Sunday, December 3, 2023

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    Why BuzzFeed might as well sell Complex

    In an all-hands meeting held on yesterday afternoon, BuzzFeed CEO Jonah Peretti told staff that his former strategy to consolidate large media companies — such as BuzzFeed, Complex Networks and HuffPost — into a large conglomerate “has not worked the way we hoped,” according to transcribed notes from the meeting shared with Digiday by a BuzzFeed spokesperson.

    According to one current and two former staffers, that’s a bit of an understatement.

    After going public via special purpose acquisition company (SPAC) in Dec. 2021, every action the company has taken over the past two years has been put on display for all to see: From its growing debt and declining revenue to its multiple rounds of layoffs and the shuttering of BuzzFeed News to an impending stock delisting deadline. BuzzFeed is also reportedly looking to sell Complex, the company it acquired for $300 million in June 2021, as part of its SPAC efforts.

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