0001104659-22-003154 | S-1 | XBRL Viewer

$ 145,597,000

246,799,000

329,832,000

20,188,000

63,591,000

Commitments and Contingencies (Note 5)

100,510,000

97,683,000

(362,553,000)

Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit)

(268,782,000)

329,832,000

Class A Common Stock

1,000

Class B Common Stock

3,000

59,820

Prepaid expenses

549,821

Investments held in Trust Account

609,641

287,510,994

288,120,635

Accounts payable

469,346

Working capital loan - related party

70,000

Franchise tax payable

149,589

1,000,000

1,688,935

Warrant liabilities

12,214,442

Commitments and Contingencies (Note 5)

13,903,377

Class A common stock subject to possible redemption, $0.0001 par value; 28,750,000 and 0 shares at $10.00 per share redemption value as of September 30, 2021 and December 31, 2020, respectively

287,500,000

Preferred stock, $0.0001 par value 5,000,000 shares authorized none issued and outstanding as of September 30, 2021 and December 31, 2020

(13,283,539)

Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit)

(13,282,742)

288,120,635

890 5TH AVENUE PARTNERS, INC. | Class A Common Stock

890 5TH AVENUE PARTNERS, INC. | Class F Common Stock

$ 719

^[1]

[1]

As of December 31, 2020, includes up to 937,500 shares of Class F common stock subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. On January 14, 2021, the over-allotment option was exercised in full. Thus, none of these shares were forfeited.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Preferred stock, shares authorized	29,626,090	29,626,090
Preferred stock, shares issued	29,626,090	29,626,090
Preferred stock, shares outstanding	29,626,090	29,626,090
Class B Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common shares, shares authorized	500,000,000	500,000,000
Common shares, shares issued	27,391,338	34,362,554
Common shares, shares outstanding	27,143,111	34,114,327
Class A Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common shares, shares authorized	500,000,000	500,000,000
Common shares, shares issued	12,803,162	5,034,459
Common shares, shares outstanding	5,081,771	5,034,459
890 5TH AVENUE PARTNERS, INC.
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Purchase price, per unit	$ 10.00	$ 10.00
890 5TH AVENUE PARTNERS, INC. \| Class F Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common shares, shares authorized	25,000,000	25,000,000
Common shares, shares issued	7,187,500	7,187,500
Common shares, shares outstanding	7,187,500	7,187,500
890 5TH AVENUE PARTNERS, INC. \| Class F Common Stock \| Over-allotment option
Maximum shares subject to forfeiture		937,500
890 5TH AVENUE PARTNERS, INC. \| Class A Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common shares, shares authorized	500,000,000	500,000,000
Common shares, shares issued	777,500	0
Common shares, shares outstanding	777,500	0
Share subject to possible redemption (in shares)	28,750,000
Purchase price, per unit	$ 10.00	$ 11.50
890 5TH AVENUE PARTNERS, INC. \| Class A Common Stock Subject to Redemption
Common stock, par value	$ 0.0001	$ 0.0001
Share subject to possible redemption (in shares)	28,750,000	0
Purchase price, per unit	$ 10.00	$ 10.00

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Operating expenses
General and administrative expenses	$ 19,829,000	$ 65,274,000
Loss from operations	(881,000)	(17,817,000)
Net loss	$ (3,786,000)	$ (15,735,000)
Weighted Average Number of Shares Outstanding, Basic	60,840	57,072
Weighted Average Number of Shares Outstanding, Diluted	60,840	57,072
Earnings Per Share, Basic	$ (0.06)	$ (0.28)
Earnings Per Share, Diluted	$ (0.06)	$ (0.28)
890 5TH AVENUE PARTNERS, INC.
Operating expenses
General and administrative expenses	$ 416,535	$ 2,317,651
Administrative fee - related party	60,000	180,000
Franchise tax expense	50,411	149,589
Loss from operations	(526,946)	(2,647,240)
Change in fair value of warrant liabilities	109,592	(806,967)
Offering costs associated with issuance of public and private warrants		(231,566)
Net gain from investments held in Trust Account	3,024	10,994
Net loss	$ (414,330)	$ (3,674,779)
890 5TH AVENUE PARTNERS, INC. \| Class A Common Stock
Operating expenses
Weighted Average Number of Shares Outstanding, Basic	29,527,500	28,121,429
Weighted Average Number of Shares Outstanding, Diluted	29,527,500	28,121,429
Earnings Per Share, Basic	$ (0.01)	$ (0.10)
Earnings Per Share, Diluted	$ (0.01)	$ (0.10)
890 5TH AVENUE PARTNERS, INC. \| Class F Common Stock
Operating expenses
Weighted Average Number of Shares Outstanding, Basic	7,187,500	7,142,857
Weighted Average Number of Shares Outstanding, Diluted	7,187,500	7,142,857
Earnings Per Share, Basic	$ (0.01)	$ (0.10)
Earnings Per Share, Diluted	$ (0.01)	$ (0.10)

CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) - shares	Sep. 30, 2021	Dec. 31, 2020
890 5TH AVENUE PARTNERS, INC. \| Class A Common Stock Subject to Redemption
Temporary equity, shares outstanding	28,750,000	0

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	890 5TH AVENUE PARTNERS, INC. Class A Common Stock Common Stock	890 5TH AVENUE PARTNERS, INC. Class F Common Stock Common Stock	890 5TH AVENUE PARTNERS, INC. Additional Paid-In Capital	890 5TH AVENUE PARTNERS, INC. Accumulated Deficit	890 5TH AVENUE PARTNERS, INC.	Class A Common Stock Common Stock	Class B Common Stock Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2017						$ 1,000	$ 3,000	$ 27,174,000	$ (242,427,000)	$ (216,959,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income									(77,535,000)	(77,535,000)
Balance at Dec. 31, 2018						1,000	3,000	32,834,000	(319,962,000)	(290,050,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income									(37,192,000)	(37,192,000)
Balance at Dec. 31, 2019						1,000	3,000	35,842,000	(357,154,000)	(323,371,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income									10,336,000	10,336,000
Balance at Dec. 31, 2020		$ 719	$ 24,281	$ (11,306)	$ 13,694	1,000	3,000	37,190,000	(346,818,000)	(313,803,000)
Balance (in shares) at Dec. 31, 2020		7,187,500
Balance at Sep. 08, 2020		$ 0	0	0	0
Balance (in shares) at Sep. 08, 2020		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of units in initial public offering, less derivative liabilities for public warrants		$ 719	24,281	0	25,000
Sale of units in initial public offering, less derivative liabilities for public warrants (in shares)		7,187,500
Net income		$ 0	0	(11,306)	(11,306)
Balance at Dec. 31, 2020		$ 719	24,281	(11,306)	13,694	1,000	3,000	37,190,000	(346,818,000)	(313,803,000)
Balance (in shares) at Dec. 31, 2020		7,187,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of units in initial public offering, less derivative liabilities for public warrants								34,999,000		35,000,000
Accretion on Class A common stock subject to possible redemption amount			(7,508,394)	(9,597,454)	(17,105,848)
Sale of units in private placement, less derivative liabilities for private placement warrants	$ 78		7,484,113	0	7,484,191
Sale of units in private placement, less derivative liabilities for private placement warrants (in shares)	777,500
Net income			0	1,040,995	1,040,995
Balance at Mar. 31, 2021	$ 78	$ 719	0	(8,567,765)	(8,566,968)
Balance (in shares) at Mar. 31, 2021	777,500	7,187,500
Balance at Dec. 31, 2020		$ 719	24,281	(11,306)	13,694	1,000	3,000	37,190,000	(346,818,000)	(313,803,000)
Balance (in shares) at Dec. 31, 2020		7,187,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion on Class A common stock subject to possible redemption amount					(17,105,848)
Net income					(3,260,449)
Balance at Jun. 30, 2021	$ 78	$ 719	0	(12,869,209)	(12,868,412)
Balance (in shares) at Jun. 30, 2021	777,500	7,187,500
Balance at Dec. 31, 2020		$ 719	24,281	(11,306)	13,694	$ 1,000	$ 3,000	$ 37,190,000	$ (346,818,000)	(313,803,000)
Balance (in shares) at Dec. 31, 2020		7,187,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion on Class A common stock subject to possible redemption amount					(17,105,848)
Net income					(3,674,779)					(15,735,000)
Balance at Sep. 30, 2021	$ 78	$ 719	0	(13,283,539)	(13,282,742)					(268,782,000)
Balance (in shares) at Sep. 30, 2021	777,500	7,187,500
Balance at Mar. 31, 2021	$ 78	$ 719	0	(8,567,765)	(8,566,968)
Balance (in shares) at Mar. 31, 2021	777,500	7,187,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			0	(4,301,444)	(4,301,444)
Balance at Jun. 30, 2021	$ 78	$ 719	0	(12,869,209)	(12,868,412)
Balance (in shares) at Jun. 30, 2021	777,500	7,187,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			0	(414,330)	(414,330)					(3,786,000)
Balance at Sep. 30, 2021	$ 78	$ 719	$ 0	$ (13,283,539)	$ (13,282,742)					$ (268,782,000)
Balance (in shares) at Sep. 30, 2021	777,500	7,187,500

