0001828972-24-000113 | 10-Q | XBRL Viewer

Supplemental Disclosures (Tables)

3 Months Ended

Mar. 31, 2024

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


	March 31, 2024		December 31, 2023
Individual Monetization:
Feature films	$	1,707	$	1,707
Total	$	1,707	$	1,707

Schedule of Supplemental Cash Flow Information


	Three Months Ended March 31,
	2024		2023
Cash paid for income taxes, net	$	205	$	98
Cash paid for interest	1,419		970
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment	38		20
Accrued deferred offering costs	5		—

Reconciliation of cash and cash equivalents and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows:
Cash and cash equivalents	44,457		49,947
Restricted cash	17,050		—
Total cash and cash equivalents and restricted cash	$	61,507	$	49,947

Debt - Narrative (Details) $ / shares in Units, $ in Thousands						1 Months Ended	3 Months Ended
	Mar. 31, 2024 USD ($) shares	Mar. 07, 2024 USD ($)	Feb. 28, 2024	Feb. 21, 2024 USD ($)	Dec. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) d $ / shares	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 29, 2023 $ / shares
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 15,500			$ 15,500			$ 15,500		$ 15,500
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Complex Networks, Excluding The First We Feast Brand
Debt Instrument [Line Items]
Loss on partial debt extinguishment		$ 4,900		4,900			$ (4,919)	$ 0
Class A Common Stock, $0.0001 par value per share
Debt Instrument [Line Items]
Share price (in dollars per share) \| $ / shares										$ 1.00
Convertible Notes
Debt Instrument [Line Items]
Aggregate principal amount						$ 150,000
Initial conversion price (in dollars per share) \| $ / shares						$ 50.00
Interest rate						8.50%
Shares convertible (in shares) \| shares	2,382,007
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%
Percentage of net proceeds from future asset sales			0.95
Repayments of long-term debt		$ 30,900		30,900
Principal outstanding	$ 119,100			$ 150,000			$ 119,100		150,000
Unamortized discount and debt issuance costs, percent derecognized		20.60%		20.60%
Derivative liability						$ 31,600
Effective interest rate	16.00%						16.00%
Interest expense							$ 3,600	3,600
Amortization of debt discount and issuance costs							1,200	$ 1,100
Fair value of the notes	$ 93,100						93,100		$ 112,800
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument term					3 years
Maximum borrowing capacity					$ 50,000
Repayments of long-term debt				$ 33,800
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 15,500
Letters of credit outstanding, amount				15,500
Collateral amount	$ 17,100			$ 17,100			$ 17,100
Implied interest rate	9.00%						9.00%
Letter of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument margin rate				3.75%

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, net

Property and equipment, net consisted of the following:


	March 31, 2024		December 31, 2023
Leasehold improvements	$	48,995	$	49,007
Furniture and fixtures	3,924		3,910
Computer equipment	3,002		3,057
Video equipment	439		439
Total	56,360		56,413
Less: Accumulated depreciation	(46,036)		(44,557)
Net Carrying Value	$	10,324	$	11,856

Intangible Assets, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 900	$ 1,100
Goodwill	$ 57,562		$ 57,562

- 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 (Tables)

3 Months Ended

Mar. 31, 2024

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. Management uses these categories of revenue to evaluate the performance of its businesses and to assess its financial results and forecasts.


	Three Months Ended March 31,
	2024		2023
Advertising	$	21,423	$	27,393
Content	13,107		16,251
Commerce and other	10,225		11,263
Total	$	44,755	$	54,907

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


	Three Months Ended March 31,
	2024		2023
Revenue:
United States	$	41,033	$	50,564
International	3,722		4,343
Total	$	44,755	$	54,907

Description of the Business	3 Months Ended
Description of the Business	Mar. 31, 2024
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 entertainment, news, food, pop culture and commerce, our brands drive conversation and inspire what audiences watch, read, and buy now — and into the future. The Company’s iconic, globally-loved brands include 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.” Additionally, pursuant to subscription agreements entered into in connection with the consummation of the Business Combination, 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 Note 19 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 31, 2024. Liquidity and Going Concern The condensed 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 condensed 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 iconic brands. During the three months ended March 31, 2024, the Company incurred a net loss of $35.8 million (and a net loss of $26.6 million from continuing operations) and used net cash flows from its operations of $13.3 million (and net cash used in operating activities from continuing operations was $5.3 million). Additionally, as of March 31, 2024, the Company had unrestricted cash and cash equivalents of $44.5 million to fund its operations and an accumulated deficit of $647.5 million. As described in Note 8 herein, 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 31, 2024. As described in Note 8 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. 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. In addition, 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. As described in Note 14 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. As a result, the Company received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) on May 31, 2023 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 (the “Bid Price Requirement”) and that the Company had until November 28, 2023 in order to regain compliance. After receiving an extension from Nasdaq on November 28, 2023, the Company now has until May 28, 2024 in order to regain compliance with Nasdaq’s Bid Price Requirement. While, as described in Notes 2 and 14 herein, the Company effected the Reverse Stock Split (as defined in Note 2 herein) on May 6, 2024, and the closing bid price for the Company’s Class A common stock has exceeded $1.00 per share since that date, the Company has not yet regained compliance with the Bid Price Requirement, as there has not been 10 business days since the effective date of the Reverse Stock Split. Further, as also described in Note 14 herein, following its 2024 annual meeting of stockholders (the “2024 Annual Meeting”), the Company is not in compliance with Nasdaq Listing Rule 5605(c)(2)(A), which requires that the audit committees of listed companies have a minimum of three members that satisfy certain criteria for service on the committee (the “Nasdaq Audit Committee Requirement”). The Company has until the earlier of its 2025 annual meeting of stockholders and April 25, 2025 to regain compliance. If the Company is not in compliance with the Nasdaq Audit Committee Requirement by that date, then the Company’s Class A common stock will be subject to delisting. If the Company is not able to regain compliance with either the Bid Price Requirement or the Nasdaq Audit Committee Requirement, 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 condensed 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 condensed consolidated balance sheet in a manner necessary to fund its obligations as they become due over the next 12 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 may include additional offerings of its Class A common stock under the at-the-market offering (as described in Note 9 herein). 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 condensed 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 condensed 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 condensed consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties.

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

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Loss from Discontinued Operations, Net of Taxes

Details of net loss from discontinued operations, net of tax, were as follows:


	Three Months Ended March 31,
	2024		2023
Revenue	$	2,115	$	12,246
Costs and Expenses
Cost of revenue, excluding depreciation and amortization	3,500		10,107
Sales and marketing	1,046		3,393
General and administrative	225		592
Research and development	344		691
Depreciation and amortization	—		2,701

Total costs and expenses	5,115		17,484
Loss from discontinued operations	(3,000)		(5,238)
Loss on partial debt extinguishment	(4,919)		—
Gain on remeasurement of classification to held for sale	854		—
Other (expense) income, net	(292)		—
Interest expense, net	(1,230)		(1,631)
Loss from discontinued operations before income taxes	(8,587)		(6,869)
Income tax provision	626		—
Net loss from discontinued operations, net of tax	$	(9,213)	$	(6,869)

Details of the assets of discontinued operations were as follows:


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

- 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

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Financial Statements and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. As such, the accompanying condensed consolidated financial statements and these related notes should be read in conjunction with the Company’s consolidated financial statements and related notes as of and for the year ended December 31, 2023, as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The condensed consolidated financial statements include all normal recurring adjustments that, in the opinion of management, are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ended December 31, 2024. The condensed consolidated financial statements include the accounts of BuzzFeed, Inc., and its wholly-owned and majority-owned subsidiaries, and any variable interest entities for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Reverse Stock Split The Company held the 2024 Annual Meeting on April 25, 2024 and, at the 2024 Annual Meeting, the Company’s stockholders approved the grant of discretionary authority to the Company’s board of directors to (1) amend the Company’s Second Amended and Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”), to combine outstanding shares of each of the Company’s Class A common stock and the Company’s Class B common stock into a lesser number of outstanding shares of Class A common stock and Class B common stock, as the case may be, at a specific ratio within a range of one-for-two (1-for-2) to a maximum of a one-for-twenty five (1-for-25), with the exact ratio to be determined by the Company’s board of directors in its sole discretion; and (2) effect such reverse stock split, if at all, within one year of the date the proposal is approved by the Company’s stockholders (i.e., by April 25, 2025). The Company’s board of directors subsequently approved effecting a reverse stock split, effective as of May 6, 2024, and fixed a ratio for the reverse stock split at one-for-four (1-for-4). On April 26, 2024, the Company filed an amendment to the Certificate of Incorporation with the Secretary of State of the State of Delaware (the “Certificate of Amendment”). The Certificate of Amendment effected a reverse stock split of the Class A common stock and Class B common stock at a ratio of one-for-four (1-for-4) (the “Reverse Stock Split”), effective as of 12:01 a.m., Eastern Time, on May 6, 2024. The Class A common stock began trading on a split-adjusted basis on the Nasdaq on May 6, 2024, under the existing symbol “BZFD,” but the security has a new CUSIP number of 12430A300. The Public Warrants (as defined in Note 4 herein) continued to be traded under the symbol “BZFDW” and the CUSIP identifier for Public Warrants remain unchanged. As a result of the Reverse Stock Split, every four shares of the Company’s Class A common stock and the Company’s Class B common stock issued and outstanding immediately prior to the Reverse Stock Split were converted into one share of Class A common stock and Class B common stock, after the Reverse Stock Split. The Reverse Stock Split applied uniformly to all holders of Class A common stock and Class B common stock, and did not alter any stockholder’s percentage interest in the Company, except to the extent that the Reverse Stock Split would have resulted in some stockholders owning a fractional share. No fractional shares were issued in connection with the Reverse Stock Split, as all fractional shares were rounded up to the nearest whole share. Pursuant to the terms of the agreement governing the Public and Private Warrants, fractional shares of Class A common stock will not be issued upon exercise of a warrant, and if a holder of a warrant would be entitled to receive, upon the exercise thereof, a fractional interest in a share of Class A common stock, the Company will round down to the nearest whole number the number of shares of Class A Common Stock to be issued to such holder. Unless otherwise noted, all shares of Class A common stock and Class B common stock, including shares of Class A common stock underlying the Public Warrants and Private Warrants (as defined in Note 4 herein), stock options, restricted stock units, and the Notes, shares of Class A common stock available for grant under the Company’s equity incentive plans, shares of Class A common stock sold and available for sale under the Company’s at-the-market offering, and all conversion ratios, exercise prices, and per share information with respect thereto in the condensed consolidated financial statements have been retroactively adjusted to reflect the one-for-four (1-for-4) Reverse Stock Split, as if the split occurred at the beginning of the earliest period presented in this Quarterly Report on Form 10-Q. 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 disposal (i.e., the Disposition), which took place on February 21, 2024, represented a strategic shift that had 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 condensed 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 condensed consolidated balance sheet for the year ended December 31, 2023. Refer to Note 19 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, useful lives of fixed assets, and capitalized software costs. Cash and Cash Equivalents and Restricted Cash 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 2024, the Company cash collateralized the $15.5 million letters of credit outstanding under the Revolving Credit Facility (as defined in Note 8 herein) in the amount of $17.1 million. As such, the $17.1 million is classified as restricted cash within the condensed consolidated balance sheet. Accounting Pronouncements The Company, an emerging growth company, 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. 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 single operating segment, the Company is currently evaluating the impact of adopting this guidance on the condensed 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. Public companies are 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 condensed consolidated financial statements.

