182)
Expired (in shares)	(440)
Outstanding at the end (in shares)	3,377	3,976
Expected to vest (in shares)	3,377
Exercisable (in shares)	3,045
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)	5.25
Expired (in dollars per share)	5.90
Outstanding at the end (in dollars per share)	6.24	$ 6.20
Expected to vest (in dollars per share)	6.24
Exercisable (in dollars per share)	$ 6.44
Weighted Average Remaining Term
Weighted average remaining term (in years)	2 years 4 months 9 days	3 years 9 months 18 days
Vested and expected to vest (in years)	2 years 4 months 9 days
Exercisable (in years)	1 year 8 months 15 days
Aggregate Intrinsic Value
Outstanding	$ 0	$ 0
Expected to vest	0
Exercisable	$ 0

Goodwill and Intangibles, net - Summary of Goodwill Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Goodwill [Roll Forward]
Balance at the beginning	$ 121,851
Goodwill Impairment	(64,289)
Balance at the end	$ 57,562

- Definition

+ References + Details

Commitments and Contingencies - Narrative (Details)	Oct. 31, 2023 USD ($) individual	Aug. 15, 2023 USD ($) individual	Aug. 04, 2023 USD ($) individual	Mar. 15, 2022 individual arbitration	Dec. 31, 2023 $ / shares	May 31, 2023 $ / shares
Loss Contingencies [Line Items]
Loss contingency, 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	$ 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	10 days
Violation Of VPPA
Loss Contingencies [Line Items]
Loss contingency, damages sought, value \| $	$ 2,500	$ 2,500	$ 2,500
Violation of VPP Act - BuzzFeed.com Website
Loss Contingencies [Line Items]
Loss contingency, number of plaintiffs		12,176	8,927
Violation Of VPP Act - HuffPost.com Website
Loss Contingencies [Line Items]
Loss contingency, number of plaintiffs	590	5,247

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2023	Mar. 27, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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, State or Province	NY
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10036
City Area Code	646
Local Phone Number	397-2039
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 57.1
Entity Central Index Key	0001828972
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Amendment Flag	false
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	New York, New York
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		140,315,010
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		5,473,940
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Capitalized Software Costs, net (Tables)

12 Months Ended

Dec. 31, 2023

Capitalized Computer Software, Net [Abstract]

Schedule of Capitalized Software Costs

Capitalized software costs, net consisted of the following:


	December 31, 2023		December 31, 2022
Website and internal-use software	$	82,138	$	75,871
Less: Accumulated amortization	(59,846)		(56,612)
	$	22,292	$	19,259

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable allowance	$ 1,424	$ 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)	140,138,000	126,387,000
Common stock, shares outstanding (in shares)	140,138,000	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)	5,474,000	6,678,000
Common stock, shares outstanding (in shares)	5,474,000	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

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 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 income (loss) per share:


	Year Ended December 31,
	2023		2022		2021
Numerator:
Net (loss) income from continuing operations	$	(60,332)	$	(140,483)	$	3,870
Net (loss) income from discontinued operations, net of tax	(28,990)		(60,843)		22,006
Less: net income attributable to the redeemable noncontrolling interest	—		164		936
Less: net (loss) income attributable to noncontrolling interests	(743)		(533)		228
Allocation of undistributed earnings to convertible preferred stock	—		—		24,712
Net loss attributable to holders of Class A, Class B, and Class C common stock for basic net loss per share	$	(88,579)	$	(200,957)	$	—
Add: interest on Notes	—		—		1,317
Deduct: change in fair value of derivative liability	—		—		(26,745)
Reallocation of undistributed earnings to convertible preferred stock	—		—		24,712
Net loss attributable to holders of Class A, Class B, and Class C common stock for diluted net loss per share	$	(88,579)	$	(200,957)	$	(716)
Amounts attributable to BuzzFeed, Inc for net loss per common share, basic:
Net (loss) income from continuing operations	$	(59,589)	$	(140,114)	$	—
Net (loss) income from discontinued operations, net of tax	(28,990)		(60,843)		—
Net (loss) income attributable to BuzzFeed, Inc.	$	(88,579)	$	(200,957)	$	—
Amounts attributable to BuzzFeed, Inc for net loss per common share, diluted:
Net (loss) income from continuing operations	$	(59,589)	$	(140,114)	$	(716)
Net (loss) income from discontinued operations, net of tax	(28,990)		(60,843)		—
Net (loss) income attributable to BuzzFeed, Inc.	$	(88,579)	$	(200,957)	$	(716)

Denominator:
Weighted average common shares outstanding, basic	143,062		138,148		27,048
Impact of assumed conversion of Notes	—		—		953
Weighted average common shares outstanding, diluted	143,062		138,148		28,001

Net loss per common share, basic:
Continuing operations	$	(0.42)	$	(1.01)	$	—
Discontinued operations	$	(0.20)	$	(0.44)	$	—
Net loss per common share, basic, attributable to BuzzFeed, Inc.	$	(0.62)	$	(1.45)	$	—
Net loss per common share, diluted:
Continuing operations	$	(0.42)	$	(1.01)	$	(0.03)
Discontinued operations	$	(0.20)	$	(0.44)	$	—
Net loss per common share, diluted, attributable to BuzzFeed, Inc.	$	(0.62)	$	(1.45)	$	(0.03)

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 loss per share as the effect would have been anti-dilutive:


	2023	2022	2021
Stock options	3,377	3,976	4,560
Restricted stock units	8,759	7,495	2,779
Warrants	9,876	9,876	9,876

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 252,677	$ 342,554	$ 383,804
Costs and Expenses
Cost of revenue, excluding depreciation and amortization	142,366	194,348	199,015
Sales and marketing	38,989	47,293	53,233
General and administrative	78,026	111,437	108,694
Research and development	11,179	27,100	24,663
Depreciation and amortization	21,941	24,263	22,093
Impairment expense	0	66,464	0
Total costs and expenses	292,501	470,905	407,698
Loss from continuing operations	(39,824)	(128,351)	(23,894)
Other expense, net	(2,990)	(3,076)	(3,974)
Interest expense, net	(16,085)	(15,591)	(2,496)
Change in fair value of warrant liabilities	(11)	4,543	4,740
Change in fair value of derivative liability	180	4,695	26,745
(Loss) income from continuing operations before income taxes	(58,730)	(137,780)	1,121
Income tax provision (benefit)	1,602	2,703	(2,749)
Net (loss) income from continuing operations	(60,332)	(140,483)	3,870
Net (loss) income from discontinued operations, net of tax	(28,990)	(60,843)	22,006
Net (loss) income	(89,322)	(201,326)	25,876
Less: net income attributable to the redeemable noncontrolling interest	0	164	936
Less: net (loss) income attributable to the noncontrolling interests	(743)	(533)	228
Net (loss) income attributable to BuzzFeed, Inc.	(88,579)	(200,957)	24,712
Net loss from continuing operations attributable to holders of Class A, Class B and Class C common stock:
Basic	(59,589)	(140,114)	0
Diluted	$ (59,589)	$ (140,114)	$ (716)
Net loss from continuing operations per Class A, Class B and Class C common share:
Basic (in dollars per share)	$ (0.42)	$ (1.01)	$ 0
Diluted (in dollars per share)	$ (0.42)	$ (1.01)	$ (0.03)
Weighted average common shares outstanding:
Basic (in shares)	143,062	138,148	27,048
Diluted (in shares)	143,062	138,148	28,001

Held for Sale, Discontinued Operations, and Disposals - Assets of Discontinued Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent assets of discontinued operations, net of valuation allowance	$ 104,089	$ 124,361
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Complex Networks, Excluding The First We Feast Brand
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Intangible assets, net	79,481	90,291
Goodwill	34,070	34,070
Valuation allowance	(9,462)	0
Noncurrent assets of discontinued operations, net of valuation allowance	$ 104,089	$ 124,361

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of after one year or the normal operating cycle, if longer.

+ References + Details

Debt - Schedule of Net Carrying Amount (Details) - Convertible Debt - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal outstanding	$ 150,000	$ 150,000
Unamortized debt discount and issuance costs	(25,023)	(31,252)
Net carrying value	$ 124,977	$ 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References + Details

Income Taxes - Schedule of Provision (Benefit) for Income Taxes On Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current (benefit) / provision
Federal	$ 0	$ 2	$ (16)
State	92	77	126
Foreign	(1,689)	2,756	1,666
Total current (benefit) / provision	(1,597)	2,835	1,776
Deferred (benefit) / provision
Federal	3	733	(2,300)
State	(4)	197	239
Foreign	3,200	(1,062)	(2,464)
Total deferred (benefit) / provision	3,199	(132)	(4,525)
Total (benefit) / provision
Federal	3	735	(2,316)
State	88	274	365
Foreign	1,511	1,694	(798)
Total (benefit) / provision	$ 1,602	$ 2,703	$ (2,749)

Description of the Business (Details) $ / shares in Units, $ in Thousands				1 Months Ended	12 Months Ended
	Mar. 07, 2024 USD ($)	Feb. 28, 2024	Dec. 03, 2021 USD ($) shares	Jun. 30, 2021 USD ($)	Dec. 31, 2023 USD ($) segment $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 29, 2024 $ / shares	May 31, 2023 $ / shares
Description Of The Business [Line Items]
Number of reportable segments \| segment					1
Net loss					$ 89,322	$ 201,326	$ (25,876)
Net loss from continuing operations					60,332	140,483	(3,870)
Net cash flow used in operations					6,103	7,857	(797)
Net cash provided by continuing operations					589	597	$ (22,043)
Cash and cash equivalents					35,637	55,774
Accumulated deficit					$ 611,768	523,063
Share price, threshold for delisting (in dollars per share) \| $ / shares					$ 1.00				$ 1.00
Consecutive trading days, before compliance date, suspension from trading or the delisting of common stock					10 days				10 days
Subsequent Event
Description Of The Business [Line Items]
Share price, threshold for delisting (in dollars per share) \| $ / shares								$ 1.00
Unsecured Convertible Notes, Due 2026
Description Of The Business [Line Items]
Aggregate principal amount			$ 150,000
Convertible Debt
Description Of The Business [Line Items]
Aggregate principal amount				$ 150,000
Principal outstanding					$ 150,000	$ 150,000
Repurchase price as percentage of par plus accrued and unpaid interest				101.00%	101.00%
Convertible Debt \| Subsequent Event
Description Of The Business [Line Items]
Repayments of long-term debt	$ 30,900
Principal outstanding	$ 119,100
Percentage of net proceeds from future asset sales		0.95
BuzzFeed, Inc.
Description Of The Business [Line Items]
Number of shares issued in exchange for each share (in shares) \| shares			0.306
BuzzFeed, Inc. \| Class A Common Stock, $0.0001 par value per share
Description Of The Business [Line Items]
Number of common shares issued (in shares) \| shares			30,880,000
CM Partners, LLC
Description Of The Business [Line Items]
Percentage of membership interests acquired			100.00%