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - 890 5TH AVENUE PARTNERS, INC. - shares	Jan. 14, 2021	Dec. 31, 2020	Oct. 31, 2020
Common stock subject to redemption \| Over-allotment option
Maximum shares subject to forfeiture		937,500
Class F Common Stock
Maximum shares subject to forfeiture	937,500		937,500
Class F Common Stock \| Over-allotment option
Maximum shares subject to forfeiture		937,500

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS	9 Months Ended
	Sep. 30, 2021 USD ($)
Cash Flows from Operating Activities:
Net loss	$ (15,696,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income tax provision	(4,336,000)
Changes in operating assets and liabilities:
Net cash used in operating activities	10,898,000
Cash Flows from Investing Activities
Net cash used in investing activities	(4,900,000)
Cash Flows from Financing Activities:
Proceeds from issuance of common stock to Sponsor	35,000,000
Net cash provided by financing activities	34,277,000
Net change in cash	39,471,000
Cash - end of the period	145,597,000
Supplemental disclosure of noncash activities:
Cash - beginning of the period	106,126,000
890 5TH AVENUE PARTNERS, INC.
Cash Flows from Operating Activities:
Net loss	(3,674,779)
Adjustments to reconcile net loss to net cash used in operating activities:
Unrealized gain from investments held in Trust Account	(10,994)
Offering costs associated with issuance of public and private warrants	231,566
Change in fair value of warrant liabilities	806,967
Changes in operating assets and liabilities:
Prepaid expenses	(543,006)
Accounts payable	349,077
Accrued expenses	(79,731)
Franchise tax payable	149,139
Net cash used in operating activities	(2,771,761)
Cash Flows from Investing Activities
Cash deposited in Trust Account	(287,500,000)
Net cash used in investing activities	(287,500,000)
Cash Flows from Financing Activities:
Proceeds received from initial public offering, gross	287,500,000
Proceeds received from private placement	7,775,000
Advances from related party	20,125
Proceeds from working capital loan - related party	1,000,000
Repayment of advances from related party	(33,175)
Repayment of note payable to related party	(300,000)
Payment of offering costs	(5,832,150)
Net cash provided by financing activities	290,129,800
Net change in cash	(141,961)
Cash - end of the period	59,820
Supplemental disclosure of noncash activities:
Offering costs included in accrued expenses	70,000
Cash - beginning of the period	$ 201,781

Description of Organization and Business Operations

4 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Description of Organization and Business Operations

890 5TH AVENUE PARTNERS, INC.

NOTES TO FINANCIAL STATEMENTS

Note 1 — Description of Organization and Business Operations

Organization and General

890 5th Avenue Partners, Inc. (the “Company”) is a blank check company incorporated in Delaware on September 9, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies.

As of December 31, 2020, the Company had not commenced any operations. All activity for the period from September 9, 2020 (inception) through December 31, 2020 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”) described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.

Sponsor and Financing

The Company’s sponsor is 200 Park Avenue Partners, LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on January 11, 2021. On January 14, 2021, the Company consummated its Initial Public Offering of 28,750,000 units (the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”), including 3,750,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $287.5 million, and incurring offering costs of approximately $6.2 million.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 777,500 units (each, a “Private Placement Unit” and collectively, the “Private Placement Units”) at a price of $10.00 per Private Placement Unit to the Sponsor, PA 2 Co-Investment LLC (an affiliate of Cowen and Company, LLC, a representative of the underwriters), and Craig-Hallum Capital Group LLC (a representative of the underwriters) and its affiliate, generating proceeds of approximately $7.8 million (Note 5).

