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☆ BuzzFeed Sells Complex, a Pop Culture Start-Up, for $108.6 Million
▼ + stars: | 2024-02-21 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com time to read: +1 min

BuzzFeed said on Wednesday that it was selling Complex — a media start-up known for its coverage of streetwear and pop culture — at a significant discount from its purchase price. The buyer is Ntwrk, an e-commerce company backed by LiveNation Entertainment and Main Street Advisors, which is paying $108.6 million for the company. It is also paying BuzzFeed $5.7 million to cover severance expenses of Complex employees whom BuzzFeed is laying off, along with other costs. BuzzFeed is not selling First We Feast, the internet brand associated with Complex behind the popular “Hot Ones” interview series about hot wings. Jonah Peretti, BuzzFeed’s co-founder and chief executive, said in a statement that selling Complex was “an important strategic step” for the company.

Persons: BuzzFeed, Jonah Peretti, BuzzFeed’s Organizations: LiveNation Entertainment, Main Street Advisors

☆ BuzzFeed sells Complex Networks for less than half of what it paid and slashes 16% of staff
▼ + stars: | 2024-02-21 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

“This is also an opportunity to unlock greater value for the Complex brand by combining it with NTWRK’s expansive, commerce-driven business.”The uniting of NTWRK and Complex is, indeed, something of a natural marriage. NTWRK serves as a marketplace for many of the items that Complex covers, such as sneakers. BuzzFeed has been something of an avatar for such struggles among digital publishers. In April, BuzzFeed shut down BuzzFeed News, its award-winning news division that once boasted hundreds of employees and bureaus around the world. Reuters reported last week that The Independent is in talks to take control of the company’s UK operations.

Persons: BuzzFeed, Jonah Peretti, ”, Peretti, NTWRK, ” Peretti, Jimmy Iovine, Goldman Sachs, TikTok Organizations: New, New York CNN, Networks, Digital, New York Times, CNN, Reuters, ”, Universal Music Group, Main Street Advisors, Universal Locations: New York

☆ Blake Lively attended the Super Bowl in nearly half a million dollars worth of jewelry
▼ + stars: | 2024-02-13 | by ( Amanda Krause | ) www.businessinsider.com time to read: +2 min

Blake Lively attended the 2024 Super Bowl with Taylor Swift on Sunday. AdvertisementTickets for the 2024 Super Bowl cost thousands of dollars this year, up to $196,875 per person. But the jewelry that Blake Lively wore to Sunday's game cost more than double that amount. Taylor Swift and Blake Lively attend the 2024 Super Bowl. Ezra Shaw/Getty ImagesIf it's not clear just how expensive Lively's Super Bowl jewelry was, let's put it this way.

Persons: Blake Lively, Taylor Swift, —, Lively, Rob Carr, Elsa Peretti, Ezra Shaw, let's, Usher, Swift Organizations: Adidas, Tiffany, Service

WEST PALM BEACH, Fla. (AP) — The Messenger, an ambitious online news site that billed itself as a nonpartisan digital outlet and spent some $50 million ratcheting up its business effort, abruptly shut down Wednesday after only eight months in operation. In his email, Finkelstein said he hadn't shared the news with employees earlier because he had been trying desperately to raise enough funds to become profitable “literally until earlier today." “We exhausted every option available,” Finkelstein wrote, saying he was “personally devastated.”The Messenger website carried only its name and an email address Wednesday night. Planned cuts also have sparked walkouts by employees at other venues, including the New York Daily News and Forbes magazine. The Messenger was launched last May and spent heavily — some would say excessively, given the current media climate — in hopes of becoming a media heavyweight.

