BuzzFeed
| BuzzFeed, Inc. | |
|---|---|
 Logo used since 2019 | |
| Formerly | BuzzFeed Laboratories (2006–2016) |
| Type | Public |
| Nasdaq: BZFD (Class A) | |
| ISIN | US12430A1025 |
| Industry | Online media |
| Founded | November 1, 2006 |
| Founders | |
| Headquarters | , |
| Key people |
|
| Products |
|
| Revenue |  US$253 million (2023) |
 −US$40 million (2023) | |
| −US$89 million (2023) | |
| Total assets | US$411 million (2023) |
| Total equity | US$109 million (2023) |
| Owner | Byron Allen (51%) |
Number of employees | 925 (December 2023) |
| Divisions |
|
| Subsidiaries | HuffPost |
| Website | buzzfeed |
| Footnotes [1] | |
BuzzFeed, Inc. is an American Internet media, news, and entertainment company with a focus on digital media. Based in New York City,[2] BuzzFeed was founded in 2006 by Jonah Peretti and John S. Johnson III to focus on tracking viral content.
Originally known for online quizzes, "listicles," and pop culture articles, the company has grown into a global media and technology company across several subsidiary publications, providing coverage on a variety of topics including politics, DIY, animals, and business.[3][4] BuzzFeed generates revenue through native advertising, a strategy that helps increase the likelihood of viewers reading through the content of advertisements.[5]
In late 2011, BuzzFeed hired Ben Smith of Politico as editor-in-chief, to expand the site into long-form journalism and reportage under the BuzzFeed News banner.[6] After years of investment in investigative journalism, by 2021 BuzzFeed News had won the National Magazine Award,[7] the George Polk Award,[8] and the Pulitzer Prize,[9] and was nominated for the Michael Kelly Award.[7] BuzzFeed News later moved to its own domain rather than existing as a section of the main BuzzFeed website.[10] On April 20, 2023, Peretti announced that BuzzFeed would be shuttering BuzzFeed News and focusing its news efforts into HuffPost, laying off about 180 workers.[11]
After initially going public via a special-purpose acquisition company in 2021 with a valuation of $1.5 billion, its stock price and valuation sharply declined to only being worth $37 million by 2024, and the company entered financial difficulties. In 2026 it was announced that the company was set to be purchased by Byron Allen's family office for $120 million. The sale was completed on May 27, 2026.[12]
History
[edit]
Prior to establishing BuzzFeed, Peretti was director of research and development for the OpenLab at Eyebeam, John Johnson's New York City-based art and technology nonprofit organization, where he experimented with other viral media.[13][14]
In 2006, while working at the Huffington Post, Peretti started BuzzFeed (originally called BuzzFeed Laboratories)[15] as a side project, in partnership with his former supervisor Johnson. In the beginning, BuzzFeed employed no writers or editors, just an "algorithm to cull stories from around the web that were showing stirrings of virality."[16] The site initially launched an instant messaging client, BuzzBot, which sent users a link to popular content. The messages were sent based on algorithms which examined the links that were being quickly disseminated, scouring through the feeds of hundreds of blogs that were aggregating them.[citation needed] Later, the site began spotlighting the most popular links that BuzzBot found. Peretti hired curators to help describe the content that was popular around the web.[17] In 2011, Peretti hired Politico's Ben Smith, who earlier had achieved much attention as a political blogger, to assemble a news operation in addition to the many aggregated "listicles".[18]
In 2016, BuzzFeed formally separated its news and entertainment content into BuzzFeed News and the newly formed BuzzFeed Entertainment Group, which also includes BuzzFeed Motion Pictures.[19][20] As of 2016[update], BuzzFeed had correspondents from 12 countries,[21] and foreign editions in Australia, Brazil, France, Germany, India, Japan, Mexico, Spain, and the United Kingdom.[22] By the end of 2017[update], BuzzFeed employed around 1,700 employees worldwide, although it announced plans in November of that year to lay off around 100 employees in the US, 45 in the UK,[23][24][25] and 100 in France in June 2018.[26]