Goodwill and Intangible Assets, net - Estimated Future Amortization (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 2,770
2025	2,488
2026	1,903
2027	1,903
2028	1,903
Thereafter	14,330
Total carrying value	$ 25,297

Fair Value Measurements

12 Months Ended

Dec. 31, 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:


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	25,306	$	—	$	—	$	25,306
Total	$	25,306	$	—	$	—	$	25,306
Liabilities:
Derivative liability	$	—	$	—	$	—	$	—
Other non-current liabilities:
Public Warrants	402		—		—		402
Private Placement Warrants	—		4		—		4
Total	$	402	$	4	$	—	$	406


	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 Placement 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 December 31, 2023 and December 31, 2022 includes public and private placement warrants that were originally issued by 890, but which were assumed by the Company in connection with the closing of the Business Combination (the “Public Warrants” and “Private Placement Warrants,” respectively, or together, the “Public and Private Placement Warrants”). The Public and Private Placement Warrants 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 consolidated statements of operations and comprehensive (loss) income.

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 $0.04 and $0.04 as of December 31, 2023 and 2022, respectively.

As of 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. As of December 31, 2023, the Company determined the fair value of the derivative liability was immaterial as (i) the closing share price of our Class A common stock was $0.25 as of December 29, 2023, and (ii) each holder of a Note will have the right to require the Company to repurchase, for cash, all or a portion of the Notes held by such holder at any time on or after December 3, 2024.

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


									December 31, 2022
Term (in years)									3.9
Risk-free rate									4.11%
Volatility									76.6%

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


	Derivative Liability
Balance as of December 31, 2021	4,875
Change in fair value of derivative liability	(4,695)
Balance as of December 31, 2022	$	180
Change in fair value of derivative liability	(180)
Balance as of December 31, 2023	$	—

There were no transfers between fair value measurement levels during the year ended December 31, 2023.

- 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

Other Expense, Net (Details) - USD ($) $ in Thousands	12 Months Ended
Other Expense, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Exchange gain (loss)	$ 1,103	$ (4,612)	$ (1,837)
(Loss) gain on investments	(3,500)	1,260	0
Other expense	(841)	(1,250)	(1,366)
Other income	73	1,026	683
Loss on disposition of subsidiary	0	0	(1,234)
Gain (loss) on disposition of assets	175	500	(220)
Other expense, net	$ (2,990)	$ (3,076)	$ (3,974)

Summary of Significant Accounting Policies - Film costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Individual Monetization:
Feature films in production	$ 1,707	$ 0
Film, Monetized on Its Own, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of revenue, excluding depreciation and amortization	Cost of revenue, excluding depreciation and amortization	Cost of revenue, excluding depreciation and amortization
Amortized film costs	$ 3,200	$ 8,400	$ 7,100
Decrease in film costs	700	1,500
Production tax credit receivable	$ 3,500	$ 3,000

Property and Equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 56,413	$ 63,178
Less: Accumulated depreciation	(44,557)	(45,404)
Property and equipment, net	11,856	17,774
Depreciation	6,700	10,200	$ 8,300
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	49,007	50,688
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,910	6,069
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,057	5,629
Video equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 439	$ 792

Income Taxes - Summary of Reconciliation of the U.S. Statutory Income Tax Rate On Continuing Operations to the Company's Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax (benefit) provision at the U.S. federal statutory rate	$ (12,333)	$ (28,934)	$ 235
State income taxes	(1,418)	(1,208)	(454)
Permanent differences	(50)	380	286
Change in valuation allowance	11,725	14,529	4,693
Effect of foreign operations	1,837	(147)	(825)
Stock-based compensation	1,728	4,222	(838)
Transaction costs	0	0	1,247
Section 162(m)	221	493	0
Derivative and warrant liabilities	(36)	(1,940)	(6,612)
U.S. GILTI inclusion	511	139	0
Goodwill impairment	0	13,957	0
Effect of change in tax rates	17	(165)	(835)
Research & development tax credits	0	0	(501)
Foreign currency translation & transactions	(237)	560	254
Other	(363)	817	601
Total (benefit) / provision	$ 1,602	$ 2,703	$ (2,749)

Debt

12 Months Ended

Dec. 31, 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, which was terminated on February 21, 2024, as described in further detail below, provided for the issuance of up to $15.5 million of standby letters of credit and aggregate borrowings under the Revolving Credit Facility were 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 Facility 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 included covenants that, among other things, required the Company to maintain at least $25.0 million of unrestricted cash at all times and limited, 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 December 31, 2023.

Borrowings under the Revolving Credit Facility bore interest at the greater of 0.75% and 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 ended December 31, 2023, ranged 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 10% at December 31, 2023 at the SOFR rate and approximately 8% at December 31, 2022 at the LIBOR rate), and subject to a monthly minimum utilization of $15.0 million. The facility also included an unused commitment fee of 0.375%.

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

As of December 31, 2023 and 2022, the Company had $0.5 million and $0.4 million of costs in connection with the issuance of debt included in prepaid and other assets in the consolidated balance sheet, respectively.