Persons: Jimmy Finkelstein, Finkelstein, hadn't, ” Finkelstein, “, ambitiously, Critics, Jonah Peretti, he'd, ” Organizations: The New York Times, Los Angeles Times, Sports Illustrated, Business, New York Daily News, Forbes, Associated Press, Washington D.C Locations: BEACH, Fla, New York, Washington, Florida

☆ Meta's retreat from news accelerated in 2023, leaving publishers scrambling for traffic
▼ + stars: | 2024-01-22 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +14 min

At Mother Jones, a 48-year-old nonprofit magazine specializing in politics and investigations, the implications were dramatic. "The firehose of Facebook traffic was never going to pay for our journalism, for the majority of our journalism," Bauerlein said. Last decade, many publishers saw their "social traffic decline pretty dramatically," with Facebook deprioritizing text-based articles in favor of video content, Cholke said. "If we all end up finding news in the metaverse, then you'll be finding Mother Jones in the metaverse," she said. What Mother Jones won't do, she said, is "bet everything on one platform, because that never works out."

Persons: Mark Zuckerberg, Sen, John Kennedy, Bill Clark, Reuters Mother Jones, Monika Bauerlein, Mother Jones, Meta, Donald Trump, Bauerlein, Jill Nicholson, Nicholson, Zuckerberg, David Carr, Carr, We've, Meta hasn't, It's, Similarweb, Sam Cholke, John S, Adams, Jonah Peretti, " Peretti, Jessica Probus, BuzzFeed's, BuzzFeed, Probus, Cholke, that's, Chartbeat's Nicholson, Mathew Ingram, Facebook, Ingram, Pew, Elisa Shearer, influencers, Jones Organizations: Facebook, Reuters, Mother, CNBC, Google, Meta, Daily, Comcast, Vice Media, Institute for Nonprofit News, Texas Tribune, Montana Free Press, The Texas Tribune, Institute for Nonprofit, Longtime, Columbia Journalism, Pew Research Center, Pew Locations: Washington, France, Germany, Australia, Helena, American

☆ Celebrating Motherhood by Design
▼ + stars: | 2023-11-20 | by ( Sarah Royce-Greensill | ) www.nytimes.com time to read: +1 min

The often-isolating experience of new motherhood in Western culture also plays into the trend, Ms. Snelgrove wrote. “Some of this mom-identity-proclaiming fashion could be read as a cry for connection. If you’re expected to be performing as a professional while your heart is elsewhere, the desire to keep the kids close via one of these pieces is understandable.”While initials are popular for first-time mothers, other women prefer more discreet markers of motherhood. She has also paid £790 at auction for a vintage Elsa Peretti for Tiffany pendant with three hearts of white, yellow and rose gold to represent her family. “As a single mum it felt important that I’m included, too,” she said.

Persons: Snelgrove, ”, Alexandra Zagalsky, “ I’ve, Ms, Zagalsky, Georg Jensen, Jacqueline Rabun, Elsa Peretti, Tiffany Organizations: Los Locations: London, Los Angeles

Strategizing an outfit for a concert, the 40-year-old communications professor at UNC Wilmington had gotten as far as a black stretch-knit dress from Susana Monaco. “But in photos on Instagram, a plain black dress doesn’t pop,” she said. Jones strapped on a $188 leather belt with an etched silver buckle, debonairly looping it around her dress’s slinky fabric. In the ’80s and ’90s, branded Gucci and Chanel belt buckles served as signal flares for yuppie shoppers. And gutsy dressers are cinching and sculpting sweaters, dresses, shawls and blouses with no belt loops at all.

Persons: KELLY JONES, Susana Monaco, ”, Jones, Halston, Tiffany, Elsa Peretti, Gucci, Miranda Kerr, Jennifer Lopez Organizations: UNC Wilmington, “

☆ BuzzFeed is at risk of getting kicked off the Nasdaq because its stock has been performing so badly
▼ + stars: | 2023-06-03 | by ( Nathan Mcalone | ) www.businessinsider.com time to read: +3 min

BuzzFeed could get kicked off the Nasdaq because its stock price is so low. The digital media company has until November 27 to raise its price or face delisting. BuzzFeed has struggled as a public company and is now trying to pivot to AI and creators. BuzzFeed, once the darling of digital media, is now at risk of getting kicked off the Nasdaq because its stock is doing so badly. BuzzFeed has until November 27 to raise its stock price or it could get booted off the exchange.