Supplemental Disclosures - Schedule of Film Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Individual Monetization:
Feature films	$ 1,707	$ 1,707
Total	$ 1,707	$ 1,707

Income Taxes - Schedule of Income Tax Benefit and Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 682	$ 147
Effective tax rate	(2.60%)	(0.50%)

- Definition

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

+ References + Details

Supplemental Disclosures - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Supplemental Disclosures [Abstract]
Reduction in film costs	$ 0.0	$ 0.7
Film costs, production tax credit, receivable	$ 3.6	$ 3.5

Held for Sale, Discontinued Operations, Disposals, and Licenses

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Held for Sale, Discontinued Operations, Disposals, and Licenses

Disposal of Complex Networks

Complex Sale

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 Complex Sale 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. Additionally, as described in Note 9 herein, 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.

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).

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. On February 21, 2024, the Company completed 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. As such, the Company concluded the ultimate disposal (i.e., the Disposition), represented a strategic shift that had 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.

Details of net loss from discontinued operations, net of tax, were as follows:


	Three Months Ended March 31,
	2024		2023
Revenue	$	2,115	$	12,246
Costs and Expenses
Cost of revenue, excluding depreciation and amortization	3,500		10,107
Sales and marketing	1,046		3,393
General and administrative	225		592
Research and development	344		691
Depreciation and amortization	—		2,701

Total costs and expenses	5,115		17,484
Loss from discontinued operations	(3,000)		(5,238)
Loss on partial debt extinguishment	(4,919)		—
Gain on remeasurement of classification to held for sale	854		—
Other (expense) income, net	(292)		—
Interest expense, net	(1,230)		(1,631)
Loss from discontinued operations before income taxes	(8,587)		(6,869)
Income tax provision	626		—
Net loss from discontinued operations, net of tax	$	(9,213)	$	(6,869)

The results for the three months ended March 31, 2024 includes activity only from January 1, 2024 through the date of Disposition (i.e., February 21, 2024). Allocated general corporate overhead costs do not meet the criteria to be presented within net loss from discontinued operations, net of tax, and were excluded from all figures presented in the table above.

For the three months ended March 31, 2024, there was a tax expense in discontinued operations as a result of the (i) tax effect of a pre-tax loss, (ii) a valuation allowance against net deferred tax assets that were not realizable on a more-likely-than-not basis, and (iii) permanent items and state taxes related to the Disposition. For the three months ended March 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.

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 31, 2024. The Company derecognized approximately 20.6% of the unamortized debt discount costs, which resulted in an approximately $4.9 million loss on partial debt extinguishment that was attributed to the discontinued operation. 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.

Details of the assets of discontinued operations were as follows:


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

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. The Company completed the Disposition during the three months ended March 31, 2024 and recorded a final gain on remeasurement of classification to held for sale of $0.9 million after recording final transaction and related expenses (for a total loss on disposal of approximately $8.6 million).

There were no current assets, current liabilities, or noncurrent liabilities of discontinued operations for the year ended December 31, 2023, as the disposal group consisted of intangible assets, net, and goodwill.

The Company has continuing involvement with Commerce Media through a transition services agreement, pursuant to which the Company and Commerce Media 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). For the three months ended March 31, 2024, we did not collect any cash related to these activities other than what is described in this footnote, which was collected upon the closing of the Disposition.

Additionally, the Company and Commerce Media entered into a space sharing agreement whereby Commerce Media paid the Company a one-time fee of approximately $2.8 million for the use of certain office space in our corporate headquarters from February 21, 2024 until June 30, 2025 (or such earlier date that the underlying sublease or master lease either expires or is terminated).

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 were 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 31, 2024), plus a net revenue share of 25% if certain criteria are met, as set forth in the license agreement.

Intangible Assets, net - Summary of Intangible assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Value	$ 37,968	$ 37,968
Accumulated Amortization	12,167	11,303
Net Carrying Value	25,801	26,665
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	0 years
Gross Carrying Value	$ 5,500	$ 5,500
Accumulated Amortization	5,500	5,271
Net Carrying Value	$ 0	$ 229
Trademarks & tradenames
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted- Average Remaining Useful Lives (in years)	12 years	13 years
Gross Carrying Value	$ 28,550	$ 28,550
Accumulated Amortization	5,180	4,704
Net Carrying Value	$ 23,370	$ 23,846
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted- Average Remaining Useful Lives (in years)	2 years	2 years
Gross Carrying Value	$ 2,550	$ 2,550
Accumulated Amortization	1,487	1,328
Net Carrying Value	$ 1,063	$ 1,222

Capitalized Software Costs, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Capitalized Computer Software, Net [Abstract]
Website and internal-use software	$ 84,111		$ 82,138
Less: Accumulated amortization	(61,969)		(59,846)
Net Carrying Value	22,142		$ 22,292
Amount of capitalized internal used software	3,300	$ 4,000
Capitalized computer software, amortization	$ 3,500	$ 2,900

Restructuring Costs (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
Restructuring Costs (Details) - USD ($) $ in Millions	Feb. 21, 2024	Feb. 29, 2024	Mar. 31, 2024
Commerce Media Holdings, LLC
Restructuring Cost and Reserve [Line Items]
Reimbursement for restructuring costs	$ 1.8
2024 Workforce Reduction
Restructuring Cost and Reserve [Line Items]
Expected percentage of reduction in workforce		16.00%
Restructuring costs			$ 2.9
Restructuring reserve			1.9
2024 Workforce Reduction \| Cost of revenue, excluding depreciation and amortization
Restructuring Cost and Reserve [Line Items]
Restructuring costs			1.2
2024 Workforce Reduction \| Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring costs			1.5
2024 Workforce Reduction \| General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs			$ 0.2

Leases - Schedule of Right-Of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Right-of-use assets	$ 42,430	$ 46,715
Liabilities
Current lease liabilities	22,476	21,659
Noncurrent lease liabilities	31,858	37,820
Total lease liabilities	$ 54,334	$ 59,479

Capitalized Software Costs, net

3 Months Ended

Mar. 31, 2024

Capitalized Computer Software, Net [Abstract]

Capitalized Software Costs, net

Capitalized software costs, net consisted of the following:


	March 31, 2024		December 31, 2023
Website and internal-use software	$	84,111	$	82,138
Less: Accumulated amortization	(61,969)		(59,846)
Net Carrying Value	$	22,142	$	22,292

The Company capitalized $3.3 million and $4.0 million for the three months ended March 31, 2024 and 2023, respectively, included in capitalized software costs. The Company amortized $3.5 million and $2.9 million for the three months ended March 31, 2024 and 2023, respectively, included in depreciation and amortization expense.

Held for Sale, Discontinued Operations, Disposals, and Licenses - Assets of Discontinued Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent assets of discontinued operations, net of valuation allowance	$ 0	$ 104,089
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
Goodwill		34,070
Valuation allowance		(9,462)
Noncurrent assets of discontinued operations, net of valuation allowance		$ 104,089

- 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

Summary of Significant Accounting Policies (Details) $ in Millions	May 06, 2024	Apr. 25, 2024	Mar. 31, 2024 USD ($)	Feb. 21, 2024 USD ($)	Dec. 31, 2023 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Letters of credit outstanding, amount			$ 15.5	$ 15.5	$ 15.5
Cash collateral for borrowed securities			17.1
Letter of Credit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Letters of credit outstanding, amount				15.5
Collateral amount			$ 17.1	$ 17.1
Class A Common Stock \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reverse stock split, ratio	0.25
Class A Common Stock \| Subsequent Event \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reverse stock split, proposed ratio		0.5
Class A Common Stock \| Subsequent Event \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reverse stock split, proposed ratio		0.04
Class B Common Stock \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reverse stock split, ratio	0.25
Class B Common Stock \| Subsequent Event \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reverse stock split, proposed ratio		0.5
Class B Common Stock \| Subsequent Event \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reverse stock split, proposed ratio		0.04

Supplemental Disclosures - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Supplemental Disclosures [Abstract]
Cash paid for income taxes, net	$ 205	$ 98
Cash paid for interest	1,419	970
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment	38	20
Accrued deferred offering costs	5	0
Reconciliation of cash and cash equivalents and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows:
Cash and cash equivalents	44,457	49,947	$ 35,637
Restricted cash	17,050	0
Total cash and cash equivalents and restricted cash	$ 61,507	$ 49,947	$ 35,637	$ 55,774

Stockholders' Equity - Summary of the Restricted Stock Unit Activity (Details) - Restricted stock units shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Shares
Outstanding at the beginning (in shares) \| shares	2,190
Granted (in shares) \| shares	333
Vested (in shares) \| shares	(42)
Forfeited (in shares) \| shares	(191)
Outstanding at the end (in shares) \| shares	2,290
Weighted Average Grant- Date Fair Value
Outstanding at the beginning (in dollars per share) \| $ / shares	$ 3.74
Granted (in dollars per share) \| $ / shares	0.72
Vested (in dollars per share) \| $ / shares	13.18
Forfeited (in dollars per share) \| $ / shares	4.37
Outstanding at the end (in dollars per share) \| $ / shares	$ 3.08

