BuzzFeed on Thursday agreed to a deal that allows Independent Digital News and Media to take over its U.K. website and other titles in Britain and Ireland.
The deal also covers BuzzFeed's HuffPost, food network Tasty, and Seasoned, a platform for Black British audiences in the UK and Ireland.
The Independent will also take over BuzzFeed's commercial and editorial staff in the UK and Ireland, in addition to running the websites. The companies announced this in a statement..
According to Bloomberg, about 30 employees from BuzzFeed will join the Independent. Bloomberg reported this.No layoffs were confirmed as part of the deal, but sources did not comment on the possibility of future job cuts.
The financial terms and duration of the deal were not disclosed.
The companies described this as forming a “digital supergroup” under the Independent’s management.
They will integrate their publishing, data, and ad-tech platforms to allow commercial partners to easily advertise across their sites, reaching half of all British consumers combined, especially Gen Z and Millennial audiences.
Independent CEO Christian Broughton sees this as a significant advancement for their business.
This is the latest setback for BuzzFeed in a series, as the digital media landscape has deteriorated since it went public in December 2021 with a valuation of about $1.5 billion. That was in December 2021. However, by the end of the year, its stock began declining rapidly due to the struggling online advertising market caused by reduced traffic from social media sites.
After facing years of difficulties, the company closed its newsroom in April 2023 and laid off 15% of its staff. This was when it shut down its newsroom. In February, the company sold its culture and content platform, Complex, and has also been seeking buyers for its food sites Tasty and First We Feast.
BuzzFeed They sold Complex.In addition, BuzzFeed has been looking for buyers for its food sites. Following the news, BuzzFeed's shares rose over 3 cents, or nearly 9%, to reach 43.5 cents in midday trading on Thursday. The stock had last surpassed $1 in March 2023. BuzzFeed continues to struggle as digital media brands combine their platforms for publishing, data, and advertising.
The news sent BuzzFeed shares higher in midday trading Thursday, adding over 3 cents, or nearly 9%, to trade at 43.5 cents. The stock last topped $1 in March 2023.