Trust Account

Upon the closing of the Initial Public Offering and the Private Placement, an aggregate of $287.5 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was held in a trust account (“Trust Account”) located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and invested only in U.S. “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”) having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.

Initial Business Combination

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (excluding taxes payable on the income earned on the trust account) at the time of signing a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the voting

securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.

The Company will provide the holders (the “Public Stockholders”) of the Public Shares with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially anticipated to be $10.00 per Public Share). The Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination. The Company will not redeem the Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “A&R Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders (as defined below) agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial stockholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination.

The A&R Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company.

The holders of the Founder Shares (as defined in Note 4) prior to the Initial Public Offering (the “initial stockholders”) agreed not to propose an amendment to the A&R Certificate of Incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.

If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or January 14, 2023 (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the Public Shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law; and (3) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The initial stockholders agreed to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period.

entered into a letter of intent, confidentiality or other similar agreement or business combination agreement (a “Target”), reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or Target that executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Liquidity and Capital Resources

As of December 31, 2020, the Company had approximately $202,000 in cash, and working capital deficit of approximately $325,000, excluding franchise tax payable.

Based on the foregoing, management has since reevaluated the Company’s liquidity and financial condition and believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using the funds held outside of the Trust Account for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

Note 1—Description of Organization and Business Operations

Organization and General

As of September 30, 2021, the Company had not commenced any operations. All activity for the period from September 9, 2020 (inception) through September 30, 2021, relates to the Company’s formation, the initial public offering (the “Initial Public Offering”) described below, the search for and evaluation and due diligence of potential targets for an initial business combination, and the negotiation and drafting of documentation for the Business Combination and Convertible Note Financing (as defined below). The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on investments held in the trust account from the proceeds from the Initial Public Offering and the sale of the private placement.

Sponsor and Financing

Trust Account

Initial Business Combination

The Company will provide the holders of the Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially anticipated to be $10.00 per Public Share). The Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination, subject to closing condition regarding stockholder approval matters as set forth in the Merger Agreement (as defined below). The Company will not redeem the Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “A&R Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders (as defined below) agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial stockholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination.

If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or January 14, 2023 (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the Public Shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00. In order to protect the amounts held in the Trust Account, the Sponsor agreed to be liable to the Company if and to the extent any claims by a third party (except for the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a letter of intent, confidentiality or other similar agreement or business combination agreement (a “Target”), reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or Target that executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Proposed Business Combination

On June 24, 2021, the Company entered into an Agreement and Plan of Merger (as amended from time to time, including by that certain Amendment No. 1 Agreement and Plan of Merger dated as of October 28, 2021, the “Merger Agreement”), by and among the Company, Bolt Merger Sub I, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company (“Merger Sub I”), Bolt Merger Sub II, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company (“Merger Sub II”), and BuzzFeed, Inc., a Delaware corporation (“BuzzFeed”).

The Merger Agreement provides for, among other things, the following transactions at the closing: Merger Sub I will merge with and into BuzzFeed, with BuzzFeed as the surviving company in the merger and, after giving effect to such merger, continuing as a wholly owned subsidiary of the Company (the “Merger”). Immediately following the Merger, BuzzFeed will merge with and into Merger Sub II (the “Second Merger,” together with the Merger, the “Two-Step Merger”) with Merger Sub II being the surviving company of the Second Merger. The Two-Step Merger and the other transactions contemplated by the Merger Agreement are hereinafter referred to as the “Business Combination.”