Net Loss Per Share - Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss from continuing operations	$ (26,569)	$ (29,392)
Net loss from discontinued operations, net of tax	(9,213)	(6,869)
Less: net loss attributable to noncontrolling interests	(53)	(260)
Net loss attributable to BuzzFeed, Inc.	(35,729)	(36,001)
Amounts attributable to BuzzFeed, Inc. for net loss per common share, basic and diluted:
Net loss from continuing operations, basic	(26,516)	(29,132)
Net loss from continuing operations, diluted	(26,516)	(29,132)
Net loss from discontinued operations, net of tax, basic	(9,213)	(6,869)
Net loss from discontinued operations, net of tax, diluted	(9,213)	(6,869)
Net loss attributable to BuzzFeed, Inc., basic	(35,729)	(36,001)
Net loss attributable to BuzzFeed, Inc., diluted	$ (35,729)	$ (36,001)
Denominator:
Weighted average common shares outstanding, basic (in shares)	36,578	35,176
Weighted average common shares outstanding, diluted (in shares)	36,578	35,176
Net loss per common share, basic and diluted:
Continuing operations, basic (in dollars per share)	$ (0.72)	$ (0.83)
Discontinued operations, basic (in dollars per share)	(0.25)	(0.20)
Net loss per common share, basic and diluted, attributable to BuzzFeed, Inc. basic (in dollars per share)	(0.98)	(1.02)
Continuing operations, diluted (in dollars per share)	(0.72)	(0.83)
Discontinued operations, diluted (in dollars per share)	(0.25)	(0.20)
Net loss per common share, basic and diluted, attributable to BuzzFeed, Inc., diluted (in dollars per share)	$ (0.98)	$ (1.02)

Net Loss Per Share - Narrative (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Class C Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)	0	0

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 5,400	$ 8,300
Deferred revenue	2,401	$ 1,895
Revenue recognized	500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to the remaining performance obligations	$ 2,100
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
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, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected recognized period (in years)	3 years

Capitalized Software Costs, net (Tables)

3 Months Ended

Mar. 31, 2024

Capitalized Computer Software, Net [Abstract]

Schedule of Capitalized Software Costs

Capitalized software costs, net consisted of the following:


	March 31, 2024		December 31, 2023
Website and internal-use software	$	84,111	$	82,138
Less: Accumulated amortization	(61,969)		(59,846)
Net Carrying Value	$	22,142	$	22,292

Subsequent Events (Details) - USD ($) $ in Thousands		3 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	May 06, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 30, 2020
Subsequent Event
Repayments of lines of credit		$ 33,837	$ 1,317
Letter of Credit
Subsequent Event
Maximum borrowing capacity				$ 15,500
Subsequent Event \| Letter of Credit
Subsequent Event
Repayments of lines of credit	$ 15,000
Maximum borrowing capacity	$ 15,000

Intangible Assets, net

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

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


	March 31, 2024							December 31, 2023
	Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Acquired Technology	0	$	5,500	$	5,500	$	—	0	$	5,500	$	5,271	$	229
Trademarks and Trade Names	12	28,550		5,180		23,370		13	28,550		4,704		23,846
Trademarks and Trade Names	Indefinite	1,368		—		1,368		Indefinite	1,368		—		1,368
Customer Relationships	2	2,550		1,487		1,063		2	2,550		1,328		1,222
Total		$	37,968	$	12,167	$	25,801		$	37,968	$	11,303	$	26,665

With respect to intangible assets, the Company amortized $0.9 million and $1.1 million for the three months ended March 31, 2024 and 2023, respectively, included in depreciation and amortization expense.

Estimated future amortization expense as of March 31, 2024 is as follows (in thousands):


Remainder of 2024	$	1,906
2025	2,488
2026	1,903
2027	1,903
2028	1,903
Thereafter	14,330
Total	$	24,433

Goodwill Impairment

The Company reviews goodwill for impairment annually as of October 1 and more frequently if events or changes in circumstances indicate an impairment may exist (a “triggering event”). As of March 31, 2024, the Company had $57.6 million of goodwill recorded on its condensed consolidated balance sheet. The Company concluded there were no impairment triggering events as of, and for, the three months ended March 31, 2024.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Class A Common Stock	Class B Common Stock	Class C Common Stock	Total BuzzFeed, Inc. stockholders’ equity	Total BuzzFeed, Inc. stockholders’ equity Cumulative Effect, Period of Adoption, Adjustment	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Stock Class C Common Stock	Additional paid-in capital	Accumulated deficit	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive loss	Noncontrolling interests
Balance at beginning (in shares) at Dec. 31, 2022								31,597,000	1,670,000	1,620,000
Balance at beginning at Dec. 31, 2022	$ 194,554	$ (126)				$ 191,217	$ (126)	$ 3	$ 1	$ 0	$ 716,244	$ (523,063)	$ (126)	$ (1,968)	$ 3,337
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(36,261)					(36,001)						(36,001)			(260)
Stock-based compensation	1,122					1,122					1,122
Issuance of common stock in connection with share-based plans (in shares)								128,000
Issuance of common stock in connection with share-based plans	29					29					29
Shares withheld for employee taxes (in shares)								(30,000)
Shares withheld for employee taxes	(193)					(193)					(193)
Other comprehensive loss	(759)					(701)								(701)	(58)
Conversion of Class C common stocks to Class A common stock (in shares)								1,620,000		(1,620,000)
Balance at end (in shares) at Mar. 31, 2023					0			33,315,000	1,670,000	0
Balance at end at Mar. 31, 2023	158,366					155,347		$ 3	$ 1	$ 0	717,202	(559,190)		(2,669)	3,019
Balance at beginning (in shares) at Dec. 31, 2023			35,035,000	1,368,000				35,035,000	1,368,000	0
Balance at beginning at Dec. 31, 2023	111,183					108,828		$ 3	$ 1	$ 0	723,092	(611,768)		(2,500)	2,355
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(35,782)					(35,729)						(35,729)			(53)
Stock-based compensation	776					776					776
Issuance of common stock in connection with share-based plans (in shares)								45,000
Shares withheld for employee taxes (in shares)								(1,000)
Other comprehensive loss	(337)					(177)								(177)	(160)
Balance at end (in shares) at Mar. 31, 2024			35,079,000	1,368,000	0			35,079,000	1,368,000	0
Balance at end at Mar. 31, 2024	$ 75,840					$ 73,698		$ 3	$ 1	$ 0	$ 723,868	$ (647,497)		$ (2,677)	$ 2,142

Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	$ 752	$ 687
Cost of revenue, excluding depreciation and amortization
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	213	310
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	140	200
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	338	530
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	$ 61	$ (353)

- 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 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Debt

3 Months Ended

Mar. 31, 2024

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, which was amended and restated on December 3, 2021 in connection with the closing of the Business Combination, further amended and restated on December 15, 2022, and amended on each of June 29, 2023 and September 26, 2023 (i.e., the Revolving Credit Facility). Among other things, the Revolving Credit Facility provided for the issuance of up to $15.5 million of standby letters of credit, which were issued during the three months ended March 31, 2021 in favor of certain of the Company’s landlords. The Company had outstanding letters of credit of $15.5 million under the Revolving Credit Facility at both March 31, 2024 and December 31, 2023.

On February 21, 2024, in connection with the Disposition discussed within Note 19 herein, 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 and resulted in restricted cash classification on the condensed consolidated balance sheet. The letters of credit bear interest at a rate equal to the Secured Financing Overnight Rate (SOFR) Index, plus a margin of 3.75% on the undrawn amount of letters of credit (the implied interest rate was 9% as of March 31, 2024).

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 unsecured convertible notes due 2026 (i.e., the Notes). In connection with the closing of the Business Combination, the Company issued, and those investors purchased, the Notes. The Notes are convertible into shares of our Class A common stock at a conversion price of approximately $50.00 and bear interest at a rate of 8.50% per annum, payable semi-annually. The Notes mature on December 3, 2026. As of March 31, 2024, the Notes were convertible into approximately 2,382,007 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 12 month’s interest declining ratably on a monthly basis to zero month’s interest, in each case, on the aggregate principal amount of the Notes so converted. Without limiting a holder’s right to convert the Notes at its option, interest will cease to accrue on the Notes during any period in which the Company would otherwise be entitled to force conversion of the Notes, but is not permitted to do so solely due to the failure of a trading volume condition specified in the indenture governing the Notes.

Each holder of a Note 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 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 specified intellectual property, or enter into transactions with affiliates. Additionally, on February 28, 2024, in connection with the Disposition, 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.

On March 7, 2024, in connection with the Disposition, the Company repaid approximately $30.9 million of the Notes, leaving approximately $119.1 million aggregate principal amount of Notes outstanding as of March 31, 2024. In connection with the repayment, the Company determined the modified debt terms were not substantially different from the original terms and applied modification accounting. The Company derecognized approximately 20.6% of the unamortized debt discount and issuance costs, which resulted in an approximately $4.9 million loss on partial debt extinguishment that was attributed to the discontinued operation.

In accounting for the Notes, the Company bifurcated a derivative liability representing the conversion option, with a fair value at issuance of $31.6 million. To measure the fair value of the derivative liability, the Company compared the calculated value of the Notes with the indicated value of the host instrument, defined as the straight-debt component of the Notes. The difference between the value of the straight-debt host instrument and the fair value of the Notes resulted in the value of the derivative liability. The value of the straight-debt host instrument was estimated based on a binomial lattice model, excluding the conversion option and the make-whole payment upon conversion. The derivative liability is remeasured at each reporting date with the resulting gain or loss recorded in change in fair value of derivative liability within the condensed consolidated statements of operations. 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 $1.00 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. The fair value of the embedded derivative continues to be immaterial as of March 31, 2024.

Interest expense on the Notes is recognized at an effective interest rate of 16% and totaled $3.6 million and $3.6 million for the three months ended March 31, 2024 and 2023, respectively, of which amortization of the debt discount and issuance costs comprised $1.2 million and $1.1 million for the three months ended March 31, 2024 and 2023, respectively. The effective interest rate of 16% was remeasured in connection with the aforementioned modification accounting and assumes a maturity date of December 3, 2026.

