Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 13, 2024
BuzzFeed, Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of
 incorporation or organization)
 File Number)
(I.R.S. Employer
 Identification Number)
229 West 43rd Street
New York, New York 10036
(Address of registrant’s principal executive offices, and zip code)
(646) 397-2039
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:

Title of each class 
Name of each exchange
 on which registered
Class A Common Stock, $0.0001 par value per share BZFD The Nasdaq Stock Market LLC
Redeemable warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of approximately $46.00 per share BZFDW The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.
On May 13, 2024, BuzzFeed, Inc. (the “Company”), issued a press release (the “Press Release”) announcing its financial results for the quarter ended March 31, 2024. The Company also announced that it would be holding a conference call on May 13, 2024 to discuss its financial results. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information included under Item 2.02 of this Current Report on Form 8-K and the exhibits hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it been deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

On May 13, 2024, the Company posted supplemental investor materials on the Investors Relations section of its website, available at The Company announces material information to the public through filings with the Securities and Exchange Commission, the investor relations page on the Company’s website, press releases, public conference calls and webcasts in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.

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

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

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

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

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:May 13, 2024  
  BuzzFeed, Inc.
  By: /s/ Jonah Peretti
   Name: Jonah Peretti
   Title: Chief Executive Officer


Company Completes Transformation to O&O-Led Platform
Flagship BuzzFeed Properties Show Early Momentum with 3% Growth In Direct Traffic Versus Q4
NEW YORK – May 13, 2024BuzzFeed, Inc1.’s (Nasdaq: BZFD) reported first quarter (ended March 31, 2024) financial results in line with the company’s outlook shared on March 25, 2024.
“We closed the first quarter of 2024 with exciting momentum in our business, completing the biggest step in our transformation, which was to refocus the company on our owned and operated sites and apps, and away from the platform-dependent model of distribution,” said Jonah Peretti, BuzzFeed Founder & CEO. “Today, our direct audience is our largest source of traffic to BuzzFeed’s websites and apps, and this audience is growing, which represents a huge opportunity for us to drive deeper engagement with several new content initiatives in our pipeline.”
Peretti continued, “Our flagship BuzzFeed brand continues to lead digital media in time spent. We’re poised to further extend this leadership with the integration of AI, driving both creative storytelling and the evolution of our business.”
First Quarter 2024 Financial and Operational Highlights for Continuing Operations (excluding Complex)2
BuzzFeed delivered Q1 revenues of $44.8 million, declining 18% compared to the first quarter of 2023
Advertising revenue declined 22% year-over-year to $21.4 million
Content revenue declined 19% year-over-year to $13.1 million
Commerce and other revenues declined 9% year-over-year to $10.2 million
Net loss from continuing operations was $(26.6) million, compared to a net loss from continuing operations of $(29.4) million in the first quarter of 2023
Adjusted EBITDA3 loss was $(11.3) million, compared to Adjusted EBITDA loss of $(18.1) million in the first quarter of 2023, an improvement of approximately $7 million
Time Spent4 declined 16% year-over-year to 67 million hours
First Quarter 2024 Business and Content Highlights
Programmatic advertising revenues grew year-over-year across the BuzzFeed and HuffPost websites and apps for the third consecutive quarter
Direct traffic referrals are our largest source of traffic: in Q1, 90% of audience time spent with our content was on our owned and operated properties
1 “BuzzFeed” or the “Company.”
2 The Company determined the assets of Complex Networks, excluding the First We Feast brand, met the classification for “held for sale.” Additionally, the Company concluded the disposal, which occurred on February 21, 2024, represented a strategic shift that had a major effect on our operations and financial results. As such, the historical financial results of Complex Networks have been reflected as discontinued operations in our condensed consolidated financial statements. Amounts presented throughout this press release are on a continuing operations basis (i.e., excluding Complex Networks).
3 Adjusted EBITDA is a non-GAAP financial measure. Please refer to “Non-GAAP Financial Measures” below for a description of how it is calculated and the tables at the back of this earnings release for a reconciliation of our GAAP and non-GAAP results.
4 Excludes Complex Networks and First We Feast; see definition of “Time Spent” below.