In accordance with the terms and subject to the conditions of the Merger Agreement, each share of Class A common stock of BuzzFeed, Class B common stock of BuzzFeed, Class C common stock of BuzzFeed and preferred stock of BuzzFeed, other than company restricted stock awards, excluded shares and dissenting shares shall be cancelled and automatically converted into a number of shares of Class A common stock of the Company equal to the quotient, rounded to the tenth decimal place, obtained by dividing 30,880,000 by the aggregate number of shares of BuzzFeed Series F Preferred Stock and BuzzFeed Series G Preferred Stock outstanding as of the effective time; (ii) each share of BuzzFeed Class A Common Stock and BuzzFeed Preferred Stock (other than BuzzFeed Series F Preferred Stock, BuzzFeed Series G Preferred Stock, company restricted stock awards, excluded shares and dissenting shares) shall be converted into the right to receive a number of shares of Class A Common Stock of the Company equal to the quotient of: (A) the remaining per share amount, divided by (B) $10.00; (iii) each share of BuzzFeed Class B Common Stock (other than excluded shares and dissenting shares) shall be converted into the right to receive a number of shares of Class B common stock of the Company equal to the quotient of: (A) the remaining per share amount, divided by (B) $10.00; and (iv) each share of BuzzFeed Class C Common Stock (other than excluded shares and dissenting shares) shall be converted into the right to receive a number of shares of Class C common stock of the Company equal to the quotient of: (A) the remaining per share amount, divided by (B) $10.00.

Concurrently with the execution of the Merger Agreement, the Company entered into a convertible note subscription agreement (the “Convertible Note Subscription Agreement”) with certain investors (the “Note Investors”), in respect of $150.0 million aggregate principal amount of unsecured convertible notes due in 2026 (the “Notes”) to be issued in connection with the closing of the Business Combination The principal terms of the Notes are set forth in the term sheet attached as an exhibit to the Convertible Note Subscription Agreement and will be embodied in an indenture to be entered into in connection with the closing of the Business Combination between BuzzFeed, the guarantors party thereto and the indenture trustee (the “Indenture”) and the form of global note attached thereto. The Notes will bear interest at a rate of 7.00% per annum, payable semi-annually (provided, however, that if there is less than $144.0 million in 890’s trust account immediately following the closing date of the transactions subject of the Convertible Note Subscription Agreement (the “Convertible Note Financing”), the stated interest rate shall be 8.50% per annum), will be convertible into approximately 12,000,000 shares of Class A common stock at an initial conversion price of the lesser of (x) $12.50 and (y) a 25% premium to the lowest per share price at which any equity of 890 is issued prior to the closing of the Business Combination in accordance with the terms thereof, and shall mature on the date that is five years following the closing of the Convertible Note Financing.

Liquidity and Capital Resources

As of September 30, 2021, the Company had approximately $60,000 in cash and working capital deficit of approximately $1.1 million.

The Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the cash proceeds of $25,000 from the sale of the Founder Shares (as defined in Note 4), loan from the Sponsor of $300,000 under the Note (as defined in Note 4), and advances from related party of approximately $13,000 (Note 4). The Company repaid the Note of $300,000 in full on January 14, 2021, and the Company reimbursed the advances from the related party in full in February 2021. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity needs have been satisfied through the net proceeds from the consummation of the Private Placement held outside of the Trust Account. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members of our management team or any of their affiliates or other third parties, may, but are not obligated to (except as described below), provide the Company with Working Capital Loans (as defined in Note 4). The Working Capital Loans will either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into units of the post-Business Combination entity at a price of $10.00 per unit. The units would be identical to the Private Placement Units.

On May 27, 2021, the Sponsor committed to provide to the Company an aggregate of up to $1.6 million in loans, and on August 6, 2021, the Sponsor committed to provide to the Company an additional amount of up to $0.8 million in loans for an aggregate of up to $2.4 million in loans, in each case in order to finance the Company’s working capital needs (including transaction costs in connection with a Business Combination) (the foregoing, the “Sponsor Loan Commitment”). As described above, up to $1.5 million of the Sponsor Loan Commitment (in the aggregate with any other Working Capital Loans) may be convertible into units of the post-Business Combination entity at a price of $10.00 per unit at the option of the lender. As of September 30, 2021, the Company borrowed from the Sponsor the amount of $1.0 million under the Sponsor Loan Commitment, which amount remains outstanding (See Note 4).

Basis of Presentation and Summary of Significant Accounting Policies

4 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Basis of Presentation and Summary of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents at December 31, 2020.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000, and investments held in Trust Account. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements,” approximates the carrying amounts represented in the balance sheet.