On February 21, 2024, in connection with the Disposition, the Company terminated the Revolving Credit Facility, except for the $15.5 million in letters of credit outstanding, which were cash collateralized in the amount of $17.1 million. Refer to Note 23 for further details on the termination.

Convertible Notes

In June 2021, in connection with the entry into the merger agreement pursuant to which the Business Combination was consummated, the Company entered into subscription agreements with certain investors to sell $150.0 million aggregate principal amount of Notes. In connection with the closing of the Business Combination, the Company issued, and those investors purchased, the Notes. The Notes are convertible into shares of our Class A common stock at an initial conversion price of $12.50 and bear interest at a rate of 8.50% per annum, payable semi-annually. The Notes mature on December 3, 2026. As of December 31, 2023, the Notes were convertible into approximately 12,000,000 shares of our Class A common stock and, as of March 7, 2024, the Notes were convertible into approximately 9,528,000 shares of our Class A common stock.

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 prior to December 3, 2024, the Company will be obligated

to pay an amount in cash equal to an amount equal to twelve month’s interest declining ratably on a monthly basis to zero month’s interest, in each case, on the aggregate principal amount of 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 has the right under the indenture governing the Notes to require the Company to repurchase, for cash, all or a portion of the Notes held by such holder (i) at any time on or after December 3, 2024 (i.e., the third anniversary of the issuance of the Notes), at a repurchase price equal to the principal amount plus accrued and unpaid interest, or (ii) upon the occurrence of a fundamental change (as defined in the indenture) before the maturity date (i.e. December 3, 2026), at a repurchase price equal to 101% of the principal amount plus accrued and unpaid interest. In addition, a failure to comply with the provisions of the indenture governing our Notes could trigger an event of default under the indenture, which would allow the holders of Notes to accelerate the maturity of the Notes and require the Company to repay the Notes prior to their maturity. Moreover, the Company will be required to repay the Notes, in cash, at their maturity, unless earlier converted, redeemed, or repurchased.

The Notes were reclassified from non-current debt to current debt within the consolidated balance sheet as of December 31, 2023 given the Notes are callable within 12-months from the reporting date.

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. On March 7, 2024, the Company repaid approximately $30.9 million of the $150.0 million Notes, leaving approximately $119.1 million aggregate principal amount of Notes outstanding as of March 7, 2024. Refer to Note 23 herein for details on the repayment, along with an amendment to the indenture done in connection with the Disposition which requires that 95% of the net proceeds of any future asset sales be used to repay the Notes.

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 consolidated statements of operations. As of December 31, 2023, the Company determined the fair value of the derivative liability was immaterial as (i) the closing share price of our Class A common stock was $0.25 as of December 29, 2023, and (ii) each holder of a Note has the right to require the Company to repurchase, for cash, all or a portion of the Notes held by such holder at any time on or after December 3, 2024 (i.e., the third anniversary of the issuance of the Notes), at a repurchase price equal the principal amount plus accrued and unpaid interest.

Interest expense on the Notes is recognized at an effective interest rate of 15% and totaled $15.1 million and $14.4 million for the year ended December 31, 2023 and 2022, respectively of which amortization of the debt discount and issuance costs comprised $5.0 million and $4.3 million for the year ended December 31, 2023 and 2022, respectively.

The net carrying amount of the Notes as of December 31, 2023 was:


	December 31, 2023		December 31, 2022
Principal outstanding	$	150,000	$	150,000
Unamortized debt discount and issuance costs	(25,023)		(31,252)
Net carrying value	$	124,977	$	118,748

The fair value of the Notes as of December 31, 2023 was approximately $112.8 million. 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))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Acquisitions and Dispositions - Schedule of Fair Value of Consideration Exchanged (Details) - C Acquisition $ / shares in Units, $ in Thousands	Dec. 03, 2021 USD ($) $ / shares shares
Business Acquisitions [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 Acquisitions [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
Business Acquisitions [Line Items]
Total consideration	$ 200,000

Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Liabilities:
Derivative liability	$ 0	$ 180
Fair Value, Recurring
Assets
Cash equivalents:	25,306	1,154
Liabilities:
Derivative liability	0	180
Other non-current liabilities:
Total	406	575
Fair Value, Recurring \| Public Warrants
Other non-current liabilities:
Other non-current liabilities	402	384
Fair Value, Recurring \| Private Placement Warrants
Other non-current liabilities:
Other non-current liabilities	4	11
Fair Value, Recurring \| Money Market Funds
Assets
Cash equivalents:	25,306	1,154
Level 1 \| Fair Value, Recurring
Assets
Cash equivalents:	25,306	1,154
Liabilities:
Derivative liability	0	0
Other non-current liabilities:
Total	402	384
Level 1 \| Fair Value, Recurring \| Public Warrants
Other non-current liabilities:
Other non-current liabilities	402	384
Level 1 \| Fair Value, Recurring \| Private Placement Warrants
Other non-current liabilities:
Other non-current liabilities	0	0
Level 1 \| Fair Value, Recurring \| Money Market Funds
Assets
Cash equivalents:	25,306	1,154
Level 2 \| Fair Value, Recurring
Assets
Cash equivalents:	0	0
Liabilities:
Derivative liability	0	0
Other non-current liabilities:
Total	4	11
Level 2 \| Fair Value, Recurring \| Public Warrants
Other non-current liabilities:
Other non-current liabilities	0	0
Level 2 \| Fair Value, Recurring \| Private Placement Warrants
Other non-current liabilities:
Other non-current liabilities	4	11
Level 2 \| Fair Value, Recurring \| Money Market Funds
Assets
Cash equivalents:	0	0
Level 3 \| Fair Value, Recurring
Assets
Cash equivalents:	0	0
Liabilities:
Derivative liability	0	180
Other non-current liabilities:
Total	0	180
Level 3 \| Fair Value, Recurring \| Public Warrants
Other non-current liabilities:
Other non-current liabilities	0	0
Level 3 \| Fair Value, Recurring \| Private Placement Warrants
Other non-current liabilities:
Other non-current liabilities	0	0
Level 3 \| Fair Value, Recurring \| Money Market Funds
Assets
Cash equivalents:	$ 0	$ 0