Persons: BuzzFeed, J, Clara Chan, We've, Jonah Peretti, it's, Peretti Organizations: Nasdaq, Morning, Securities and Exchange Commission, Hollywood, Facebook

☆ People are loving BuzzFeed's AI-generated quizzes more than their human-generated ones: report
▼ + stars: | 2023-05-16 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +2 min

People spent 40% more time with BuzzFeed's AI quizzes than human-generated ones, per Bloomberg. AI is the new Golden Child, and BuzzFeed's quizzes help prove the point. People spent 40% more time with BuzzFeed's AI quizzes than its traditional, human-generated ones, the company said in an online investor forum, per a May 12 Bloomberg report. Under the "quizzes" tab of its homepage, BuzzFeed now has entire section devoted to AI quizzes. As Futurism reported, BuzzFeed has not made a detailed breakdown of engagement numbers on its quizzes available.

☆ LeBron James' SpringHill is circling Complex Networks as owner BuzzFeed struggles to regroup after layoffs and a stock price plunge
▼ + stars: | 2023-05-04 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

LeBron James and Maverick Carter's SpringHill has had conversations about buying BuzzFeed's Complex Networks, sources said. SpringHill Co., LeBron James and Maverick Carter's media and entertainment venture, has explored buying troubled BuzzFeed's Complex Networks, two sources familiar with the situation said. In addition to Complex Networks, BuzzFeed has HuffPost; food vertical Tasty, which includes licensed cooking products; as well as video series like travel-themed "Bring Me." Complex built long-form, host-driven video series like "Hot Ones" and "Sneaker Shopping" into high-profile brands in their own right. SpringHill Co. is a rollup including SpringHill Entertainment, which Carter founded with LeBron James, his childhood friend.

☆ It might be Jonah Peretti's last chance to turn BuzzFeed around
▼ + stars: | 2023-04-30 | by ( Alex Sherman | ) www.cnbc.com time to read: +2 min

Jonah Peretti, founder and CEO of BuzzFeed, attends his company's public debut outside the Nasdaq in Times Square in New York City, Dec. 6, 2021. To this point, BuzzFeed 's journey as a public company has been a bottomless pit. Co-founder and Chief Executive Jonah Peretti may be running out of time to alter his company's trajectory. Peretti's plan is to boost shares back over $1 by persuading investors he's prepared to run a more profitable company. It's fair to question Peretti's decision-making in not shutting down BuzzFeed News earlier, he acknowledged.

☆ 2023 layoff tracker: The latest on which companies have announced job cuts
▼ + stars: | 2023-04-25 | by ( Jennifer Korn | ) edition.cnn.com time to read: +20 min

New York CNN —BuzzFeed, Lyft, Whole Foods and Deloitte all recently announced layoffs affecting thousands of US workers. With 11,000 job cuts announced in November and the 10,000 announced in March, Meta’s headcount will fall to around 66,000 — a total reduction of about 25%. The company announced in January that it was eliminating some 18,000 positions as part of a major cost-cutting bid at the e-commerce giant. IndeedJob listing website Indeed.com announced cuts of approximately 2,200 employees, representing almost 15% of its total workforce, the company said in March. The cuts come after the company announced several rounds of job cuts throughout the pandemic due to falling demand, followed by rapid hiring last year.

☆ The demise of BuzzFeed News marks the end of an era for digital media
▼ + stars: | 2023-04-21 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

BuzzFeed News, the digital news outlet that harnessed the power of social media to take the internet by storm, is shuttering. Back then, BuzzFeed was the envy of media and its employees the cool kids of the industry. Lists and quizzes saturated social media feeds and dominated the internet. As the dinosaurs of the social media era get their lunch eaten by newcomers such as TikTok, so are the outlets that previously wielded those same platforms as their superpowers. BuzzFeed News gave BuzzFeed writ large prestige that the other content companies of the bygone era (ViralNova, Distractify, etc.)

