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Patrick J. Kerins, a significant shareholder of BuzzFeed, Inc. (NASDAQ:BZFD), recently sold shares of the company’s Class A Common Stock, according to a regulatory filing. The transactions occurred on March 7 and March 11, 2025. The sales come as BuzzFeed faces financial challenges, with InvestingPro data showing a WEAK overall financial health score and significant debt burden.
On March 7, Kerins sold 33,848 shares at a weighted average price of approximately $2.0563 per share, with prices ranging from $2.01 to $2.078. Following this transaction, he held 3,778,094 shares indirectly through New Enterprise Associates 13, L.P.
On March 11, Kerins sold an additional 13,629 shares at a weighted average price of $1.9532 per share, with prices ranging from $1.94 to $1.98. After this sale, his indirect holdings decreased to 3,764,465 shares.
The total value of these transactions amounted to $96,221. Kerins is associated with New Enterprise Associates 13, L.P., which holds the shares directly. He disclaims beneficial ownership of the securities held by NEA 13 in which he has no pecuniary interest. The company’s market capitalization currently stands at $74.48 million, with the stock showing significant volatility and trading near $1.94.
In other recent news, BuzzFeed, Inc. has finalized the sale of its culinary brand, First We Feast, to a group led by Soros Fund Management LLC for $82.5 million in cash. This transaction has allowed BuzzFeed to exceed its remaining debt with its cash balance, as detailed in a recent SEC filing. The company has provided guidance for its fourth-quarter earnings, projecting revenues between $54 million and $58 million and an Adjusted EBITDA of $4 million to $9 million. BuzzFeed’s CFO, Matt Omer, noted the anticipated year-over-year growth in key revenue sectors and an expected increase in Adjusted EBITDA of $12.7 million from the previous year.
Additionally, BuzzFeed has announced a 5% workforce reduction at HuffPost, aiming to streamline operations and cut costs. The company expects restructuring charges between $1.8 million and $2.0 million, with annual pre-tax savings of approximately $4.0 million anticipated from the second quarter of 2025. In a separate development, BuzzFeed has extended the deadline for Option Repurchase Notices to March 31, 2025, by paying a $0.9 million cash fee to Wilmington Savings Fund Society, FSB. This extension is part of BuzzFeed’s ongoing financial strategy to manage its obligations.
Furthermore, BuzzFeed has approved bonuses for top executives, including CEO Jonah Peretti, who will receive a cash bonus and restricted stock units. This decision aligns with the company’s strategy to incentivize its leadership team. These developments reflect BuzzFeed’s efforts to adapt to changing market conditions and focus on higher-margin, tech-driven revenue streams.
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