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


	Year Ended December 31,
	2023		2022		2021
Cash paid for income taxes, net	$	1,296	$	2,028	$	1,228
Cash paid for interest	17,169		15,729		901
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment	134		298		306
Accrued deferred offering costs	597		—		—
Exchange of accounts receivable in exchange for investment in equity securities	750		—		—
Issuance of common stock for HuffPost Acquisition	—		—		24,064
Issuance of common stock for Complex Networks Acquisition	—		—		96,200
Warrants assumed as part of the Business Combination	—		—		9,678
Accrued reverse recapitalization costs	—		—		585

Net Loss Per Share - Summary of Computation of Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net (loss) income from continuing operations	$ (60,332)	$ (140,483)	$ 3,870
Net (loss) income from discontinued operations, net of tax	(28,990)	(60,843)	22,006
Less: net income attributable to the redeemable noncontrolling interest	0	164	936
Less: net (loss) income attributable to noncontrolling interests	(743)	(533)	228
Allocation of undistributed earnings to convertible preferred stock	0	0	24,712
Net loss attributable to holders of Class A, Class B, and Class C common stock for basic net loss per share	(88,579)	(200,957)	0
Add: interest on Notes	0	0	1,317
Deduct: change in fair value of derivative liability	0	0	(26,745)
Reallocation of undistributed earnings to convertible preferred stock	0	0	24,712
Net loss attributable to holders of Class A, Class B, and Class C common stock for diluted net loss per share	(88,579)	(200,957)	(716)
Amounts attributable to BuzzFeed, Inc for net loss per common share, basic:
Net (loss) income from continuing operations, basic	(59,589)	(140,114)	0
Net (loss) income from discontinued operations, net of tax, basic	(28,990)	(60,843)	0
Net (loss) income attributable to BuzzFeed, Inc., basic	(88,579)	(200,957)	0
Amounts attributable to BuzzFeed, Inc for net loss per common share, diluted:
Net (loss) income from continuing operations, diluted	(59,589)	(140,114)	(716)
Net (loss) income from discontinued operations, net of tax, diluted	(28,990)	(60,843)	0
Net (loss) income attributable to BuzzFeed, Inc. diluted	$ (88,579)	$ (200,957)	$ (716)
Denominator:
Weighted average common shares outstanding, basic (in shares)	143,062	138,148	27,048
Impact of assumed conversion of Notes (in shares)	0	0	953
Weighted average common shares outstanding, diluted (in shares)	143,062	138,148	28,001
Net loss per common share, basic:
Continuing operations basic (in dollars per share)	$ (0.42)	$ (1.01)	$ 0
Discontinued operations basic (in dollars per share)	(0.20)	(0.44)	0
Net loss per common share, Basic (in dollars per share)	(0.62)	(1.45)	0
Net loss per common share, diluted:
Continuing operations diluted (in dollars per share)	(0.42)	(1.01)	(0.03)
Discontinued operations diluted (in dollars per share)	(0.20)	(0.44)	0
Net loss per common share, Diluted (in dollars per share)	$ (0.62)	$ (1.45)	$ (0.03)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

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


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	25,306	$	—	$	—	$	25,306
Total	$	25,306	$	—	$	—	$	25,306
Liabilities:
Derivative liability	$	—	$	—	$	—	$	—
Other non-current liabilities:
Public Warrants	402		—		—		402
Private Placement Warrants	—		4		—		4
Total	$	402	$	4	$	—	$	406


	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 Placement Warrants	—		11		—		11
Total	$	384	$	11	$	180	$	575

Schedule of Significant Unobservable Inputs 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:


									December 31, 2022
Term (in years)									3.9
Risk-free rate									4.11%
Volatility									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, 2021	4,875
Change in fair value of derivative liability	(4,695)
Balance as of December 31, 2022	$	180
Change in fair value of derivative liability	(180)
Balance as of December 31, 2023	$	—

Stockholders' Equity - Summary of RSU Activity (Details) - Restricted stock units shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Shares
Outstanding at beginning of period (in shares) \| shares	7,495
Granted (in shares) \| shares	12,360
Vested (in shares) \| shares	(4,531)
Forfeited (in shares) \| shares	(6,565)
Outstanding at end of period (in shares) \| shares	8,759
Weighted Average Grant-Date Fair Value
Outstanding at the beginning (in dollars per share) \| $ / shares	$ 3.59
Granted (in dollars per share) \| $ / shares	0.56
Vested (in dollars per share) \| $ / shares	3.10
Forfeited (in dollars per share) \| $ / shares	1.76
Outstanding at the end (in dollars per share) \| $ / shares	$ 0.94

Property and Equipment, net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following:


	December 31, 2023		December 31, 2022
Leasehold improvements	$	49,007	$	50,688
Furniture and fixtures	3,910		6,069
Computer equipment	3,057		5,629
Video equipment	439		792
	56,413		$	63,178
Less: Accumulated depreciation	(44,557)		(45,404)
	$	11,856	$	17,774

Depreciation totaled $6.7 million, $10.2 million, and $8.3 million for the years ended December 31, 2023, 2022 and 2021, respectively, and was included in depreciation and amortization expense.