The net carrying amount of the Notes as of March 31, 2024 and December 31, 2023 was:


	March 31, 2024		December 31, 2023
Principal outstanding	$	119,100	$	150,000
Unamortized debt discount and issuance costs	(18,665)		(25,023)
Net carrying value	$	100,435	$	124,977

The fair value of the Notes was approximately $93.1 million and $112.8 million as of March 31, 2024 and December 31, 2023, respectively. The fair value of the Notes was estimated using Level 3 inputs.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-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
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-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
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-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

Held for Sale, Discontinued Operations, Disposals, and Licenses - Narrative (Details) £ in Millions						3 Months Ended
	Apr. 01, 2024 USD ($)	Mar. 28, 2024	Mar. 07, 2024 USD ($)	Feb. 28, 2024	Feb. 21, 2024 USD ($)	Mar. 31, 2024 USD ($) term	Mar. 31, 2023 USD ($)	Apr. 01, 2024 GBP (£)	Dec. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Letters of credit outstanding, amount					$ 15,500,000	$ 15,500,000			$ 15,500,000
Early termination fee						500,000	$ 0
One-time license fee received						$ 4,114,000	3,958,000
Independent Digital News and Media Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
License agreement, term		5 years
Subsequent Event \| Independent Digital News and Media Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales revenue share	25.00%
Minimum \| Subsequent Event \| Independent Digital News and Media Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
License fees receivable	$ 300,000							£ 0.3
Maximum \| Subsequent Event \| Independent Digital News and Media Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
License fees receivable	$ 500,000							£ 0.5
Commerce Media Holdings, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
One-time license fee received					2,800,000
Transition services agreement, term						180 days
Number of additional consecutive terms \| term						2
Transition services agreement, renewal term						90 days
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
Accrued and unpaid interest payment					700,000
Early termination fee					500,000
Letter of Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Letters of credit outstanding, amount					15,500,000
Collateral amount					17,100,000	$ 17,100,000
Standby letter of credit fee					500,000
Convertible Notes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of long-term debt			$ 30,900,000		30,900,000
Percentage of net proceeds from future asset sales				0.95
Principal outstanding					$ 150,000,000	119,100,000			150,000,000
Required repayment percentage					0.206
Unamortized discount and debt issuance costs, percent derecognized			20.60%		20.60%
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]
Proceeds from divestiture of businesses					$ 108,600,000
Income tax provision						626,000	0
Loss on partial debt extinguishment			$ 4,900,000		$ 4,900,000	(4,919,000)	0
Valuation allowance									$ 9,462,000
Gain on remeasurement of classification to held for sale						854,000	0
Loss on Disposal						$ 8,587,000	$ 6,869,000

Held for Sale, Discontinued Operations, Disposals, and Licenses - Loss From Discontinued Operations, Net of Taxes (Details) - USD ($)			3 Months Ended
	Mar. 07, 2024	Feb. 21, 2024	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss from discontinued operations, net of tax			$ (9,213,000)	$ (6,869,000)
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			2,115,000	12,246,000
Cost of revenue, excluding depreciation and amortization			3,500,000	10,107,000
Sales and marketing			1,046,000	3,393,000
General and administrative			225,000	592,000
Research and development			344,000	691,000
Depreciation and amortization			0	2,701,000
Total costs and expenses			5,115,000	17,484,000
Loss from discontinued operations			(3,000,000)	(5,238,000)
Loss on partial debt extinguishment	$ 4,900,000	$ 4,900,000	(4,919,000)	0
Gain on remeasurement of classification to held for sale			854,000	0
Other (expense) income, net			(292,000)	0
Interest expense, net			(1,230,000)	(1,631,000)
Loss from discontinued operations before income taxes			(8,587,000)	(6,869,000)
Income tax provision			626,000	0
Net loss from discontinued operations, net of tax			$ (9,213,000)	$ (6,869,000)

Income Taxes - Narrative (Details)	3 Months Ended
Income Taxes - Narrative (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

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, 2023	845	$	24.98	1.71	$	—
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited	(28)	13.88		—	—
Expired	(426)	21.90		—	—
Balance as of March 31, 2024	391	$	29.14	3.17	$	—
Expected to vest at March 31, 2024	391	$	29.14	3.17	$	—
Exercisable at March 31, 2024	347	$	30.42	2.64	$	—

Schedule of RSU Activity

A summary of restricted stock unit (“RSU”) activity is presented below:


	Shares	Weighted Average Grant- Date Fair Value
Outstanding as of December 31, 2023	2,190	$	3.74
Granted	333	0.72
Vested	(42)	13.18
Forfeited	(191)	4.37
Outstanding as of March 31, 2024	2,290	$	3.08

Summary of Stock-Based Compensation Expense

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


	Three Months Ended March 31,
	2024		2023
Cost of revenue, excluding depreciation and amortization	$	213	$	310
Sales and marketing	140		200
General and administrative	338		530
Research and development1	61		(353)
Total	$	752	$	687

________________________________

(1) The negative stock-based compensation expense for the three months ended March 31, 2023 for Research and development was due to forfeitures.

Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregated Revenue


	Three Months Ended March 31,
	2024		2023
Advertising	$	21,423	$	27,393
Content	13,107		16,251
Commerce and other	10,225		11,263
Total	$	44,755	$	54,907

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


	Three Months Ended March 31,
	2024		2023
Revenue:
United States	$	41,033	$	50,564
International	3,722		4,343
Total	$	44,755	$	54,907

Contract Balances

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

The Company’s contract assets are presented in prepaid and other current assets on the accompanying condensed consolidated balance sheets and totaled $5.4 million and $8.3 million as of March 31, 2024 and December 31, 2023, respectively. These amounts relate to revenue recognized during the respective period that is expected to be invoiced and collected in future periods.

The Company’s contract liabilities, which are recorded in deferred revenue on the accompanying condensed consolidated balance sheets, are expected to be recognized as revenues during the succeeding 12-month period. Deferred revenue totaled $2.4 million and $1.9 million as of March 31, 2024 and December 31, 2023, respectively.

The amount of revenue recognized during the three months ended March 31, 2024 that was included in the deferred revenue balance as of December 31, 2023 was $0.5 million.

Transaction Price Allocated to Remaining Performance Obligations

The Company has certain licensing contracts with minimum guarantees and terms extending beyond one year. Revenue to be recognized related to the remaining performance obligations was $2.1 million as of March 31, 2024 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; or (iii) variable consideration allocated entirely to wholly unperformed performance obligations.

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

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

+ Details

Other Expense (Income), Net (Tables)

3 Months Ended

Mar. 31, 2024

Other Nonoperating Income (Expense) [Abstract]

Schedule of Other Expense, Net

Other (expense) income, net consisted of the following for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
		2024		2023
Exchange (loss) gain		$	(181)	$	763

Other expense		(627)		(352)
Other income		252		209


Total		$	(556)	$	620

Fair Value Measurements - Schedule of Company's Financial Assets And Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash equivalents:	$ 15,533	$ 25,306
Liabilities:
Derivative liability	0	0
Other non-current liabilities:
Total	442	406
Money Market Funds
Assets
Cash equivalents:	15,533	25,306
Level 1
Assets
Cash equivalents:	15,533	25,306
Liabilities:
Derivative liability	0	0
Other non-current liabilities:
Total	439	402
Level 1 \| Money Market Funds
Assets
Cash equivalents:	15,533	25,306
Level 2
Assets
Cash equivalents:	0	0
Liabilities:
Derivative liability	0	0
Other non-current liabilities:
Total	3	4
Level 2 \| Money Market Funds
Assets
Cash equivalents:	0	0
Level 3
Assets
Cash equivalents:	0	0
Liabilities:
Derivative liability	0	0
Other non-current liabilities:
Total	0	0
Level 3 \| Money Market Funds
Assets
Cash equivalents:	0	0
Public Warrants
Other non-current liabilities:
Other non-current liabilities	439	402
Public Warrants \| Level 1
Other non-current liabilities:
Other non-current liabilities	439	402
Public Warrants \| Level 2
Other non-current liabilities:
Other non-current liabilities	0	0
Public Warrants \| Level 3
Other non-current liabilities:
Other non-current liabilities	0	0
Private Warrants
Other non-current liabilities:
Other non-current liabilities	3	4
Private Warrants \| Level 1
Other non-current liabilities:
Other non-current liabilities	0	0
Private Warrants \| Level 2
Other non-current liabilities:
Other non-current liabilities	3	4
Private Warrants \| Level 3
Other non-current liabilities:
Other non-current liabilities	$ 0	$ 0

Other Expense (Income), Net

3 Months Ended

Mar. 31, 2024

Other Nonoperating Income (Expense) [Abstract]

Other Expense (Income), Net

Other (Expense) Income, Net

Other (expense) income, net consisted of the following for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
		2024		2023
Exchange (loss) gain		$	(181)	$	763

Other expense		(627)		(352)
Other income		252		209


Total		$	(556)	$	620

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2024
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 condensed consolidated financial statements.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-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
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-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

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount of the Notes

The net carrying amount of the Notes as of March 31, 2024 and December 31, 2023 was:


	March 31, 2024		December 31, 2023
Principal outstanding	$	119,100	$	150,000
Unamortized debt discount and issuance costs	(18,665)		(25,023)
Net carrying value	$	100,435	$	124,977

Property and Equipment, net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following:


	March 31, 2024		December 31, 2023
Leasehold improvements	$	48,995	$	49,007
Furniture and fixtures	3,924		3,910
Computer equipment	3,002		3,057
Video equipment	439		439
Total	56,360		56,413
Less: Accumulated depreciation	(46,036)		(44,557)
Net Carrying Value	$	10,324	$	11,856

Depreciation totaled $1.5 million and $1.7 million for the three months ended March 31, 2024 and 2023, respectively, included in depreciation and amortization expense.

