- Sold for less than half of the purchase price of 300 million $$... so they threw away 200 million dollars in just a couple of years.... - Firing 16% of staff, but that's not it.... and to make way for AI ohhh yaaaaaaay, how exciting! Lol....
"Recent reports indicate the cost-cutting at BuzzFeed is not over. Reuters reported last week that The Independent is in talks to take control of the company’s UK operations."
Bingoooo
"Investors in the NTWRK-Complex deal include Universal Music Group, record executive Jimmy Iovine, Goldman Sachs, and Main Street Advisors."
"Digital publishers have struggled in recent years as they navigate brutal industry headwinds, a soft advertising market, plummeting social media referral traffic, and the looming threat of artificial intelligence."
"BuzzFeed has been something of an avatar for such struggles among digital publishers. After launching an initial public offering in 2021, the company’s share price has fallen a staggering 98%, trading Wednesday at a perilously low 21 cents."
"The collapse of BuzzFeed’s digital empire has veered sharply into public view in recent years as the company has undergone several rounds of cost-cutting and layoffs."
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