Refer to Note 21 herein for information regarding an impairment charge the Company recorded during the year ended December 31, 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.

Capitalized Software Costs, net

12 Months Ended

Dec. 31, 2023

Capitalized Computer Software, Net [Abstract]

Capitalized Software Costs, net

Capitalized software costs, net consisted of the following:


	December 31, 2023		December 31, 2022
Website and internal-use software	$	82,138	$	75,871
Less: Accumulated amortization	(59,846)		(56,612)
	$	22,292	$	19,259

During the years ended December 31, 2023, 2022 and 2021, the Company capitalized $13.9 million, $12.4 million and $11.0 million respectively, included in capitalized software costs and amortized $11.0 million, $9.7 million and $11.1 million, respectively, included in depreciation and amortization expense.

Held for Sale, Discontinued Operations, and Disposals - Narrative (Details)			1 Months Ended	12 Months Ended
	Mar. 07, 2024 USD ($)	Feb. 21, 2024 USD ($)	Feb. 29, 2024 USD ($)	Dec. 31, 2023 USD ($) term	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, not discontinued operation, gain (loss) on disposal, statement of income extensible list not disclosed flag						recognized losses
Commerce Media Holdings, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transition services agreement, term				180 days
Transition services agreement, number of renewal terms \| term				2
Transition services agreement, renewal term				90 days
Convertible Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate principal amount							$ 150,000,000
Principal outstanding				$ 150,000,000	$ 150,000,000
Subsequent Event \| Convertible Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of long-term debt	$ 30,900,000
Debt instrument, required repayment percentage	0.206
Principal outstanding	$ 119,100,000
Subsequent Event \| Revolving Credit Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of long-term debt		$ 33,800,000
H u f f I n g t o n P o s t Italia S.R.L \| H u f f I n g t o n P o s t Italia S.R.L
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest, parent (in percent)						51.00%
Recognized loss on disposition						$ 1,200,000
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Complex Networks, Excluding The First We Feast Brand
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax benefit				0	(677,000)	$ (23,655,000)
Valuation allowance				$ 9,462,000	$ 0
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Complex Networks, Excluding The First We Feast Brand \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses		$ 108,600,000	$ 108,600,000

Held for Sale, Discontinued Operations, and Disposals - Loss From Discontinued Operations, Net of Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) income from discontinued operations, net of taxes	$ (28,990,000)	$ (60,843,000)	$ 22,006,000
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Complex Networks, Excluding The First We Feast Brand
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	58,292,000	94,120,000	13,760,000
Cost of revenue, excluding depreciation and amortization	44,646,000	67,467,000	8,382,000
Sales and marketing	11,387,000	23,969,000	1,748,000
General and administrative	1,816,000	6,297,000	3,858,000
Research and development	2,143,000	3,497,000	265,000
Depreciation and amortization	10,809,000	10,810,000	767,000
Impairment expense	0	38,036,000	0
Total costs and expenses	70,801,000	150,076,000	15,020,000
Loss from discontinued operations	(12,509,000)	(55,956,000)	(1,260,000)
Loss from classification to held for sale	(9,462,000)	0	0
Interest expense, net	(7,019,000)	(5,564,000)	(389,000)
Loss from discontinued operations before income taxes	(28,990,000)	(61,520,000)	(1,649,000)
Income tax benefit	0	(677,000)	(23,655,000)
Net (loss) income from discontinued operations, net of taxes	$ (28,990,000)	$ (60,843,000)	$ 22,006,000

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” (“ASC 842”) which supersedes existing guidance on accounting for leases in Leases (Topic 840) and generally requires leased assets and lease liabilities to be recognized on the balance sheet. On January 1, 2022, the Company adopted ASC 842 using the modified retrospective method. Prior period amounts were not adjusted and continue to be reported in accordance with historical accounting under ASC 840.

The Company leases office space under non-cancelable operating leases with various expiration dates through 2029. The Company accounts for leases under 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 is obligated to 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. Refer to Note 21 herein for information regarding an impairment charge the Company recorded during the year ended December 31, 2022 with respect to the original lease. On February 21, 2024, in connection with the Disposition, the Company licensed the use of office space in our corporate headquarters. Refer to Note 23 herein for further details on this arrangement.

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.