Segment Information (Details)	3 Months Ended
Segment Information (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	1

Revenue Recognition - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue Recognition
Revenue	$ 44,755	$ 54,907
United States
Revenue Recognition
Revenue	41,033	50,564
International
Revenue Recognition
Revenue	3,722	4,343
Advertising
Revenue Recognition
Revenue	21,423	27,393
Content
Revenue Recognition
Revenue	13,107	16,251
Commerce and other
Revenue Recognition
Revenue	$ 10,225	$ 11,263

- 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
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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
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-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
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 44,755	$ 54,907
Costs and Expenses
Cost of revenue, excluding depreciation and amortization	31,063	37,237
Sales and marketing	9,145	11,908
General and administrative	16,249	21,410
Research and development	3,230	3,128
Depreciation and amortization	5,881	5,704
Total costs and expenses	65,568	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	0	(1,005)
Loss from continuing operations before income taxes	(25,887)	(29,245)
Income tax provision	682	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	(26,516)	(29,132)
Diluted	$ (26,516)	$ (29,132)
Net loss from continuing operations per Class A and Class B common share:
Basic (in dollars per share)	$ (0.72)	$ (0.83)
Diluted (in dollars per share)	$ (0.72)	$ (0.83)
Weighted average common shares outstanding:
Basic (in shares)	36,578	35,176
Diluted (in shares)	36,578	35,176

Leases - Schedule of Sublease Receipts to be Received Under Noncancellable Subleases (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
Remainder of 2024	$ 13,226
2025	16,587
2026	4,886
2027	178
Thereafter	0
Total	$ 34,877

Net Loss Per Share - Calculation of Diluted Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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)	391	949
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)	2,290	1,651
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)	2,469	2,469
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted loss per share, as their effect would be anti-dilutive (in shares)	2,382	2,382

Supplemental Disclosures

3 Months Ended

Mar. 31, 2024

Supplemental Disclosures [Abstract]

Supplemental Disclosures

Film Costs

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


	March 31, 2024		December 31, 2023
Individual Monetization:
Feature films	$	1,707	$	1,707
Total	$	1,707	$	1,707

The Company had no material amortization of film costs for the three months ended March 31, 2024 or 2023.

Governmental Assistance

Production tax incentives reduced capitalized film costs by $0.7 million as of December 31, 2023 (no material change as of March 31, 2024). The Company had receivables related to our production tax credits of $3.6 million and $3.5 million as of March 31, 2024 and December 31, 2023, respectively, included in prepaid and other current assets in our condensed consolidated balance sheet.

Supplemental Cash Flow Disclosures


	Three Months Ended March 31,
	2024		2023
Cash paid for income taxes, net	$	205	$	98
Cash paid for interest	1,419		970
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment	38		20
Accrued deferred offering costs	5		—

Reconciliation of cash and cash equivalents and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows:
Cash and cash equivalents	44,457		49,947
Restricted cash	17,050		—
Total cash and cash equivalents and restricted cash	$	61,507	$	49,947

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees In the course of its business, the Company both provides and receives indemnities which are intended to allocate certain risks associated with business transactions. Similarly, the Company may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not fulfill its obligations under an indemnification obligation. The Company records a liability for indemnification obligations and other contingent liabilities when probable and reasonably estimable. Legal Matters The Company is party to various lawsuits and claims in the ordinary course of business. Although the outcome of such matters cannot be predicted with certainty and the impact that the final resolution of such matters will ultimately have on the Company’s condensed consolidated financial statements is not known, the Company does not believe that the resolution of these matters will have a material adverse effect on the Company’s future results of operations or cash flows. The Company settled or resolved certain legal matters during the three months ended March 31, 2024 and 2023 that did not individually or in the aggregate have a material impact on the Company’s business or its condensed 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. The Company 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. The Company 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. The Company provisionally settled these claims on January 29, 2024. Mass Arbitrations: Two mass arbitrations (the “Arbitrations”) were initiated before the American Arbitration Association on March 15, 2022 against the Company and certain of its executive officers and directors (together, the “BuzzFeed Defendants”) and Continental Stock Transfer Corporation by 91 individuals previously employed by Legacy BuzzFeed (the “Claimants”). The Claimants alleged that they were harmed when they were allegedly unable to convert their shares of Class B common stock to Class A common stock and sell those shares on December 6, 2021, the first day of trading following the Business Combination, and asserted claims for negligence, misrepresentation, breach of fiduciary duty, and violation of Section 11 of the Securities Act. The Claimants sought to recover unspecified compensatory damages, an award of costs, and any further appropriate relief. On April 21, 2022, the BuzzFeed Defendants filed a complaint in the Delaware Court of Chancery seeking to enjoin the Arbitrations on the grounds that, inter alia, the Claimants’ purported causes of action arise from their rights as shareholders of the Company, are governed by the Company’s charter, including its forum selection provision, and are therefore not arbitrable (the “Delaware Action”). The complaint sought declaratory and injunctive relief. A hearing on the merits of the Delaware Action was held on July 26, 2022. On October 28, 2022, the Court of Chancery granted the Company’s motion to permanently enjoin the Claimants’ arbitration claims. On January 17, 2023, the Claimants filed amended statements of claim in the Arbitrations against BuzzFeed Media Enterprises, Inc., a wholly-owned subsidiary of the Company, and Continental Stock Transfer & Trust Corporation, the transfer agent for 890 and, later, the Company. The amended statements of claim likewise allege that the Claimants were harmed when they were allegedly unable to convert their shares of Class B common stock to Class A common stock and sell those shares on the first day of trading following the Business Combination. The Claimants allege claims for breach of contract and the covenant of good faith and fair dealing, misrepresentation, and negligence, and seek to recover unspecified compensatory damages, an award of costs, and any further appropriate relief. On March 29, 2023, BuzzFeed Media Enterprises, Inc., filed a complaint in the Delaware Court of Chancery seeking to enjoin the Arbitrations on the grounds that, inter alia, the Claimants’ purported causes of action arise from their rights as shareholders of the Company, are governed by the Company’s charter, including its forum selection provision, and are therefore not arbitrable. The complaint seeks declaratory and injunctive relief. The parties 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. California Invasion of Privacy Act On April 11, 2024, a lawsuit titled Chih-Yuan Chang et al. v. BuzzFeed, Inc. was filed against the Company in the Southern District of New York, alleging that the Company, by causing the Sharethrough, IQM, and Dotomi trackers to be installed on website visitors’ internet browsers, is collecting visitors’ personal identifying information without their consent, in violation of the California Invasion of Privacy Act (CIPA). Plaintiff, additionally, seeks class certification. The Company plans to move to dismiss the claims. Nasdaq Listing Compliance Minimum Bid Requirement 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) (i.e., 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 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. As disclosed in Note 2 herein, the Company effected the Reverse Stock Split on May 6, 2024. While the closing bid price of the Company’s Class A common stock has exceeded $1.00 since the effective date of the Reverse Stock Split, the Company has not yet regained compliance with the Bid Price Requirement, as there has not been 10 business days since the effective date of the Reverse Stock Split. 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. If the Company does not regain compliance with the 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. Audit Committee Requirement On March 6, 2024, Patrick Kerins, then a member of the Company’s board of directors and its audit committee, notified the Company that he did not intend to stand for re-election as a director of the Company at the 2024 Annual Meeting. The Company then promptly notified the Staff that, as a consequence of Mr. Kerins’ failure to seek re-election, following the 2024 Annual Meeting, the audit committee of the Company’s board of directors would consist of two members and, as such, that the Company would no longer be in compliance with Nasdaq Listing Rule 5605(c)(2)(A), which requires that the audit committees of listed companies have a minimum of three members that satisfy certain criteria for service on the committee (i.e., the Nasdaq Audit Committee Requirement). On April 26, 2024, as expected, the Company received a letter from the Staff notifying the Company that the Company was no longer in compliance with the Nasdaq Audit Committee Requirement. The Company has until the earlier of its 2025 annual meeting of stockholders and April 25, 2025 (i.e., one year from the date on which the Company ceased to be compliant) to regain compliance. If the Company is not in compliance with the Nasdaq Audit Committee Requirement by that date, then the Staff will provide written notification to the Company that its Class A common stock will be subject to delisting. At that time, the Company may appeal the Staff’s delisting determination to the Nasdaq Listing Qualifications Panel. However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination, such an appeal would be successful. The Company intends to appoint a third member to the audit committee of the Company’s board of directors prior to the expiration of the cure period in order to regain compliance with the Nasdaq Audit Committee Requirement.

Description of the Business (Details) $ / shares in Units, $ in Thousands					1 Months Ended	3 Months Ended
	Mar. 07, 2024 USD ($)	Feb. 28, 2024	Feb. 21, 2024 USD ($)	May 31, 2023 $ / shares	Jun. 30, 2021 USD ($)	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	May 06, 2024 $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 03, 2021 USD ($)
Description of the Business [Line Items]
Number of reportable segments \| segment						1
Net loss						$ 35,782	$ 36,261
Net loss from continuing operations						26,569	29,392
Net loss from continuing operations						13,299	179
Cash used in operating activities from continuing operations						5,258	(3,273)
Cash and cash equivalents						44,457	$ 49,947		$ 35,637
Accumulated deficit						647,497			$ 611,768
Share price, threshold for delisting (in dollars per share) \| $ / shares				$ 1.00					$ 1.00
Consecutive period below bid price requirement				30 days
Consecutive trading days, before compliance date, suspension from trading or the delisting of common stock				10 days
Subsequent Event
Description of the Business [Line Items]
Share price, threshold for delisting (in dollars per share) \| $ / shares								$ 1.00
Consecutive trading days, before compliance date, suspension from trading or the delisting of common stock								10 days
Unsecured convertible notes due 2026
Description of the Business [Line Items]
Aggregate principal amount										$ 150,000
Convertible Notes
Description of the Business [Line Items]
Repayments of long-term debt	$ 30,900		$ 30,900
Principal outstanding			$ 150,000			$ 119,100			$ 150,000
Aggregate principal amount					$ 150,000
Repurchase price as percentage of par plus accrued and unpaid interest					101.00%	101.00%
Percentage of net proceeds from future asset sales		0.95
CM Partners, LLC
Description of the Business [Line Items]
Percentage of membership interests acquired										100.00%

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes


	Three Months Ended March 31,
	2024			2023
Income tax provision	$	682		$	147
Effective tax rate	(2.6)		%	(0.5)		%

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

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:


	March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	15,533	$	—	$	—	$	15,533
Total	$	15,533	$	—	$	—	$	15,533
Liabilities:
Derivative liability	$	—	$	—	$	—	$	—
Other non-current liabilities:
Public Warrants	439		—		—		439
Private Warrants	—		3		—		3
Total	$	439	$	3	$	—	$	442


	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 Warrants	—		4		—		4
Total	$	402	$	4	$	—	$	406

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

The Company’s warrant liability as of March 31, 2024 and December 31, 2023 includes public and private warrants that were originally issued by 890, but which were assumed by the Company as part of the closing of the Business Combination (the “Public Warrants” and “Private Warrants,” respectively), which are recorded on the balance sheet at fair value. The carrying amount is subject to remeasurement at each balance sheet date. With each remeasurement, the carrying amount is adjusted to fair value, with the change in fair value recognized in the Company’s condensed consolidated statements of operations and comprehensive loss.