On January 23, 2019, BuzzFeed notified all employees via memo that there would be an upcoming 15% reduction in workforce affecting the international, web content, and news divisions of the company. The layoffs would affect approximately 200 employees.[27] In 2020, BuzzFeed signed a deal with Universal Television to produce content based on its stories.[28]
Three top BuzzFeed News editors in March 2022 announced that they would be resigning and the newsroom would face voluntary layoffs or job cuts.[29] The cuts came after BuzzFeed investors encouraged Peretti to shut down all of BuzzFeed News, but he refused, CNBC reported.[30] In January 2023, Peretti announced that BuzzFeed would be making a "hard pivot" to AI generated content such as custom quizzes. In May 2023, Peretti announced that AI content would "replace the majority of static content" on the BuzzFeed website.[31]
In March 2026, BuzzFeed revealed that it is still burdened by legacy commitments and it has engaged in "strategic conversations" about relieving its liquidity issues.[32]
In May 2026, it was announced that businessman Byron Allen had agreed to buy the company for $120 million. As part of the acquisition, Peretti would step down as CEO and by replaced by Allen, though Peretti would stay on as head of BuzzFeed AI.[33][34]
Following the acquisition, BuzzFeed began a restructuring under Allen with the intention of the company competing with YouTube, 3 divisions were created with artificial intelligence assets being placed under BuzzFeed AI, shows and studio assets (such as Animation Lab) being placed under BuzzFeed Studios and food products being placed under Tasty.[a][35]
Funding
[edit] | This section needs to be updated. The reason given is: advertising information from 2012 and expansion plans from 2015. (March 2019) |
Despite reaching annual revenues in the hundreds of million of dollars at its peak, BuzzFeed has been consistently loss-making since its inception.[36]
BuzzFeed raised $3.5 million in 2008 through Hearst Ventures and SoftBank.[37] In 2011, BuzzFeed ran more than 100 social media campaigns, resulting in their revenue tripling compared to 2010.[37] In January 2012, BuzzFeed announced that it had earned $15.5 million in funding from New Enterprise Associates, Lerer Ventures, Hearst Interactive Media, SoftBank, and RRE Capital to expand the site's content.[38] Later, in October 2012, BuzzFeed ran sponsored content for the Obama administration leading to an increase in ad revenue.[39] By January 2013, BuzzFeed announced that New Enterprise Associates had raised $19.3 million.[40] The company was reported to be profitable in 2013.[41]
In 2014, it was reported that BuzzFeed had passed $100 million in revenue.[42][43] In August 2014, BuzzFeed raised $50 million from the venture capital firm Andreessen Horowitz, more than doubling previous rounds of funding.[44][45] The site was reportedly valued at around $850 million by Andreessen Horowitz.[44] BuzzFeed generates its advertising revenue through native advertising that matches its editorial content, and does not rely on banner ads.[17] BuzzFeed also uses its familiarity with social media to target conventional advertising through other channels, such as Facebook.[46] In December 2014, growth equity firm General Atlantic acquired $50 million in secondary stock of the company.[47]
In August 2015, NBCUniversal made a $200 million equity investment in BuzzFeed.[48] Along with plans to hire more journalists to build a more prominent "investigative" unit, BuzzFeed planned on hiring journalists around the world and plans to open outposts in India, Germany, Mexico, and Japan.[49] It planned on hiring staff for its UK bureau, its rapidly-expanding motion picture unit and its food-themed business, Tasty.[50][51] NBCUniversal invested an additional $200 million in 2016 after the two companies had collaborated on many projects, namely the Rio Olympics.[43] The companies planned to work together to market themselves to advertisers.[43] Together, Comcast and its NBCUniversal subsidiary own about a third of BuzzFeed. BuzzFeed has said that it intends to stay independent.[52]