The following illustrates the lease costs for the year ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022
Operating lease cost	29,511		30,689
Sublease income	(15,694)		(10,428)
Total lease cost	$	13,817	$	20,261

All components of total lease cost are recorded within general and administrative expenses within the 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 consolidated balance sheet related to operating leases:


	December 31, 2023		December 31, 2022
Assets
Right-of-use assets	$	46,715	$	66,581

Liabilities
Current lease liabilities	21,659		23,398
Noncurrent lease liabilities	37,820		59,315
Total lease liabilities	$	59,479	$	82,713

Other information related to leases was as follows:


	Year Ended December 31,
	2023		2022
Supplemental cash flow information
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	$	32,870	$	34,059
Non-cash transactions:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	10,192


	December 31, 2023		December 31, 2022
Weighted average remaining lease term (years)	2.7		3.4
Weighted average discount rate	13.87	%	13.76	%

Maturities of lease liabilities as December 31, 2023 were as follows:


Year	Amount
2024	$	28,244
2025	25,640
2026	13,069
2027	2,731
2028	828
Thereafter	544
Total lease payments	$	71,056
Less: imputed interest	(11,577)
Total	$	59,479

Sublease receipts to be received in the future under noncancellable subleases as of December 31, 2023 were as follows:


Year	Amount
2024	$	15,538
2025	15,538
2026	4,886
2027	178
2028	—
Thereafter	—
Total	$	36,140

Held for Sale, Discontinued Operations, and Disposals (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Loss from Discontinued Operations, Net of Taxes

Details of net (loss) income from discontinued operations, net of taxes, are as follows:


	For the Year Ended December 31,
	2023		2022		20211
Revenue	$	58,292	$	94,120	$	13,760
Costs and Expenses
Cost of revenue, excluding depreciation and amortization	44,646		67,467		8,382
Sales and marketing	11,387		23,969		1,748
General and administrative	1,816		6,297		3,858
Research and development	2,143		3,497		265
Depreciation and amortization	10,809		10,810		767
Impairment expense	—		38,036		—
Total costs and expenses	70,801		150,076		15,020
Loss from discontinued operations	(12,509)		(55,956)		(1,260)
Loss from classification to held for sale	(9,462)		—		—
Interest expense, net	(7,019)		(5,564)		(389)
Loss from discontinued operations before income taxes	(28,990)		(61,520)		(1,649)
Income tax benefit	—		(677)		(23,655)
Net (loss) income from discontinued operations, net of taxes	$	(28,990)	$	(60,843)	$	22,006

_________________________________

Details of the assets of discontinued operations are as follows:


	December 31, 2023		December 31, 2022
Intangible assets, net	$	79,481	$	90,291
Goodwill	34,070		34,070
Valuation allowance	(9,462)		—
Noncurrent assets of discontinued operations, net of valuation allowance	$	104,089	$	124,361

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Related Party Transactions - Narrative (Details) impression in Millions		1 Months Ended	12 Months Ended
	Mar. 15, 2023 shares	Jun. 30, 2021 USD ($) impression	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Revenue from related parties			$ 252,677,000	$ 342,554,000	$ 383,804,000
Accounts payable			46,378,000	29,329,000
Verizon Ventures LLC \| Buzzfeed \| Verizon Ventures LLC
Defined Benefit Plan Disclosure [Line Items]
Percentage of common stock owned by related party	5.00%
Verizon Ventures LLC \| Common Stock
Defined Benefit Plan Disclosure [Line Items]
Conversion of stock, shares converted (in shares) \| shares	6,478,031
Related Party \| Verizon Ventures LLC
Defined Benefit Plan Disclosure [Line Items]
Revenue from related parties			700,000	0	0
Related party transaction, amounts of transaction			6,000,000	5,800,000	500,000
NBCUniversal Media, LLC
Defined Benefit Plan Disclosure [Line Items]
Revenue from related parties			3,200,000	5,300,000	2,900,000
NBCUniversal Media, LLC \| Related Party
Defined Benefit Plan Disclosure [Line Items]
Related party transaction, amounts of transaction			0	700,000	$ 1,100,000
Outstanding receivable			200,000	2,200,000
Accounts payable			$ 200,000	$ 0
NBCUniversal Media, LLC \| Commercial Agreement
Defined Benefit Plan Disclosure [Line Items]
Minimum editorial promotion expense agreed to provide in each year		$ 1,000,000
Impression per year \| impression		200
Related party agreement, duration		3 years
Value of NBCU base shares		$ 400,000,000
NBCUniversal Media, LLC \| Commercial Agreement \| HuffPost
Defined Benefit Plan Disclosure [Line Items]
Minimum editorial promotion expense agreed to provide in each year		$ 1,000,000

Fair Value Measurements - Activity of the Level 3 instruments (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 180	$ 4,875
Change in fair value of derivative liability	(180)	(4,695)
Ending balance	$ 0	$ 180