Deferred Offering Costs Associated with the Initial Public Offering

The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A — “Expenses of Offering.” Deferred offering costs consist of legal, accounting, and other costs incurred that were directly related to the Initial Public Offering and recorded as an asset on the Balance Sheet. These costs, along with underwriting fees were charged to stockholders’ equity upon the completion of the Initial Public Offering.

Net Loss Per Share of Common Stock

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the periods excluding shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 937,500 shares of Class F Common Stock that are subject to forfeiture if the over-allotment option is not exercised by the underwriters. The underwriter exercised its over-allotment option in full on January 14, 2021; thus, the 937,500 shares of Class F Common Stock were no longer subject to forfeiture. At December 31, 2020, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of us. As a result, diluted loss per share is the same as basic loss per share for the periods presented.

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under

FASB ASC Topic 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Deferred taxes were deemed immaterial as of December 31, 2020.

FASB ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

The provision for income taxes was deemed to be de minimis for the period from September 9, 2020 (inception) through December 31, 2020.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have an effect on the Company’s financial statements.

Note 2—Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the period presented. There was nominal activity from September 9, 2020 (inception) through September 30, 2020 and there were no assets, liabilities or equity as of September 30, 2020, and, as such, the period is not presented in these unaudited condensed financial statements. Operating results for the three and nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected through December 31, 2021.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the final prospectus filed by the Company with the SEC on January 13, 2021.

Restatement of Previously Reported Financial Statements

In preparation of the Company’s unaudited condensed consolidated financial statements as of and for the quarterly period ended September 30, 2021, the Company concluded it should revise its previously reported financial statements to classify all Class A common stock subject to possible redemption in temporary equity. The Company’s previously filed financial statements that contained the error were reported in the Company’s Form 8-K with its audited balance sheet as of January 14, 2021 and the Company’s Form 10-Qs for the quarterly periods ended March 31, 2021, and June 30, 2021 (the “affected periods”). In accordance with the SEC and its staff’s guidance on redeemable equity instruments, ASC 480, paragraph 10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A common stock in permanent equity, or total stockholders’ equity. Although the Company did not specify a maximum redemption threshold, its charter currently provides that, the Company will not redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. Previously the Company did not consider redeemable stock classified as temporary equity as part of net tangible assets. Effective with these financial statements, the Company revised this interpretation to include temporary equity in net tangible assets. Accordingly, effective with this filing, the Company presented all shares of redeemable Class A common stock as temporary equity and recognized accretion from the initial book value to redemption value at the time of its Initial Public Offering and in accordance with ASC 480.

The previously issued financial statement included as in Form 10-Qs for the affected periods, will not be amended, but historical amounts are presented in the current filing and will be presented in future filings as restated in order to be consistent with the current presentation.

The impact of the restatement to the unaudited condensed balance sheets as of March 31, 2021, and June 30, 2021, is presented below.


	As of March 31, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Balance Sheet
Total assets	$	288,953,438	$	—	$	288,953,438
Total liabilities	$	10,020,406	$	—	$	10,020,406
Class A common stock subject to possible redemption		273,933,030		13,566,970		287,500,000
Stockholders’ equity (deficit)
Preferred stock		—		—		—
Class A common stock		213		(135)		78
Class F common stock		719		—		719
Additional paid-in-capital		3,969,381		(3,969,381)		—
Accumulated deficit		1,029,689		(9,597,454)		(8,567,765)
Total stockholders’ equity (deficit)		5,000,002		(13,566,970)		(8,566,968)
Total liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	288,953,438	$	—	$	288,953,438


	As of June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Consolidated Balance Sheet
Total assets	$	288,690,246	$	—	$	288,690,246
Total liabilities	$	14,058,658	$	—	$	14,058,658
Class A common stock subject to possible redemption		269,631,580		17,868,420		287,500,000
Stockholders’ equity (deficit)
Preferred stock		—		—		—
Class A common stock		256		(178)		78
Class F common stock		719		—		719
Additional paid-in-capital		8,270,788		(8,270,788)		—
Accumulated deficit		(3,271,755)		(9,597,454)		(12,869,209)
Total stockholders’ equity (deficit)		5,000,008		(17,868,420)		(12,868,412)
Total liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	288,690,246	$	—	$	288,690,246

There is no impact to the reported amounts for total assets, total liabilities, cash flows, or net income (loss).