After laying off 100 employees in 2017, BuzzFeed laid off 200 of its employees in 2019 to help facilitate growth despite raising revenue by 15% from 2017 to 2018.[53] Facebook began funding two BuzzFeed News shows in 2019 for Watch.[53] Because of the COVID-19 pandemic, on March 25, 2020, BuzzFeed announced in an internal memo that it would cut employee salaries on a sliding scale of 5% (lowest income bracket) up to 25% (highest income bracket). Peretti said he would not be taking a salary until the end of the pandemic. Many staffers expressed relief at this announcement as there were no layoffs.[54] On May 13, 2020, the company shut down its divisions in the UK and Australia, furloughing 10 news staff in the UK as well as four in its Australian outpost.[55][56]
According to a news from June 24, 2021 on Variety, BuzzFeed, valued at $1.5 billion through a SPAC deal, is to go public and acquire Complex Networks for $300 million.[57][58][59]
BuzzFeed raised $16.2M in its latest funding round, which was Post IPO round held on Dec 03, 2021.[60]
In 2025, BuzzFeed had a net loss of $57.3 million, noting that it did not have enough resources to fund its cash obligations for 2026,[32] stating that "there is substantial doubt about the Company's ability to continue as a going concern."[31]
Acquisitions and stock listing
[edit]BuzzFeed's first acquisition was in 2012 when the company purchased Kingfish Labs, a startup founded by Rob Fishman, initially focused on optimizing Facebook ads.[61]
In October 2014, BuzzFeed announced its next acquisition, Torando Labs, which would become BuzzFeed's first data-engineering team.[62]
On November 19, 2020, BuzzFeed announced that they would acquire HuffPost in a stock deal that made Verizon Media minority shareholder in BuzzFeed.[63][64][65]
In June 2021, BuzzFeed announced its plans to go public via a special-purpose acquisition company (SPAC) and planned to acquire Complex Networks.[66] After initially listing on Nasdaq at $10 a share, valuing the company at around $1.5 billion, the share price subsequently declined to under $1 by 2023, leading to a delisting notice by Nasdaq in May 2023, requiring them to raise the share price above $1 within 180 days or risk being removed from the exchange.[67] Once the deadline for this notice passed in November 2023 with the stock price still below $1, they were given a further 180 days until May 2024.[68] By January 2024, the stock price of the company had declined 98% since its initial listing, with the entire company now only worth around $37 million, and the company was significantly burdened with debt.[69] In May 2024, BuzzFeed implemented a 4:1 reverse stock split, bringing them above the $1 a share threshold.[70]
In May 2024, activist investor Vivek Ramaswamy acquired a 7.7% stake in BuzzFeed, making him the fourth-largest shareholder,[71] which he later increased to 8.37%.[72] Ramaswamy said that he thought the company was undervalued,[73] and that he wanted to shift the company's political leanings[72] such as by hiring right-wing media personalities.[74] Elizabeth Lopatto, writing in The Verge, called his effort futile, as voting power in BuzzFeed is primarily in Class B shares, which have 50 times the voting power of the common Class A shares Ramaswamy had purchased. 90% of Class B shares are held by founder Peretti and close associates, meaning that Ramaswamy has little voting power despite his large shareholding.[75]
By March 2026 the stock price had fallen under $1 again to around $0.66-0.75 a share, and Nasdaq again threatened to delist the stock.[36]
Divestitures
[edit]In February 2024, BuzzFeed announced the sale of Complex to NTWRK, a livestream shopping platform, even as it would retain some popular franchises. At the same time, it reportedly considered selling Tasty, a social media food brand. The moves marked a retreat for the company after its December 2021 public listing done to finance acquisitions and came during a difficult period for media companies. It also announced layoffs.[76][77][78][79] In July 2024, the company sold travel-brand Bring Me! to media publisher LOST iN.[80] In December 2024, BuzzFeed sold First We Feast, which produces the show Hot Ones, for $82.5 million to a consortium of investors.[81] According to Reuters, in early 2024 British media group The Independent reportedly discussed a multi-year agreement to acquire control of BuzzFeed and HuffPost's operations in the UK and Ireland.[82]