The reason this news pioneer is closingBuzzFeed’s decision to shut its news division — an innovator in digital journalism that published both prizewinning investigations and listicles designed to get clicks — drew many bittersweet tributes online. But its closure is the latest reminder that digital media start-ups, which deep-pocketed investors once valued at astronomical sums, are facing headwinds. With even tech giants struggling to navigate hurdles like a declining advertising market, smaller companies are facing potentially existential crises. BuzzFeed and its peers have also suffered from the same drop-off in online ads that is forcing sharp job cuts at Alphabet, Meta and others. BuzzFeed used one to list on the Nasdaq in late 2021 — and ended up raising just $16 million, far short of the $250 million it could have collected.

☆ BuzzFeed News Is Shutting Down as BuzzFeed Lays Off 15% of Staff
▼ + stars: | 2023-04-20 | by ( Alexandra Bruell | ) www.wsj.com time to read: 1 min

The company will no longer invest in BuzzFeed News as a stand-alone entity. Photo: Tiffany Hagler-Geard/Bloomberg NewsBuzzFeed Inc. is laying off 15% of its staff and making plans to end BuzzFeed News, as it contends with ongoing business challenges, Chief Executive Jonah Peretti said in a note to employees on Thursday. The company is laying off about 180 people of its total base of 1,200 employees. Chief Revenue Officer Edgar Hernandez and Chief Operating Officer Christian Baesler are departing, BuzzFeed said.

☆ BuzzFeed Moves to Close BuzzFeed News, Lays Off 15% of Staff
▼ + stars: | 2023-04-20 | by ( Alexandra Bruell | ) www.wsj.com time to read: 1 min

☆ BuzzFeed News Is Shutting Down, and Vice World News Could Be Next
▼ + stars: | 2023-04-20 | by ( Alexandra Bruell | Jessica Toonkel | ) www.wsj.com time to read: 1 min

☆ BuzzFeed is shutting down its news arm and parting with 2 top executives
▼ + stars: | 2023-04-20 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

BuzzFeed News is shutting down as part of broader cuts at BuzzFeed that sent its stock price tumbling. The digital media company has struggled financially since its 2021 IPO. BuzzFeed is shutting down BuzzFeed News along with making layoffs of 15% in divisions across the organization, according to a memo shared with Insider. Two top BuzzFeed execs, Christian Baesler, COO, and Edgar Hernandez, CRO, are leaving the company as well. A handful of top execs from BuzzFeed's Complex Networks left as part of that round, including Complex's president, Justin Killion.

☆ The New Tiffany, Unboxed
▼ + stars: | 2023-04-20 | by ( Alex Vadukul | ) www.nytimes.com time to read: +1 min

For nearly four years, the Tiffany & Company flagship store on the corner of Fifth Avenue and East 57th Street was shrouded in scaffolding while it underwent a full-bore renovation. In the days before the reopening, set for April 28, a Tiffany executive vice president, Alexandre Arnault, and the company’s chief executive, Anthony Ledru, monitored final preparations as they whispered to each other in French. Display cases glittered with Tiffany pieces — heart tag bracelets, Elsa Peretti Bone cuffs and Paloma Picasso necklaces. Digital screens encircling the room showed an animation of a diamond-encrusted bird fluttering across the New York City skyline. We decided to do both.”He gestured toward the digitized bird, noting that it was based on a design by the noted Tiffany jewelry artist Jean Schlumberger.