The impact of the restatement to the supplemental disclosures of noncash activities in the previously reported statements of cash flow is presented below.


	For the Three Months Ended March 31, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Cash Flows - Supplemental disclosure of noncash activities:
Initial value of Class A common stock subject to possible redemption	$	284,058,140	$	(284,058,140)	$	—
Change in fair value of Class A common stock subject to possible redemption	$	(10,125,110)	$	10,125,110	$	—
Accretion of Class A common stock subject to redemption amount	$	—	$	17,105,848	$	17,105,848


	For the Six Months Ended June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Consolidated Statement of Cash Flows - Supplemental disclosure of noncash activities:
Initial value of Class A common stock subject to possible redemption	$	272,650,670	$	(272,650,670)	$	—
Change in fair value of Class A common stock subject to possible redemption	$	(3,019,090)	$	3,019,090	$	—
Accretion of Class A common stock subject to redemption amount	$	—	$	17,105,848	$	17,105,848

In connection with the change in presentation for the Class A common stock subject to possible redemption, the Company has revised its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share is presented below for the affected periods:


	For the Three Months Ended March 31, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Operations
Net loss	$	1,040,995	$	—	$	1,040,995

Weighted average shares outstanding of Class A common stock, basic and diluted		23,328,204		1,934,212		25,262,417
Basic and diluted net income per share of Class A common stock	$	—	$	0.03	$	0.03
Weighted average shares outstanding of Class F common stock, basic		8,986,296		(1,934,212)		7,052,083
Weighted average shares outstanding of Class F common stock, diluted		8,986,296		(1,798,796)		7,187,500
Basic and diluted net loss per share of Class F common stock	$	0.12	$	(0.08)	$	0.03


	For the Three Months Ended June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Operations
Net loss	$	(4,301,444)	$	—	$	(4,301,444)

Weighted average shares outstanding of Class A common stock, basic and diluted		27,388,576		2,138,924		29,527,500
Basic and diluted net income per share of Class A common stock	$	—	$	(0.12)	$	(0.12)
Weighted average shares outstanding of Class F common stock, basic and diluted		9,326,424		(2,138,924)		7,187,500
Basic and diluted net loss per share of Class F common stock	$	(0.46)	$	0.34	$	(0.12)


	For the Six Months Ended June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Operations
Net loss	$	(3,260,449)	$	—	$	(3,260,449)

Weighted average shares outstanding of Class A common stock, basic and diluted		27,332,731		74,009		27,406,740
Basic and diluted net income per share of Class A common stock	$	—	$	(0.09)	$	(0.09)
Weighted average shares outstanding of Class F common stock, basic and diluted		9,157,299		(2,037,133)		7,120,166
Basic and diluted net loss per share of Class F common stock	$	(0.36)	$	0.27	$	(0.09)

Principles of Consolidation

The condensed consolidated financial statements of the Company include its wholly-owned subsidiaries in connection with the planned merger. All inter-company accounts and transactions are eliminated in consolidation.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

This may make comparison of the Company’s unaudited condensed consolidated financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000. As of September 30, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of September 30, 2021, and December 31, 2020.

Investments Held in the Trust Account

The Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are

classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in net gain from investments held in Trust Account in the accompanying unaudited condensed consolidated statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements,” equal or approximate the carrying amounts represented in the condensed balance sheets.

Fair Value Measurements

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of:

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

●

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Offering Costs Associated with the Initial Public Offering

Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statements of operations. Offering costs associated with the Public Shares were charged against the carrying value of Class A common stock upon the completion of the Initial Public Offering.

Working Capital Loan – Related Party

The Company has elected the fair value option to account for its working capital loan – related party with its Sponsor as defined and more fully described in Note 4. As a result of applying the fair value option, the Company records each draw at fair value with a gain or loss recognized at issuance, and subsequent changes in fair value are recorded as change in the fair value of working capital loan – related party on the condensed statement of operations. The fair value is based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s and, if applicable, an independent third-party valuation firm’s own assumption about the assumptions a market participant would use in pricing the asset or liability.