Film
[edit]In 2014, BuzzFeed launched a motion picture division, initially led by Ze Frank.[83] Pulp Fiction producer Michael Shamberg and comedian-director Jordan Peele joined in advisory roles.[84] In 2016, Jim Parsons was cast as BuzzFeed reporter Matt Stopera in what was to be BuzzFeed's first narrative film, Brother Orange. The movie, based on a viral BuzzFeed article, was eventually released as a documentary in 2025.[85] BuzzFeed Motion Picture Group, later renamed BuzzFeed Studios, releases BuzzFeed's films. In 2024, Richard Alan Reid became president of BuzzFeed Studios.[86]
Narrative films
[edit]| Year | Title | Director(s) | Writer(s) | Distributor |
|---|---|---|---|---|
| 2021 | Stop and Go | Mallory Everton and Stephen Meek | Whitney Call and Mallory Everton | Decal Releasing |
| The End of Us | Steven Kanter and Henry Loevner | Saban Films | ||
| 2022 | Book of Love | Analeine Cal y Mayor | David Quantick, Analeine Cal y Mayor | Amazon Prime Video |
| My Fake Boyfriend | Rose Troche | Luke Albright, Greg Boaldin, Joe Wanjai Ross | Lionsgate | |
| 1Up | Kyle Newman | Julia Yorks | Amazon Studios | |
| Fall | Scott Mann | Scott Mann, Jonathan Frank | Lionsgate | |
| 2023 | The Black Demon | Adrian Grünberg | Boise Esquerra (screenplay) Carlos Cisco (story) |
The Avenue |
| One True Loves | Andy Fickman | Taylor Jenkins Reid, Alex Jenkins Reid (screenplay) Taylor Jenkins Reid (book) | ||
| Puppy Love | Richard Alan Reid, Nick Fabiano | Greg Glienna, Peter Stass, Kirsten Guenther, Dan Scheinkman, Richard Alan Reid | Lionsgate | |
| Dear David | John McPhail | Mike Van Waes (screenplay) Mike Van Waes, Evan Turner (story) Adam Ellis (book) | ||
| EXmas | Dan Steele | Jonah Feingold | Amazon Freevee | |
| 2025 | The Ritual | David Midell | Enrico Natalie, David Midell | XYZ Films |
| F*** Marry Kill | Laura Murphy | Ivan Diaz, Dan Schinkman, Meghan Brown | Lionsgate | |
| 2026 | K-Pops! | Anderson .Paak | Aura Entertainment | |
| Girls Like Girls | Hayley Kiyoko | Hayley Kiyoko, Stefanie Scott | Focus Features | |
| TBD | Basic | Chelsea Devantez | TBD | |
| Egg Baby[87] | Natalia Anderson | Natalia Anderson, Allison Friedman | Amazon MGM Studios | |
| The Girlfriend[88] | Natalie Morales | Glenn Howerton, Richard Appel | TBD | |
| Whodunnit[89] | Nora Kirkpatrick | Nora Kirkpatrick, Jessica Kravitz, Chelsea Catalanotto | TBD | |
Documentary films
[edit]| Year | Title | Director | Distributor |
|---|---|---|---|
| 2025 | Brother Orange | Abe Forman-Greenwald | Gravitas Ventures |
Content
[edit]BuzzFeed produces daily content, in which the work of staff reporters, contributors, syndicated cartoon artists, and its community are featured. Popular formats on the website include lists, videos, and quizzes. The style of such content inspired the parody website ClickHole.[3][90] While BuzzFeed initially was focused exclusively on such viral content, according to The New York Times, "it added more traditional content, building a track record for delivering breaking news and deeply reported articles" in the years up to 2014.[91] In that year, BuzzFeed deleted over 4000 early posts, "apparently because, as time passed, they looked stupider and stupider", as observed by The New Yorker.[92]
BuzzFeed consistently ranked at the top of NewsWhip's "Facebook Publisher Rankings" from December 2013 to April 2014, until The Huffington Post entered the position.[93]
News
[edit]BuzzFeed's news division began in December 2011 with the appointment of Ben Smith as editor-in-chief. In 2013, Pulitzer Prize winner Mark Schoofs of ProPublica was hired as head of investigative reporting.[94] By 2016, BuzzFeed had 20 investigative journalists.[7] Chief executive Jonah Peretti announced the BuzzFeed News division would close on April 20, 2023.[95][96]
Video