We are starting to see that audience grow: in Q1, direct traffic across the BuzzFeed web and app properties increased 3% versus Q4
Engagement deepened among our most loyal audience, with the number of pageviews per site visitor growing for four consecutive months since December 2023
Our new AI Content Generator, Make Your Own Emoji, skyrocketed to the top 10 most engaged BuzzFeed posts of all time
Second Quarter 2024 Financial Outlook
We expect overall revenues in the range of $44 to $49 million, or approximately 21% to 30% lower than second quarter of 2023
We expect Adjusted EBITDA3 in the range of $(4) million in losses to $1 million in profits, approximately flat year-over-year at the midpoint
These statements are forward-looking and actual results may differ materially as a result of many factors. Refer to “Forward-Looking Statements” below for information on factors that could cause our actual results to differ materially from these forward-looking statements.
Please see “Non-GAAP Financial Measures” below for a description of how Adjusted EBITDA is calculated. While Adjusted EBITDA is a non-GAAP financial measure, we have not provided guidance for the most directly comparable GAAP financial measure — net income (loss) from continuing operations — due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary to forecast such a measure. Accordingly, a reconciliation of non-GAAP guidance for Adjusted EBITDA to the corresponding GAAP measure is not available.
Quarterly Conference Call
BuzzFeed’s management team will hold a conference call to discuss our first quarter 2024 results today, May 13, at 5PM ET. The call will be available via webcast at under the heading News and Events, and parties interested in participating must register in advance at the same location. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. While it is not required, it is recommended you join 10 minutes prior to the event start time. A replay of the call will be made available at the same URL.
We have used, and intend to continue to use, the Investor Relations section of our website at as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.
BuzzFeed reports revenues across three primary business lines: Advertising, Content and Commerce and other. The definition of Time Spent is also set forth below.
Advertising revenues are primarily generated from advertisers for ads distributed against our editorial and news content, including display, pre-roll and mid-roll video products sold directly to brands and also programmatically. We distribute these ad products across our owned and operated sites as well as third-party platforms, primarily YouTube and Apple News.
Content revenues are primarily generated from clients for custom assets, including both long-form and short-form content, from branded quizzes to Instagram takeovers to sponsored content and content licensing. Revenues for film and TV projects are also included here.

Commerce and other revenues consist primarily of affiliate commissions earned on transactions initiated from our editorial shopping content. Revenues from our product licensing businesses are also included here.
Time Spent captures the time audiences spend engaging with our content in the U.S. across our owned and operated sites, as well as YouTube and Apple News, as measured by Comscore. This metric excludes time spent with our content on platforms for which we have minimal advertising capabilities that contribute to our Advertising revenues, including Instagram, TikTok, Facebook, Snapchat and Twitter. There are inherent challenges in measuring the total actual number of hours spent with our content across all platforms; however, we consider the data reported by Comscore to represent industry-standard estimates of the time actually spent on our largest distribution platforms with our most significant monetization opportunities. Time Spent presented above excludes time spent on Complex Networks, as Complex Networks is presented as a discontinued operation within our condensed consolidated financial statements. Time Spent on Complex Networks, as reported by Comscore, was approximately 10.0 million and 28.7 million hours for the three months ended March 31, 2024 and 2023, respectively (through the date of disposition, February 21, 2024, for the three months ended March 31, 2024). Time Spent on Complex Networks, as reported by Comscore, previously included Time Spent on First We Feast, as First We Feast was historically under the Complex Networks’ measurement portfolio of Comscore. However, the historical Time Spent on First We Feast cannot be reasonably bifurcated from Time Spent on Complex Networks. Accordingly, for comparability of Time Spent, we have excluded Time Spent on First We Feast from our measure of Time Spent for all periods presented above and for future reporting of Time Spent.
About BuzzFeed, Inc.
BuzzFeed, Inc. is home to the best of the Internet. Across pop culture, entertainment, shopping, food and news, our brands drive conversation and inspire what audiences watch, read, and buy now — and into the future. Born on the Internet in 2006, BuzzFeed is committed to making it better: providing trusted, quality, brand-safe news and entertainment to hundreds of millions of people; making content on the Internet more inclusive, empathetic, and creative; and inspiring our audience to live better lives.
Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures and represent key metrics used by management and our board of directors to measure the operational strength and performance of our business, to establish budgets, and to develop operational goals for managing our business. We define Adjusted EBITDA as net loss from continuing operations, excluding the impact of net loss attributable to noncontrolling interests, income tax provision, interest expense, net, other expense (income), net, depreciation and amortization, stock-based compensation, change in fair value of warrant liabilities, change in fair value of derivative liability, restructuring costs, and other non-cash and non-recurring items that management believes are not indicative of ongoing operations. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue for the same period.
We believe Adjusted EBITDA and Adjusted EBITDA margin are relevant and useful information for investors because they allow investors to view performance in a manner similar to the method used by our management. There are limitations to the use of Adjusted EBITDA and Adjusted EBITDA margin and our Adjusted EBITDA and Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.
Adjusted EBITDA and Adjusted EBITDA margin should not be considered a substitute for measures prepared in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data.

Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Our forward-looking statements include, but are not limited to, statements regarding our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts (including our outlook for Q2 2024) or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “affect,” “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include all matters that are not historical facts. The forward-looking statements contained in this press release are based on current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, (some of which are beyond our control) uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: (1) developments relating to our competitors and the digital media industry, including overall demand of advertising in the markets in which we operate; (2) demand for our products and services or changes in traffic or engagement with our brands and content; (3) changes in the business and competitive environment in which we and our current and prospective partners and advertisers operate; (4) macroeconomic factors including: adverse economic conditions in the United States and globally, including the potential onset of recession; current global supply chain disruptions; potential government shutdowns or a failure to raise the U.S. federal debt ceiling or to fund the federal government; the ongoing conflicts between Russia and Ukraine and between Israel and Hamas and any related sanctions and geopolitical tensions, and further escalation of trade tensions between the United States and China; the inflationary environment; high unemployment; high interest rates, currency fluctuations; and the competitive labor market; (5) our future capital requirements, including, but not limited to, our ability to obtain additional capital in the future, to settle conversions of our unsecured convertible notes, repurchase the notes upon a fundamental change such as the delisting of our Class A common stock or repay the notes in cash at their maturity any restrictions imposed by, or commitments under, the indenture governing our unsecured notes or agreements governing any future indebtedness, and any restrictions on our ability to access our cash and cash equivalents; (6) developments in the law and government regulation, including, but not limited to, revised foreign content and ownership regulations, and the outcomes of legal proceedings, regulatory disputes or governmental investigations to which we are subject; (7) the benefits of our restructuring; (8) our success divesting of companies, assets or brands we sell or in integrating and supporting the companies we acquire; (9) technological developments including artificial intelligence; (10) our success in retaining or recruiting, or changes required in, officers, other key employees or directors; (11) use of content creators and on-camera talent and relationships with third parties managing certain of our branded operations outside of the United States; (12) the security of our information technology systems or data; (13) disruption in our service, or by our failure to timely and effectively scale and adapt our existing technology and infrastructure; (14) our ability to maintain the listing of our Class A common stock and warrants on The Nasdaq Stock Market LLC; and (15) those factors described under the sections entitled “Risk Factors” in the Company’s annual and quarterly filings with the Securities and Exchange Commission.
Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. There may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.


Media Contact
Juliana Clifton, BuzzFeed:
Investor Relations Contact
Amita Tomkoria, BuzzFeed:

Financial Highlights
(Unaudited, dollars in thousands)

Three Months Ended March 31,% Change
Advertising$21,423 $27,393 (22)%
Content13,107 16,251 (19)%
Commerce and other10,225 11,263 (9)%
Total revenue$44,755 $54,907 (18)%
Loss from continuing operations
$(20,813)$(24,480)15 %
Net loss from continuing operations
$(26,569)$(29,392)10 %
Adjusted EBITDA
$(11,264)$(18,089)38 %

Consolidated Balance Sheets
(Unaudited, dollars and shares in thousands, except per share amounts)
March 31, 2024 (Unaudited)December 31,
Current assets
Cash and cash equivalents$44,457 $35,637 
Restricted cash17,050 — 
Accounts receivable (net of allowance for doubtful accounts of $1,351 as at March 31, 2024 and $1,424 as at December 31, 2023)
50,982 75,692 
Prepaid expenses and other current assets20,424 21,460 
Current assets of discontinued operations— — 
Total current assets132,913 132,789 
Property and equipment, net10,324 11,856 
Right-of-use assets42,430 46,715 
Capitalized software costs, net22,142 22,292 
Intangible assets, net25,801 26,665 
Goodwill57,562 57,562 
Prepaid expenses and other assets7,865 9,508 
Noncurrent assets of discontinued operations— 104,089 
Total assets$299,037 $411,476 
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable$22,544 $46,378 
Accrued expenses16,532 15,515 
Deferred revenue2,401 1,895 
Accrued compensation19,002 12,970 
Current lease liabilities22,476 21,659 
Current debt100,435 124,977 
Other current liabilities6,347 4,401 
Current liabilities of discontinued operations— — 
Total current liabilities189,737 227,795 
Noncurrent lease liabilities31,858 37,820 
Debt— 33,837 
Warrant liabilities442 406 
Other liabilities1,160 435 
Noncurrent liabilities of discontinued operations— — 
Total liabilities223,197 300,293 
Commitments and contingencies
Stockholders’ equity
Class A Common stock, $0.0001 par value; 700,000 shares authorized; 35,079 and 35,035 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
Class B Common stock, $0.0001 par value; 20,000 shares authorized; 1,368 and 1,368 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
Additional paid-in capital723,868 723,092 
Accumulated deficit(647,497)(611,768)
Accumulated other comprehensive loss(2,677)(2,500)
Total BuzzFeed, Inc. stockholders’ equity73,698 108,828 
Noncontrolling interests2,142 2,355 
Total stockholders’ equity75,840 111,183 
Total liabilities and stockholders’ equity$299,037 $411,476 