The Public Warrants are publicly traded under the symbol “BZFDW,” and the fair value of the Public Warrants at a specific date is determined by the closing price of the Public Warrants as of that date. As such, the Public Warrants are classified within Level 1 of the fair value hierarchy. The closing price of the Public Warrants was $0.18 and $0.16 as of March 31, 2024 and December 31, 2023, respectively.

Historically, 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 $1.00 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 (see Note 8 herein for additional details). The fair value of the embedded derivative continues to be immaterial as of March 31, 2024.

There were no transfers between fair value measurement levels during the three months ended March 31, 2024.

Equity Investment

For equity investments in entities over which the Company does not exercise significant influence, 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 March 31, 2024 and December 31, 2023, the Company had an investment in equity securities of a privately-held company without a readily determinable fair value. The total carrying value of the investment, included in prepaid and other assets on the condensed consolidated balance sheets, was $0.8 million as of both March 31, 2024 and 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

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Company's Financial Assets And Liabilities That are Measured at Fair Value on a Recurring Basis

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


	March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	15,533	$	—	$	—	$	15,533
Total	$	15,533	$	—	$	—	$	15,533
Liabilities:
Derivative liability	$	—	$	—	$	—	$	—
Other non-current liabilities:
Public Warrants	439		—		—		439
Private Warrants	—		3		—		3
Total	$	439	$	3	$	—	$	442


	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 Warrants	—		4		—		4
Total	$	402	$	4	$	—	$	406

Restructuring Costs	3 Months Ended
Restructuring Costs	Mar. 31, 2024
Restructuring Costs [Abstract]
Restructuring Costs	Restructuring Costs In February 2024, the Company announced plans to reduce expenses by implementing an approximately 16% reduction in the then-current workforce (after the Disposition as discussed within Note 19 herein). In doing so, the Company reduced 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 incurred approximately $2.9 million of restructuring costs for the three months ended March 31, 2024, comprised mainly of severance and related benefits costs, of which $1.2 million were included in cost of revenue, excluding depreciation and amortization, $1.5 million were included in sales and marketing, and $0.2 million were included in general and administrative. As of March 31, 2024, $1.9 million remain unpaid and were included in accrued compensation on the condensed consolidated balance sheet. These costs are primarily expected to be paid in the second quarter of 2024. Additionally, in accordance with the Asset Purchase Agreement (the “Complex Sale Agreement”), dated as of February 21, 2024 between a wholly-owned subsidiary of the Company and Commerce Media Holdings, LLC., pursuant to which the Disposition was consummated, 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 the restructuring charges noted above. The Company treated the reimbursement as an expense reimbursement.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 44,457	$ 35,637
Restricted cash	17,050	0
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 assets	20,424	21,460
Current assets of discontinued operations	0	0
Total current assets	132,913	132,789
Property and equipment, net	10,324	11,856
Right-of-use assets	42,430	46,715
Capitalized software costs, net	22,142	22,292
Intangible assets, net	25,801	26,665
Goodwill	57,562	57,562
Prepaid expenses and other assets	7,865	9,508
Noncurrent assets of discontinued operations	0	104,089
Total assets	299,037	411,476
Current liabilities
Accounts payable	22,544	46,378
Accrued expenses	16,532	15,515
Deferred revenue	2,401	1,895
Accrued compensation	19,002	12,970
Current lease liabilities	22,476	21,659
Current debt	100,435	124,977
Other current liabilities	6,347	4,401
Current liabilities of discontinued operations	0	0
Total current liabilities	189,737	227,795
Noncurrent lease liabilities	31,858	37,820
Debt	0	33,837
Warrant liabilities	442	406
Other liabilities	1,160	435
Noncurrent liabilities of discontinued operations	0	0
Total liabilities	223,197	300,293
Commitments and contingencies
Stockholders’ equity
Additional paid-in capital	723,868	723,092
Accumulated deficit	(647,497)	(611,768)
Accumulated other comprehensive loss	(2,677)	(2,500)
Total BuzzFeed, Inc. stockholders’ equity	73,698	108,828
Noncontrolling interests	2,142	2,355
Total stockholders’ equity	75,840	111,183
Total liabilities and stockholders’ equity	299,037	411,476
Class A Common Stock
Stockholders’ equity
Common stock	3	3
Class B Common Stock
Stockholders’ equity
Common stock	$ 1	$ 1

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

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

The Company subleases certain leased office space to third parties when it determines there is excess leased capacity. On July 8, 2022, the Company entered into a sublease with a third party with respect to substantially all of the Company’s then-existing corporate headquarters. The sublease commenced on August 26, 2022 and expires on May 30, 2026, unless terminated sooner in accordance with the provisions of the sublease. Pursuant to the terms of the sublease, the subtenant pays 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. On February 21, 2024, in connection

with the Disposition, the Company licensed the use of office space in our corporate headquarters. Refer to Note 19 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 three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
Operating lease cost	$	6,177	$	7,447
Sublease income	(4,114)		(3,958)
Total lease cost	$	2,063	$	3,489

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

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


	March 31, 2024		December 31, 2023
Assets
Right-of-use assets	$	42,430	$	46,715

Liabilities
Current lease liabilities	22,476		21,659
Noncurrent lease liabilities	31,858		37,820
Total lease liabilities	$	54,334	$	59,479

Other information related to leases was as follows:


	Three Months Ended March 31, 2024	Three Months Ended March 31, 2023
Supplemental cash flow information:
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	7,032	8,459


	March 31, 2024		December 31, 2023
Weighted average remaining lease term (years)	2.4		2.7
Weighted average discount rate	13.90	%	13.87	%

Maturities of lease liabilities as of March 31, 2024 were as follows:


Year	Operating Leases
Remainder of 2024	$	21,205
2025	25,633
2026	13,062
2027	2,723
2028	821
Thereafter	539
Total lease payments	63,983
Less: imputed interest	(9,649)
Total	$	54,334

Sublease receipts to be received in the future under noncancelable subleases as of March 31, 2024 were as follows:


Year	Amount
Remainder of 2024	$	13,226
2025	16,587
2026	4,886
2027	178

Thereafter	—
Total	$	34,877

Leases - Supplemental Cash Flow Information and Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	$ 7,032	$ 8,459
Weighted average remaining lease term (years)	2 years 4 months 24 days		2 years 8 months 12 days
Weighted average discount rate	13.90%		13.87%

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (35,782)	$ (36,261)
Other comprehensive loss
Foreign currency translation adjustment	(337)	(759)
Other comprehensive loss	(337)	(759)
Comprehensive loss	(36,119)	(37,020)
Comprehensive loss attributable to noncontrolling interests	(53)	(260)
Foreign currency translation adjustment attributable to noncontrolling interests	(160)	(58)
Comprehensive loss attributable to BuzzFeed, Inc.	$ (35,906)	$ (36,702)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section S99
-Paragraph 1
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 10, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-39877
Entity Registrant Name	BuzzFeed, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3022075
Entity Address, Address Line One	229 West 43rd Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	646
Local Phone Number	397-2039
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001828972
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock, $0.0001 par value per share
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	BZFD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		35,240,395
Redeemable warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of approximately $46.00 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 approximately $46.00 per share
Trading Symbol	BZFDW
Security Exchange Name	NASDAQ
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,368,526
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Stockholders' Equity - Schedule of Stock Options Activity (Details) - 2015 Equity Incentive Plan - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Shares
Outstanding at the beginning (in shares)	845
Granted (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	(28)
Expired (in shares)	(426)
Outstanding at the end (in shares)	391	845
Expected to vest (in shares)	391
Exercisable (in shares)	347
Weighted Average Exercise Price
Outstanding at the beginning (in dollars per share)	$ 24.98
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	13.88
Expired (in dollars per share)	21.90
Outstanding at the end (in dollars per share)	29.14	$ 24.98
Expected to vest (in dollars per share)	29.14
Exercisable (in dollars per share)	$ 30.42
Weighted Average Remaining Term
Weighted Average Remaining Term (in years)	3 years 2 months 1 day	1 year 8 months 15 days
Vested and expected to vest (in years)	3 years 2 months 1 day
Exercisable (in years)	2 years 7 months 20 days
Aggregate Intrinsic Value
Outstanding	$ 0	$ 0
Expected to vest	0
Exercisable	$ 0

Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 56,360		$ 56,413
Less: Accumulated depreciation	(46,036)		(44,557)
Net Carrying Value	10,324		11,856
Depreciation	1,500	$ 1,700
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	48,995		49,007
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,924		3,910
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,002		3,057
Video equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 439		$ 439

