BuzzFeed, Inc. Makes Strategic & Organizational Changes to Improve Profitability After Challenging Q4 and Full Year 2023

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[{"type":"text","content":"\nCompany Renews Focus on High-Margin Revenue Streams and Owned & Operated Properties and Strengthens Balance Sheet for 2024\n\n\nSale of Complex Marks an Important Milestone for BuzzFeed, Inc.\n\n\n NEW YORK--(BUSINESS WIRE)--\nBuzzFeed, Inc.’s (“BuzzFeed” or the “Company”) (Nasdaq: BZFD) fourth quarter and full year (ended December 31, 2023) financial results were in line with its revised outlook shared in February, but fell short of its initial expectations. Looking ahead, following key strategic organizational changes, BuzzFeed is optimistic about 2024 with a commitment to high-margin revenue streams and a renewed focus on its owned and operated websites and apps.\n\n\n“Three months into 2024, it’s clear BuzzFeed and digital media are at an inflection point,” said Jonah Peretti, BuzzFeed Founder & CEO. “We’ve restructured our business to focus on our scalable, high-margin, and tech-led revenue streams. We are leveraging AI tools to optimize our owned and operated platforms, accelerate innovation, and make our sites and apps more engaging, more personalized and more rewarding for all. Despite challenges over the past year, I’m optimistic about BuzzFeed's trajectory in 2024. I believe we have a tremendous opportunity in front of us to build the defining media company for the AI era.”\n\n\n2023 Full Year Financial and Operational Highlights for Continuing Operations (excluding Complex)1\n\n\n\nBuzzFeed delivered Full Year 2023 revenues of $252.7 million, declining 26% compared to 2022\n\n\nAdvertising revenue declined 31% year-over-year to $115.6 million\n\n\n\nContent revenue declined 31% year-over-year to $83.6 million\n\n\n\nCommerce and other revenues were relatively flat year-over-year at $53.4 million\n\n\n\n\n\n\nNet loss from continuing operations was $60.3 million, compared to a net loss of $140.5 million in 2022\n\n\n\nAdjusted EBITDA2 loss was $4.7 million, compared to Adjusted EBITDA of $0.3 million in 2022\n\n\n\nIn 2023, audience Time Spent3 with our content was 306 million hours. Time Spent on our owned and operated properties grew 3% year-over-year, while Time Spent with our content on third-party platforms declined 32% year-over-year\n\n\n\nBuzzFeed ended the period with cash and cash equivalents of approximately $36 million\n\n\n\n\n_________________________________\n\n\n\n1The Company determined the assets of...

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