[edit]BuzzFeed Video, BuzzFeed Motion Picture's flagship YouTube channel,[97] produces original content. Its production studio and team are based in Los Angeles. Since hiring Ze Frank in 2012, BuzzFeed Video has produced several video series, including "The Try Guys". They also created You Do You and its spinoff Unfortunately Ashly. In August 2014, the company announced a new division, BuzzFeed Motion Pictures, which may produce feature-length films.[91] As of September 1, 2021, BuzzFeed Video's YouTube channel had garnered more than 17.4 billion views and more than 20.3 million subscribers.[98] BuzzFeed later announced that YouTube signed on for two feature-length series to be created by BuzzFeed Motion Pictures, entitled Broke and Squad Wars.[99]
Podcasts
[edit]BuzzFeed started an in-house podcasting team in 2015, through which the podcasts Another Round and Internet Explorer were developed and launched.[100] In September 2018, BuzzFeed shut down its podcast department and laid off the staff due to a lack of desired ad revenue. It cancelled most of its podcasts, including See Something, Say Something.[101][102] In late January 2019, they fired 200 staff across the company and cancelled the remaining podcast, Thirst Aid Kit.[101]
- Former podcasts
- Another Round
- Internet Explorer
- The News
- See Something, Say Something
- Thirst Aid Kit
- Reporting To You
- Rerun
- The Tell Show
- Women of the Hour
Community
[edit] | This section needs to be updated. The reason given is: sources are from 2012-2014. (March 2019) |
On July 17, 2012, humor website McSweeney's Internet Tendency published a satirical piece entitled "Suggested BuzzFeed Articles",[103] prompting BuzzFeed to create many of the suggestions.[104][105][106][107] BuzzFeed listed McSweeney's as a "Community Contributor".[104] The post subsequently received more than 350,000 page views,[105] prompted BuzzFeed to ask for user submissions,[104][108] and received media attention.[105][106][108][109] Subsequently, the website launched the "Community" section in May 2013 to enable users to submit content. Users initially are limited to publishing only one post per day, but may increase their submission capacity by raising their "Cat Power",[110] described on the BuzzFeed website as "an official measure of your rank in BuzzFeed's Community." A user's Cat Power increases as they achieve greater prominence on the site.[111]
In January 2017, BuzzFeed's user-generated community content accumulated 100 million views.[112]
In February 2019, BuzzFeed News voted to unionize, following major layoffs. A dispute between BuzzFeed's upper executives and the union began when the executives failed to show up to a meeting.[113]
Technology and social media
[edit]BuzzFeed receives the majority of its traffic by creating content that is shared on social media websites. BuzzFeed works by judging their content on how viral it will become, operating in a "continuous feedback loop" where all of its articles and videos are used as input for its sophisticated data operation.[46] The site continues to test and track their custom content with an in-house team of data scientists and an external-facing "social dashboard". Using an algorithm dubbed "Viral Rank" created by Jonah Peretti and Duncan Watts, the company uses this formula to let editors, users, and advertisers try many different ideas, which maximizes distribution.[114] Staff writers are ranked by views on an internal leaderboard. In 2014, BuzzFeed received 75% of its views from links on social media outlets such as Pinterest, Twitter, and Facebook.[17][91]
Tasty
[edit]BuzzFeed's video series on comfort food, Tasty, is made for Facebook, where it has 100 million followers as of December 2019.[115] The channel has substantially more views than BuzzFeed's dedicated food site.[116] The channel included five spinoff segments: "Tasty Junior"—which eventually spun off into its own page,[117] "Tasty Happy Hour" (alcoholic beverages), "Tasty Fresh", "Tasty Vegetarian", and "Tasty Story"—which has celebrities making and discussing their own recipes. Tasty has also released a cookbook.[118]
The company also operates international versions of Tasty.[119] Tasty has also released its own kitchenware, which includes several products such as spatulas, cooking sheets, and mixing bowls. These products are sold in collaboration with Walmart.[120]Tasty also sells their "One Top", which is a smart induction cooktop,[121] as well as "Tasty Kits", which are kits that contains cooking items for cooking at home.