☆ BuzzFeed to shut news unit to focus on HuffPost and cut 15% staff
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

April 20 (Reuters) - BuzzFeed Inc (BZFD.O) said it will shut down its news division with an aim to consolidate its news content in HuffPost and cut its workforce by 15%, sending the shares of the digital media company down 10% on Thursday. The second round of job cuts will affect 180 employees in teams including business, content, tech and admin, CEO Jonah Peretti said in an email to staff. It had previously cut 12% of its staff in December. The company said the affected News staff would be considered for open roles at the main site BuzzFeed.com and HuffPost, which it had acquired in 2020. As part of the restructuring, the company said Chief Revenue Officer Edgar Hernandez and Chief Operating Officer Christian Baesler have decided to leave.

☆ BuzzFeed Shuts Down Its Namesake News Division
▼ + stars: | 2023-04-20 | by ( Benjamin Mullin | Katie Robertson | ) www.nytimes.com time to read: +1 min

BuzzFeed is shutting down its namesake news division, which won acclaim for its journalism but fell prey to the punishing economics of digital publishing that has laid low many of its peers. Jonah Peretti, BuzzFeed’s chief executive, said in an email to employees on Thursday that he was closing BuzzFeed News as part of a broader round of cuts at the company. About 60 people will be affected by the shuttering of the news division, some of whom will be offered jobs at other parts of the company. BuzzFeed’s decision is the latest in a series of financial setbacks faced by digital media companies. The media industry writ large has pivoted to focus on streaming, and digital advertising — a mainstay for digital publishing companies — is increasingly going to tech platforms such as Instagram and TikTok.

BuzzFeed wasn't the only digital media company to announce layoffs Thursday. Miller added that going public is probably not the best strategy for digital media companies like Buzzfeed. The news comes during a tough period for digital media companies as publishers are cutting staff as advertisers reduce spending. BuzzFeed will lay off 15% of staff and shut down its news unit, BuzzFeed CEO Jonah Peretti wrote in an email to staff Thursday. The digital media company scaled back its news operation in an attempt to make BuzzFeed News profitable, resulting in the departure of several editors.

☆ BuzzFeed News will shut down
▼ + stars: | 2023-04-20 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

New York CNN —BuzzFeed News, the Pulitzer Prize-winning digital news website that that took the internet by storm roughly a decade ago and inspired jealousy from legacy media organizations, will shutter, BuzzFeed chief executive Jonah Peretti announced Thursday. “While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization,” Peretti told staffers. BuzzFeed has “begun discussions with the News Guild,” the union which represents staffers at the company, about the actions. “HuffPost and BuzzFeed Dot Com have signaled that they will open a number of select roles for members of BuzzFeed News,” Peretti told employees. The news that BuzzFeed News will shutter prompted an outpouring of messages posted online from former BuzzFeed News staffers who expressed sadness and dismay.

☆ The digital media rollup dream is dead for the moment — now it's all about core brand strength
▼ + stars: | 2023-03-26 | by ( Alex Sherman | ) www.cnbc.com time to read: +8 min

What's happening in the digital media space echoes trends from the biggest media companies, including Netflix , Disney and Warner Bros. The rollup dream's rise and fallFrom late 2018 to early 2022, the digital media industry had a shared goal. First, digital media companies needed more scale to compete with Facebook and Google for digital advertising dollars. Large legacy media companies such as Disney and Comcast 's NBCUniversal invested hundreds of millions in digital media in the early and mid-2010s. "The digital media rollup has proven successful only when assets are thoughtfully combined with an eye toward consumers," Goldberg said.

☆ BuzzFeed writers react with a mix of disappointment and excitement at news that AI-generated content is coming to the website
▼ + stars: | 2023-01-30 | by ( Aaron Mok | ) www.businessinsider.com time to read: +6 min

Some BuzzFeed writers told Insider that they are disappointed by the company's move to use AI for content. But one BuzzFeed staffer said that its an exciting development and that it won't replace jobs. But she worries that the quality of BuzzFeed content will suffer as a result. But a second BuzzFeed staffer told Insider that she isn't worried that AI will replace writers at the company. "I think the actual applications of how this will apply to new quiz formats is exciting," the second BuzzFeed staffer said.

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