Summary of Significant Accounting Policies (Polices)	3 Months Ended
Summary of Significant Accounting Policies (Polices)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Financial Statements and Principles of Consolidation	Basis of Financial Statements and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. As such, the accompanying condensed consolidated financial statements and these related notes should be read in conjunction with the Company’s consolidated financial statements and related notes as of and for the year ended December 31, 2023, as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The condensed consolidated financial statements include all normal recurring adjustments that, in the opinion of management, are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ended December 31, 2024. The condensed consolidated financial statements include the accounts of BuzzFeed, Inc., and its wholly-owned and majority-owned subsidiaries, and any variable interest entities for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
Reverse Stock Split	Reverse Stock Split The Company held the 2024 Annual Meeting on April 25, 2024 and, at the 2024 Annual Meeting, the Company’s stockholders approved the grant of discretionary authority to the Company’s board of directors to (1) amend the Company’s Second Amended and Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”), to combine outstanding shares of each of the Company’s Class A common stock and the Company’s Class B common stock into a lesser number of outstanding shares of Class A common stock and Class B common stock, as the case may be, at a specific ratio within a range of one-for-two (1-for-2) to a maximum of a one-for-twenty five (1-for-25), with the exact ratio to be determined by the Company’s board of directors in its sole discretion; and (2) effect such reverse stock split, if at all, within one year of the date the proposal is approved by the Company’s stockholders (i.e., by April 25, 2025). The Company’s board of directors subsequently approved effecting a reverse stock split, effective as of May 6, 2024, and fixed a ratio for the reverse stock split at one-for-four (1-for-4). On April 26, 2024, the Company filed an amendment to the Certificate of Incorporation with the Secretary of State of the State of Delaware (the “Certificate of Amendment”). The Certificate of Amendment effected a reverse stock split of the Class A common stock and Class B common stock at a ratio of one-for-four (1-for-4) (the “Reverse Stock Split”), effective as of 12:01 a.m., Eastern Time, on May 6, 2024. The Class A common stock began trading on a split-adjusted basis on the Nasdaq on May 6, 2024, under the existing symbol “BZFD,” but the security has a new CUSIP number of 12430A300. The Public Warrants (as defined in Note 4 herein) continued to be traded under the symbol “BZFDW” and the CUSIP identifier for Public Warrants remain unchanged. As a result of the Reverse Stock Split, every four shares of the Company’s Class A common stock and the Company’s Class B common stock issued and outstanding immediately prior to the Reverse Stock Split were converted into one share of Class A common stock and Class B common stock, after the Reverse Stock Split. The Reverse Stock Split applied uniformly to all holders of Class A common stock and Class B common stock, and did not alter any stockholder’s percentage interest in the Company, except to the extent that the Reverse Stock Split would have resulted in some stockholders owning a fractional share. No fractional shares were issued in connection with the Reverse Stock Split, as all fractional shares were rounded up to the nearest whole share. Pursuant to the terms of the agreement governing the Public and Private Warrants, fractional shares of Class A common stock will not be issued upon exercise of a warrant, and if a holder of a warrant would be entitled to receive, upon the exercise thereof, a fractional interest in a share of Class A common stock, the Company will round down to the nearest whole number the number of shares of Class A Common Stock to be issued to such holder. Unless otherwise noted, all shares of Class A common stock and Class B common stock, including shares of Class A common stock underlying the Public Warrants and Private Warrants (as defined in Note 4 herein), stock options, restricted stock units, and the Notes, shares of Class A common stock available for grant under the Company’s equity incentive plans, shares of Class A common stock sold and available for sale under the Company’s at-the-market offering, and all conversion ratios, exercise prices, and per share information with respect thereto in the condensed consolidated financial statements have been retroactively adjusted to reflect the one-for-four (1-for-4) Reverse Stock Split, as if the split occurred at the beginning of the earliest period presented in this Quarterly Report on Form 10-Q.
Discontinued Operations and Held for Sale	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 disposal (i.e., the Disposition), which took place on February 21, 2024, represented a strategic shift that had 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 condensed 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 condensed consolidated balance sheet for the year ended December 31, 2023. Refer to Note 19 herein for additional details.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported results of operations during the reporting period. Due to the use of estimates inherent in the financial reporting process actual results could differ from those estimates. Key estimates and assumptions relate primarily to revenue recognition, fair values of intangible assets acquired in business combinations, valuation allowances for deferred income tax assets, allowance for doubtful accounts, useful lives of fixed assets, and capitalized software costs.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash 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.
Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements The Company, an emerging growth company, 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. 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 single operating segment, the Company is currently evaluating the impact of adopting this guidance on the condensed 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. Public companies are 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 condensed consolidated financial statements.

Intangible Assets, net - Estimated Future Amortization (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract]
Remainder of 2024	$ 1,906
2025	2,488
2026	1,903
2027	1,903
2028	1,903
Thereafter	14,330
Total	$ 24,433

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Dec. 29, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurement, transfers	$ 0
Class A Common Stock, $0.0001 par value per share
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share price (in dollars per share)			$ 1.00
Prepaid Expenses and Other Current Assets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying value of the investment in equity securities without a readily determinable fair value	$ 800,000	$ 800,000
Public Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price per share (in dollars per share)	$ 0.18	$ 0.16

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

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


	Three Months Ended March 31,
	2024			2023
Income tax provision	$	682		$	147
Effective tax rate	(2.6)		%	(0.5)		%

For the three months ended March 31, 2024, the Company’s effective tax rate on continuing operations differed from the U.S. federal statutory income tax rate of 21% primarily due to (i) limited tax benefits provided for against its current year pre-tax operating loss, as the Company maintains a full valuation allowance against its U.S. deferred tax assets that are not realizable on a more-likely-than-not basis, and (ii) permanent adjustments and state taxes related to the Disposition.

For the three months ended March 31, 2023, the Company’s effective tax rate on continuing operations differed from the U.S. federal statutory income tax rate of 21% primarily due to limited tax benefits provided for against its current year pre-tax operating loss as the Company maintains a full valuation allowance against its U.S. deferred tax assets that are not realizable on a more-likely-than-not basis.

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

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company recognized revenue from NBCUniversal Media, LLC (“NBCU”), a holder of 5% or more of our Class A common stock, of $0.4 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. The Company recognized expenses under contractual obligations from NBCU of $nil and $nil for the three months ended March 31, 2024 and 2023, respectively. The Company had outstanding receivable balances of $0.3 million and $0.2 million from NBCU as of March 31, 2024 and December 31, 2023, respectively. The Company had an outstanding payable balance of $0.2 million and $0.2 million to NBCU as of March 31, 2024 and December 31, 2023, respectively. Verizon Ventures LLC (“Verizon”), collectively with its affiliates, is a holder of 5% or more of the Company’s Class A common stock. Verizon is the landlord for the Company’s corporate headquarters, and the Company transacts with Verizon in the normal course of business, such as with agency advertising deals and for certain utilities. The Company recognized revenue from Verizon of $nil and $0.1 million for the three months ended March 31, 2024 and 2023, respectively. The Company recognized expenses under contractual obligations from Verizon of $1.5 million and $1.5 million for the three months ended March 31, 2024 and 2023, respectively. The Company had no outstanding receivables or payables from or to Verizon as of March 31, 2024 or December 31, 2023.

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Intangible Assets, net (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets and the Weighted Average Remaining Useful Lives

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


	March 31, 2024							December 31, 2023
	Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Acquired Technology	0	$	5,500	$	5,500	$	—	0	$	5,500	$	5,271	$	229
Trademarks and Trade Names	12	28,550		5,180		23,370		13	28,550		4,704		23,846
Trademarks and Trade Names	Indefinite	1,368		—		1,368		Indefinite	1,368		—		1,368
Customer Relationships	2	2,550		1,487		1,063		2	2,550		1,328		1,222
Total		$	37,968	$	12,167	$	25,801		$	37,968	$	11,303	$	26,665

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense as of March 31, 2024 is as follows (in thousands):


Remainder of 2024	$	1,906
2025	2,488
2026	1,903
2027	1,903
2028	1,903
Thereafter	14,330
Total	$	24,433

Related Party Transactions (Details) - USD ($)	3 Months Ended
Related Party Transactions (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenue from related parties	$ 44,755,000	$ 54,907,000
Accounts payable	22,544,000		$ 46,378,000
NBCUniversal Media, LLC
Related Party Transaction [Line Items]
Revenue from related parties	400,000	500,000
Related Party \| NBCUniversal Media, LLC
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	0	0
Outstanding receivable	300,000		200,000
Accounts payable	200,000		200,000
Verizon Ventures LLC \| Related Party
Related Party Transaction [Line Items]
Revenue from related parties	0	100,000
Related party transaction, amounts of transaction	1,500,000	$ 1,500,000
Outstanding receivable	0		0
Accounts payable	$ 0		$ 0

- Definition

+ References

+ Details

Commitments and Contingencies (Details)	Oct. 31, 2023 USD ($) individual	Aug. 15, 2023 USD ($) individual	Aug. 04, 2023 USD ($) individual	Mar. 15, 2022 individual arbitration	May 06, 2024 $ / shares	Dec. 31, 2023 $ / shares	May 31, 2023 $ / shares
Loss Contingencies [Line Items]
Number of plaintiffs				91
Number of mass arbitrations \| arbitration				2
Consecutive trading days, suspension from trading or the delisting of common stock							30 days
Share price, threshold for delisting (in dollars per share) \| $ / shares						$ 1.00	$ 1.00
Initial period, suspension from trading or the delisting of common stock							180 days
Second 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
Subsequent Event
Loss Contingencies [Line Items]
Share price, threshold for delisting (in dollars per share) \| $ / shares					$ 1.00
Consecutive trading days, before compliance date, suspension from trading or the delisting of common stock					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]
Number of plaintiffs		12,176	8,927
Violation Of VPP Act - HuffPost.com Website
Loss Contingencies [Line Items]
Number of plaintiffs	590	5,247

Debt - Schedule of Net Carrying Amount (Details) - Convertible Notes - USD ($) $ in Thousands	Mar. 31, 2024	Feb. 21, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal outstanding	$ 119,100	$ 150,000	$ 150,000
Unamortized debt discount and issuance costs	(18,665)		(25,023)
Net carrying value	$ 100,435		$ 124,977

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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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

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsRefer to Note 2 herein for details regarding the Reverse Stock Split. Additionally, on May 6, 2024, the Company terminated $15.0 million of the $15.5 million in letters of credit issued pursuant to the Revolving Credit Facility, which was replaced with a $15.0 million letter of credit, issued by JPMorgan.

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions			3 Months Ended	9 Months Ended
	Jun. 20, 2023 shares	Mar. 21, 2023 USD ($)	Mar. 31, 2024 USD ($) vote $ / shares shares	Mar. 31, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)			50,000,000	50,000,000
Preferred stock, par value per share (in dollars per share) \| $ / shares			$ 0.0001	$ 0.0001
Preferred stock, shares issued (in shares)			0	0	0
Preferred stock, shares outstanding (in shares)			0	0	0
Sale of stock, maximum equity issuable \| $		$ 150.0
ATM Offering Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Sale of stock, equity distribution agreement, maximum offering, shares (in shares)	3,316,503
Number of shares issued (in shares)				517,385
Shares issued, price per share (in dollars per share) \| $ / shares			$ 2.08	$ 2.08
Payment of deferred issuance costs \| $				$ 0.9
Sale of stock, equity distribution agreement, remaining shares available (in shares)				2,799,118
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, amount \| $			$ 0.4	$ 0.4
Weighted-average remaining requisite service period			10 months 24 days
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs \| $			$ 4.2	$ 4.2
Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares authorized (in shares)			700,000,000	700,000,000	700,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001	$ 0.0001	$ 0.0001
Common shares, votes per share (in vote per share) \| vote			1	1
Class B Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares authorized (in shares)			20,000,000	20,000,000	20,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001	$ 0.0001	$ 0.0001
Common shares, votes per share (in vote per share) \| vote			50	50
Class C Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares authorized (in shares)			10,000,000	10,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001	$ 0.0001
Common shares, votes per share (in vote per share) \| vote			0	0

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 6,177	$ 7,447
Sublease income	(4,114)	(3,958)
Total lease cost	$ 2,063	$ 3,489

Leases - Narrative (Details) $ in Millions	Jul. 08, 2022 USD ($)
Operating Leased Assets [Line Items]
Fixed monthly rent for sublease	$ 0.8
Letter of Credit
Operating Leased Assets [Line Items]
Borrowings on Revolving Credit Facility	$ 4.5

Net Loss Per Share

3 Months Ended

Mar. 31, 2024

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 Warrants), the conversion of any convertible debt (including the Notes), and the conversion of any convertible preferred stock, in each case only in the periods in which such effect would have been dilutive.