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In June 2021, in connection with the merger agreement pursuant to which the Business Combination was consummated, and effective as of the closing of the Business Combination, BuzzFeed entered into a Commercial Agreement with NBCU, a holder of 5% or more of our Class A common stock, pursuant to which, among other things: (1) NBCU continues to be entitled to marketing services on BuzzFeed platforms at certain discounted rates; (2) BuzzFeed provides editorial promotion of at least $1.0 million in marketing value during each year of the term of the Commercial Agreement across BuzzFeed’s digital properties at no cost to NBCU, its affiliates and joint ventures and their respective brands; (3) BuzzFeed provides licensed content to NBCU to be made available on an applicable NBCU entity streaming service under certain exclusivity terms during the remainder of the term of the Commercial Agreement; (4) NBCU is the exclusive sales representative for all BuzzFeed inventory, including HuffPost inventory, on Apple News and BuzzFeed endeavored to spend at least $1.0 million during the first year of the term of the Commercial Agreement to promote any of its commerce initiatives; and (5) BuzzFeed provides 200 million impressions per year of the term of the Commercial Agreement to drive traffic from the BuzzFeed platforms and third-party social media platforms to NBCU news properties. The Commercial Agreement will continue to be in effect until December 3, 2024 (i.e., for a period of three years), unless earlier terminated by either party in accordance with its terms and conditions, or until terminated by BuzzFeed after NBCU realizes $400.0 million or more in value for the NBCU Base Shares (as defined in the Escrow Agreement), which has yet to occur. The Company also entered into certain partnership agreements with NBCU in 2021, 2022, and 2023. The Company recognized revenue from NBCU of $3.2 million, $5.3 million and $2.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. The Company recognized expenses under contractual obligations from NBCU of $nil, $0.7 million and $1.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company had outstanding receivable balances of $0.2 million and $2.2 million from NBCU as of December 31, 2023 and 2022, respectively. The Company had an outstanding payable balances of $0.2 million to NBCU as of December 31, 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 (for which the Company assumed responsibility as part of 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 $0.7 million for the year ended December 31, 2023 and $nil for both the years ended December 31, 2022 and 2021. The Company recognized expenses under contractual obligations from Verizon of $6.0 million, $5.8 million, and $0.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company had no outstanding receivables or payables from or to Verizon as of December 31, 2023 or 2022. The Company has entered into indemnification agreements with each of its directors and executive officers. These agreements require the Company to indemnify each such individual, against any and all expenses incurred by him or her because of his or her status as one of our directors or executive officers, to the fullest extent permitted by Delaware law, our second amended and restated certificate of incorporation, and our restated bylaws.

- 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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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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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount of the Notes

The net carrying amount of the Notes as of December 31, 2023 was:


	December 31, 2023		December 31, 2022
Principal outstanding	$	150,000	$	150,000
Unamortized debt discount and issuance costs	(25,023)		(31,252)
Net carrying value	$	124,977	$	118,748

Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 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

_____________________________

(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 Closing Date.

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)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, net

Property and equipment, net consisted of the following:


	December 31, 2023		December 31, 2022
Leasehold improvements	$	49,007	$	50,688
Furniture and fixtures	3,910		6,069
Computer equipment	3,057		5,629
Video equipment	439		792
	56,413		$	63,178
Less: Accumulated depreciation	(44,557)		(45,404)
	$	11,856	$	17,774

Impairment Expense - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Impaired Long-Lived Assets Held and Used [Line Items]
Subtenant rent free period		4 months
Impairment expense	$ 0	$ 66,464	$ 0
Goodwill impairment		64,289
Subleased Property
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment expense		2,200
Operating lease, impairment loss		1,400
Impairment of leasehold		$ 800

Goodwill and Intangibles, net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles, net

The following table presents the goodwill activities for the periods presented:


Balance as of December 31, 2021	$	121,851

Goodwill Impairment	(64,289)
Balance as of December 31, 2022	$	57,562


Balance as of December 31, 2023	$	57,562

The goodwill attributable to Complex Networks as of December 31, 2023 and 2022 was excluded from the table above and is reported within noncurrent assets of discontinued operations within the consolidated balance sheets. Additionally, impairment expense attributable to Complex Networks for the year ended December 31, 2022 was excluded from the table above and is reported within net (loss) income from discontinued operations, net of tax, in the consolidated statement of operations.

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


	December 31, 2023							December 31, 2022
	Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Acquired Technology	0 years	$	5,500	$	5,271	$	229	$	5,500	$	3,438	$	2,062
Trademarks and Trade Names	13 years	28,550		4,704		23,846		28,550		2,801		25,749
Trademarks and Trade Names	Indefinite	1,368		—		1,368		1,368		—		1,368
Customer Relationships	2 years	2,550		1,328		1,222		2,550		691		1,859
Total		$	37,968	$	11,303	$	26,665	$	37,968	$	6,930	$	31,038

Amortization expense associated with intangible assets for the year ended December 31, 2023 and 2022 was $4.4 million and $4.4 million, respectively, included in depreciation and amortization expense.

Estimated future amortization expense as of December 31, 2023 is as follows (in thousands):


2024	$	2,770
2025	2,488
2026	1,903
2027	1,903
2028	1,903
Thereafter	14,330
	$	25,297

The intangible assets attributable to Complex Networks as of December 31, 2023 and 2022 were excluded from the table above and are reported within noncurrent assets of discontinued operations within the consolidated balance sheets. Additionally, amortization expense attributable to Complex Networks for the years ended December 31, 2023 and 2022 was excluded from the figures and table above and is reported within net (loss) income from discontinued operations, net of tax, in the consolidated statement of operations for all periods presented.

Goodwill Impairment

During the year ended December 31, 2022, the Company recorded a $64.3 million non-cash goodwill impairment charge driven by a sustained decline in share price that pushed its market capitalization below the carrying value of its stockholders’ equity.

During the fourth quarter of 2023, the Company experienced a further sustained decline in share price whereby its market capitalization was below its carrying value of its stockholders’ equity and a there was a more-likely-than-not expectation of selling a portion of its single reporting unit (i.e., the Disposition, as discussed in Notes 22 and 23 herein). As such, the Company performed a quantitative impairment assessment as of December 31, 2023.

The quantitative impairment assessment was performed as of December 31, 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 was calculated by multiplying the average share price of the Company’s Class A common stock for the average between (i) the singular day of December 29, (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 December 31, 2023. The Company believes our procedures for determining fair value are reasonable and consistent with current market conditions as of December 31, 2023.