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Had no idea they went public. https://www.google.com/finance/quote/BZFD:NASDAQ https://www.google.com/finance/quote/BZFD:NASDAQ The finance trend is going sou

by pcurve 4y ago

Had no idea they went public. https://www.google.com/finance/quote/BZFD:NASDAQ https://www.google.com/finance/quote/BZFD:NASDAQ The finance trend is going south. :-/

SilverBirch 4y ago
Some background - they didn't IPO. They deSPAC'd, the idea being to raise a load of cash and then go on an acquisition spree, get scale, and therefore get leverage with ad buyers. So they did this thinking they'd raise $300m. But due to the weird way SPACs work, 94% of the investors walked away rather than close the deal, so rather than raise 300, they raised 16mil. So suddenly they're a public company, they've raised basically no money, they've got no scale - which was their entire plan. They've just been bleeding to death since then, and Buzzfeed News is something the CEO loves, but loses money hand over fist and he's finally had to let his baby die.
- pcurve 4y ago
  ah.. thanks for the detailed explanation. That's unfortunate. :-/
- majani 4y ago
  Jesus Christ, and this was at the height of the covid bubble. Faith in content sites is currently at rock bottom
drak0n1c 4y ago
They also had a big unionization effort in 2019 and new contract negotiations in 2021. An honest effort, but it led to financially limiting conditions for a company that was increasingly lacking revenue. https://fortune.com/2019/02/13/buzzfeed-union-layoffs/ https://fortune.com/2019/02/13/buzzfeed-union-layoffs/ https://www.nyguild.org/front-page-details/buzzfeed-news-union-ratifies-monumental-first-contract https://www.nyguild.org/front-page-details/buzzfeed-news-uni...