BuzzFeed, Inc. (BZFD): restructuring charge — BuzzFeed cuts 15% of workforce, shuts BuzzFeed News; estimates $7-11M in restructuring charges

BuzzFeed, Inc.

Workforce reduction of ~15% across all teams; BuzzFeed News closed as standalone brand; HuffPost remains.
Estimated restructuring charges of $7-11 million, primarily cash, recognized in Q2 2023.
COO Christian Baesler departs April 28; CRO Edgar Hernandez exits; President Marcela Martin leads revenue.
Q1 2023 revenue and Adjusted EBITDA in line with prior guidance; Q1 earnings call scheduled May 9.

item 2.05 item 5.02 item 2.02 item 9.01

Executive movements

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Departed

Christian Baesler

Chief Operating Officer

BZFD · BuzzFeed, Inc.

Effective: 2023-04-28
Filed: April 20, 2023, 7:59 PM ET

Christian Baesler will be departing the Company, effective April 28, 2023, in order to pursue other opportunities outside of the Company.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BuzzFeed, Inc. updated its the quarter ended March 31, 2023 guidance (reaffirmed).

Period: the quarter ended March 31, 2023
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

The Company expects to announce revenue and Adjusted EBITDA for the quarter ended March 31, 2023 in line with the outlook provided on the Company's fourth quarter 2022 earnings conference call on March 13, 2023.

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Executive change SEC 8-K Item 5.02 confidence 0.95

Christian Baesler departed as Chief Operating Officer at BuzzFeed, Inc..

Action: departing
Role: Chief Operating Officer

Exact text from the filing

Christian Baesler will be departing the Company, effective April 28, 2023, in order to pursue other opportunities outside of the Company.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

BuzzFeed, Inc. announced a restructuring with charges of $7 million to $11 million (approximately 15 percent reduction in the current workforce).

Type: restructuring
Charge: $7 million to $11 million
Headcount: approximately 15 percent reduction in the current workforce

Exact text from the filing

of providing, where required, WARN notice, and severance, including outplacement services and benefits continuation. We estimate that the foregoing charges will range between $7 million to $11 million, and we expect the charges will be recognized primarily in the second quarter of 2023, with the majority of such charges anticipated to be paid by the end of the

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BuzzFeed, Inc. filing history →

Source: SEC EDGAR

accession 0001828972-23-000062

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