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Patrick J. Kerins, a significant shareholder in BuzzFeed, Inc. (NASDAQ:BZFD), has sold a portion of his holdings in the company, according to a recent regulatory filing. The transactions, which occurred over several days, involved the sale of a total of 21,531 shares of BuzzFeed’s Class A Common Stock. The sale comes as BuzzFeed, currently valued at $76.57 million, faces challenging market conditions with InvestingPro data showing the stock has declined nearly 25% year-to-date.
The sales took place on March 4, 5, and 6, 2025, at prices ranging from $2.0372 to $2.1005 per share. The total value of the shares sold amounted to $44,615. Following these transactions, Kerins retains ownership of 3,812,942 shares indirectly, as per the filing. Technical indicators from InvestingPro suggest the stock is currently in oversold territory, with the company’s financial health score rated as WEAK amid significant debt obligations.
Kerins is a ten percent owner of BuzzFeed, but he is not currently serving as a director or officer of the company. The filing also notes that the shares are held indirectly through New Enterprise Associates 13, L.P., where Kerins holds a directorial position but disclaims beneficial ownership of the securities. For deeper insights into BuzzFeed’s financial health and insider trading patterns, InvestingPro subscribers can access comprehensive analysis and 12 additional ProTips about the company’s current situation.
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 move is part of BuzzFeed’s strategy to focus on higher-margin, tech-driven revenue streams, including programmatic advertising and affiliate commerce, while leveraging artificial intelligence in media. 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. Additionally, BuzzFeed has reduced its debt by over $150 million since December 31, 2023, strengthening its balance sheet as it enters 2025.
BuzzFeed recently announced workforce reductions at HuffPost, aiming for a 5% cut in its workforce to streamline operations and reduce costs. The company expects restructuring charges between $1.8 million and $2.0 million, with projected annual pre-tax savings of approximately $4.0 million starting from the second quarter of 2025. In another development, BuzzFeed extended the option repurchase date to March 31, 2025, by paying a $0.9 million cash fee to the Wilmington Savings Fund Society, FSB, as part of its financial strategy.
BuzzFeed has also approved bonuses for its top executives, including CEO Jonah Peretti, as part of its compensation strategy. Peretti will receive a cash bonus of $50,076 and 10,241 restricted stock units, while other key executives will receive similar compensatory packages. These developments underscore BuzzFeed’s ongoing efforts to manage its financial obligations and align its business strategy with evolving market conditions.
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