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

Three Months Ended March 31,
Revenue$44,755 $54,907 
Costs and Expenses
Cost of revenue, excluding depreciation and amortization31,063 37,237 
Sales and marketing9,145 11,908 
General and administrative16,249 21,410 
Research and development3,230 3,128 
Depreciation and amortization5,881 5,704 
Total costs and expenses65,568 79,387 
Loss from continuing operations(20,813)(24,480)
Other (expense) income, net(556)620 
Interest expense, net(4,481)(3,787)
Change in fair value of warrant liabilities(37)(593)
Change in fair value of derivative liability— (1,005)
Loss from continuing operations before income taxes (25,887)(29,245)
Income tax provision682 147 
Net loss from continuing operations(26,569)(29,392)
Net loss from discontinued operations, net of tax(9,213)(6,869)
Net loss(35,782)(36,261)
Less: net loss attributable to noncontrolling interests(53)(260)
Net loss attributable to BuzzFeed, Inc.$(35,729)$(36,001)
Net loss from continuing operations attributable to holders of Class A and Class B common stock:
Basic and diluted$(26,516)$(29,132)
Net loss per Class A and Class B common share:
Basic and diluted$(0.72)$(0.83)
Weighted average common shares outstanding:
Basic and diluted36,57835,176

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

Three Months Ended March 31,
Operating activities:
Net (loss)$(35,782)$(36,261)
Less: net (loss) from discontinued operations, net of tax9,213 6,869 
Net loss from continuing operations(26,569)(29,392)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization5,881 5,704 
Unrealized gain on foreign currency(46)(958)
Stock based compensation752 687 
Change in fair value of warrants37 593 
Change in fair value of derivative liability— 1,005 
Amortization of debt discount and deferred issuance costs1,226 1,064 
Deferred income tax493 (21)
Provision for doubtful accounts(74)223 
Gain on disposition of assets — (175)
Non-cash lease expense4,261 5,034 
Changes in operating assets and liabilities:
Accounts receivable26,101 43,837 
Prepaid expenses and other current assets and prepaid expenses and other assets1,037 1,979 
Accounts payable(23,123)(95)
Accrued compensation6,062 (12,772)
Accrued expenses, other current liabilities and other liabilities 3,315 (5,183)
Lease liabilities(5,116)(5,862)
Deferred revenue505 (2,395)
Cash used in (provided by) operating activities from continuing operations(5,258)3,273 
Cash used in operating activities from discontinued operations(8,041)(3,452)
Cash used in operating activities(13,299)(179)
Investing activities:
Capital expenditures(88)(402)
Capitalization of internal-use software(3,330)(3,974)
Proceeds from sale of asset— 175 
Cash used in investing activities from continuing operations(3,418)(4,201)
Cash provided by investing activities from discontinued operations108,575 — 
Cash provided by (used in) investing activities105,157 (4,201)
Financing activities:
Proceeds from exercise of stock options— 29 
Payment for shares withheld for employee taxes — (193)
Payments on Revolving Credit Facility(33,837)(1,317)
Payment on Convertible Notes(30,900)— 
Payment of early termination fee for Revolving Credit Facility(500)— 
Payment of deferred issuance costs(591)— 
Cash used in financing activities(65,828)(1,481)
Effect of currency translation on cash and cash equivalents(160)34 
Net increase (decrease) in cash and cash equivalents25,870 (5,827)
Cash and cash equivalents and restricted cash at beginning of period35,637 55,774 
Cash and cash equivalents and restricted cash at end of period$61,507 $49,947 

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

Three Months Ended March 31,
Net loss from continuing operations$(26,569)$(29,392)
Income tax provision682 147 
Interest expense, net4,481 3,787 
Other expense (income), net556 (620)
Depreciation and amortization5,881 5,704 
Stock-based compensation752 687 
Change in fair value of warrant liabilities37 593 
Change in fair value of derivative liability— 1,005 
2,916 — 
Adjusted EBITDA$(11,264)$(18,089)
Adjusted EBITDA margin(25.2)%(32.9)%
Net loss from continuing operations as a percentage of revenue2

(1) We exclude restructuring expenses from our non-GAAP measures because we believe they do not reflect expected future operating expenses, they are not indicative of our core operating performance, and they are not meaningful in comparison to our past operating performance.

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