For the three months ended March 31, 2024 and 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. There were no shares of Class C common stock outstanding for either period presented.

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


	Three Months Ended March 31,
	2024		2023
Numerator:
Net loss from continuing operations	$	(26,569)	$	(29,392)
Net loss from discontinued operations, net of tax	(9,213)		(6,869)

Less: net loss attributable to noncontrolling interests	(53)		(260)
Net loss attributable to holders of Class A and Class B common stock	$	(35,729)	$	(36,001)

Amounts attributable to BuzzFeed, Inc. for net loss per common share, basic and diluted:
Net loss from continuing operations	(26,516)		(29,132)
Net loss from discontinued operations, net of tax	(9,213)		(6,869)
Net loss attributable to BuzzFeed, Inc.	$	(35,729)	$	(36,001)

Denominator:
Weighted average common shares outstanding, basic and diluted	36,578		35,176

Net loss per common share, basic and diluted:
Continuing operations	$	(0.72)	$	(0.83)
Discontinued operations	$	(0.25)	$	(0.20)
Net loss per common share, basic and diluted, attributable to BuzzFeed, Inc.1	$	(0.98)	$	(1.02)

_________________________________

(1)Net loss per share information is presented on a rounded basis using actual amounts. Minor differences in totals may exist due to rounding.

The numerator for net loss per basic and diluted common share from continuing operations excludes the impact of net loss 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 loss per share as the effect would have been anti-dilutive:


	Three Months Ended March 31,
	2024	2023
Stock options	391	949
Restricted stock units	2,290	1,651
Warrants	2,469	2,469
Convertible notes	2,382	2,382

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss Per Share

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


	Three Months Ended March 31,
	2024		2023
Numerator:
Net loss from continuing operations	$	(26,569)	$	(29,392)
Net loss from discontinued operations, net of tax	(9,213)		(6,869)

Less: net loss attributable to noncontrolling interests	(53)		(260)
Net loss attributable to holders of Class A and Class B common stock	$	(35,729)	$	(36,001)

Amounts attributable to BuzzFeed, Inc. for net loss per common share, basic and diluted:
Net loss from continuing operations	(26,516)		(29,132)
Net loss from discontinued operations, net of tax	(9,213)		(6,869)
Net loss attributable to BuzzFeed, Inc.	$	(35,729)	$	(36,001)

Denominator:
Weighted average common shares outstanding, basic and diluted	36,578		35,176

Net loss per common share, basic and diluted:
Continuing operations	$	(0.72)	$	(0.83)
Discontinued operations	$	(0.25)	$	(0.20)
Net loss per common share, basic and diluted, attributable to BuzzFeed, Inc.1	$	(0.98)	$	(1.02)

_________________________________

(1)Net loss per share information is presented on a rounded basis using actual amounts. Minor differences in totals may exist due to rounding.

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


	Three Months Ended March 31,
	2024	2023
Stock options	391	949
Restricted stock units	2,290	1,651
Warrants	2,469	2,469
Convertible notes	2,382	2,382

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Allowance for credit loss	$ 1,351	$ 1,424
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)	35,079,000	35,035,000
Common stock, shares outstanding (in shares)	35,079,000	35,035,000
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)	1,368,000	1,368,000
Common stock, shares outstanding (in shares)	1,368,000	1,368,000
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.0001
Common stock, shares authorized (in shares)	10,000,000
Common stock, shares outstanding (in shares)	0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net loss	$ (35,782)	$ (36,261)
Less: net (loss) from discontinued operations, net of tax	9,213	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 amortization	5,881	5,704
Unrealized gain on foreign currency	(46)	(958)
Stock based compensation	752	687
Change in fair value of warrants	37	593
Change in fair value of derivative liability	0	1,005
Amortization of debt discount and deferred issuance costs	1,226	1,064
Deferred income tax	493	(21)
Provision for doubtful accounts	(74)	223
Gain on disposition of assets	0	(175)
Non-cash lease expense	4,261	5,034
Changes in operating assets and liabilities:
Accounts receivable	26,101	43,837
Prepaid expenses and other current assets and prepaid expenses and other assets	1,037	1,979
Accounts payable	(23,123)	(95)
Accrued compensation	6,062	(12,772)
Accrued expenses, other current liabilities and other liabilities	3,315	(5,183)
Lease liabilities	(5,116)	(5,862)
Deferred revenue	505	(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	0	175
Cash used in investing activities from continuing operations	(3,418)	(4,201)
Cash provided by investing activities from discontinued operations	108,575	0
Cash provided by (used in) investing activities	105,157	(4,201)
Financing activities:
Proceeds from exercise of stock options	0	29
Payment for shares withheld for employee taxes	0	(193)
Payments on Revolving Credit Facility	(33,837)	(1,317)
Repayments of Convertible Debt	(30,900)	0
Payment of early termination fee for Revolving Credit Facility	(500)	0
Payment of deferred issuance costs	(591)	0
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 equivalents	25,870	(5,827)
Cash and cash equivalents and restricted cash at beginning of period	35,637	55,774
Cash and cash equivalents and restricted cash at end of period	$ 61,507	$ 49,947

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

The Company is authorized to issue 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

The Company is authorized to issue 50,000,000 shares of preferred stock, par value $0.0001 per share. The Company’s 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 March 31, 2024 or December 31, 2023.

Stock-Based Compensation

Stock Options

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


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Term	Aggregate Intrinsic Value
Balance as of December 31, 2023	845	$	24.98	1.71	$	—
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited	(28)	13.88		—	—
Expired	(426)	21.90		—	—
Balance as of March 31, 2024	391	$	29.14	3.17	$	—
Expected to vest at March 31, 2024	391	$	29.14	3.17	$	—
Exercisable at March 31, 2024	347	$	30.42	2.64	$	—

As of March 31, 2024, the total share-based compensation costs not yet recognized related to unvested stock options was $0.4 million, which is expected to be recognized over the weighted-average remaining requisite service period of 0.9 years.

Restricted Stock Units

A summary of restricted stock unit (“RSU”) activity is presented below:


	Shares	Weighted Average Grant- Date Fair Value
Outstanding as of December 31, 2023	2,190	$	3.74
Granted	333	0.72
Vested	(42)	13.18
Forfeited	(191)	4.37
Outstanding as of March 31, 2024	2,290	$	3.08

As of March 31, 2024, there were approximately $4.2 million of unrecognized compensation costs related to RSUs.

Stock-Based Compensation Expense

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


	Three Months Ended March 31,
	2024		2023
Cost of revenue, excluding depreciation and amortization	$	213	$	310
Sales and marketing	140		200
General and administrative	338		530
Research and development1	61		(353)
Total	$	752	$	687

________________________________

(1) The negative stock-based compensation expense for the three months ended March 31, 2023 for Research and development was due to forfeitures.

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

At-The-Market Offering

On March 21, 2023, the Company filed a shelf registration statement on Form S-3 (the “Shelf Registration Statement”) under which the Company may, from time to time, sell securities in one or more offerings having an aggregate offering price of up to $150.0 million. The Shelf Registration Statement was declared effective as of April 5, 2023. On June 20, 2023, the Company entered into an At-The-Market Offering agreement with Craig-Hallum Capital Group LLC pursuant to which the Company may, from time to time, sell up to 3,316,503 shares of its Class A common stock. As of March 31, 2024, the Company had sold, in the aggregate, 517,385 shares of its Class A common stock, at an average price of $2.08 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 2,799,118 remaining shares available under the At-The-Market-Offering agreement.

- Definition

The entire disclosure for equity.

+ References

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

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

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

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

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

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

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

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

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

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

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

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

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

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

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

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

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

+ Details

Other Expense (Income), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Nonoperating Income (Expense) [Abstract]
Exchange (loss) gain	$ (181)	$ 763
Other expense	(627)	(352)
Other income	252	209
Total	$ (556)	$ 620

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Remainder of 2024	$ 21,205
2025	25,633
2026	13,062
2027	2,723
2028	821
Thereafter	539
Total lease payments	63,983
Less: imputed interest	(9,649)
Total lease liabilities	$ 54,334	$ 59,479

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Lease Costs

The following illustrates the lease costs for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
Operating lease cost	$	6,177	$	7,447
Sublease income	(4,114)		(3,958)
Total lease cost	$	2,063	$	3,489

Schedule of Right-of-Use Assets and Lease Liabilities

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


	March 31, 2024		December 31, 2023
Assets
Right-of-use assets	$	42,430	$	46,715

Liabilities
Current lease liabilities	22,476		21,659
Noncurrent lease liabilities	31,858		37,820
Total lease liabilities	$	54,334	$	59,479

Schedule of Supplemental Cash Flow Information and Additional Information

Other information related to leases was as follows:


	Three Months Ended March 31, 2024	Three Months Ended March 31, 2023
Supplemental cash flow information:
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	7,032	8,459


	March 31, 2024		December 31, 2023
Weighted average remaining lease term (years)	2.4		2.7
Weighted average discount rate	13.90	%	13.87	%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of March 31, 2024 were as follows:


Year	Operating Leases
Remainder of 2024	$	21,205
2025	25,633
2026	13,062
2027	2,723
2028	821
Thereafter	539
Total lease payments	63,983
Less: imputed interest	(9,649)
Total	$	54,334

Schedule of Sublease Receipts to be Received in the Future

Sublease receipts to be received in the future under noncancelable subleases as of March 31, 2024 were as follows:


Year	Amount
Remainder of 2024	$	13,226
2025	16,587
2026	4,886
2027	178

Thereafter	—
Total	$	34,877