Derivative Warrant Liabilities

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

The Company accounts for its warrants issued in connection with its Initial Public Offering and Private Placement recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s condensed consolidated statements of operations. The fair value of warrants issued in connection with the Initial Public Offering was initially measured using Binominal Lattice simulation and subsequently been measured on the market price of such warrants at each measurement date when separately listed and traded. The fair value of warrants issued in connection with the Private Placement has been estimated using modified Black-Scholes Option Pricing Model at each measurement date.

Class A Common Stock Subject to Possible Redemption

The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A common stock are classified as stockholders’ equity. The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of September 30, 2021, 28,750,000 shares of Class A common stock subject to possible redemption at the redemption amount were presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s consolidated balance sheets.

Effective with the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit.

Net Loss per Share of Common Stock

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A common stock and Class F common stock. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per share of common stock is calculated by dividing the net income (loss) by the weighted average number of common stock outstanding for the respective period.

The calculation of diluted net loss per share of common stock does not consider the effect of the warrants underlying the Units sold in the Initial Public Offering and the Private Placement Warrants to purchase 9,842,500 shares of Class A common stock in the calculation of diluted loss per share, because their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net loss per share of common stock is the same as basic net loss per share of common stock for the three and nine months ended September 30, 2021. Accretion associated with the redeemable Class A common stock is excluded from earnings per share as the redemption value approximates fair value.

The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share of common stock for each class of common stock:


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2021				September 30, 2021
	Class A		Class F		Class A		Class F
Numerator:
Allocation of net loss	$	(333,219)	$	(81,111)	$	(2,930,445)	$	(744,334)
Denominator:
Weighted average common stock outstanding, basic and diluted		29,527,500		7,187,500		28,121,429		7,142,857
Basic and diluted net loss per share of common stock	$	(0.01)	$	(0.01)	$	(0.10)	$	(0.10)

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of September 30, 2021. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

Recently Adopted Accounting Standards

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows.

The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying consolidated financial statements.

Initial Public Offering

4 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Initial Public Offering

Note 3 — Initial Public Offering

On January 14, 2021, the Company consummated its Initial Public Offering of 28,750,000 Units, including 3,750,000 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $287.5 million, and incurring offering costs of approximately $6.2 million.

Each Unit consists of one share of Class A common stock, and one-third of one redeemable warrant (each, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 6).

A certain qualified institutional buyer (the “Anchor Investor”) purchased 1,000,000 Units in the Initial Public Offering. The Anchor Investor subscribed for membership interests in the Sponsor representing an indirect beneficial interest in 212,621 Founder Shares and 28,750 Private Placement Units.

The Anchor Investor agreed to vote any shares that it holds (including any Public Shares that it holds) in favor of the initial Business Combination, and a smaller portion of affirmative votes from other Public Shareholders would be required to approve the initial Business Combination. As a result of the Private Placement Units that the Anchor Investor holds, it may have different interests with respect to a vote on an initial Business Combination than other Public Stockholders.

The Anchor Investor will not have any rights to the funds held in the Trust Account beyond the rights afforded to the Public Stockholders, as described herein.

Note 3—Initial Public Offering

The Anchor Investor agreed to vote any shares that it holds (including any Public Shares that it holds) in favor of the initial Business Combination, and a smaller portion of affirmative votes from other Public Stockholders would be required to approve the initial Business Combination. As a result of the Private Placement Units that the Anchor Investor holds, it may have different interests with respect to a vote on an initial Business Combination than other Public Stockholders.

The Anchor Investor will not have any rights to the funds held in the Trust Account beyond the rights afforded to the Public Stockholders, as described herein.

Related Party Transactions

4 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

18.

Related Party Transactions

Starting in 2018, the Company entered into certain partnership agreements with NBCU, an investor. The Company recognized revenue from NBCU of $0.8 million and $1.3 million for the three and nine months ended September 30, 2021, respectively, as compared to $0.7 million and $2.5 million for the three and nine months ended September 30, 2020, respectively. The Company recognized expenses under contractual obligations from NBCU of $0.3 million and $0.7 million for the three and nine months ended September 30, 2021, respectively, compared to $nil and $0.1 million for the three and nine months ended September 30, 2020, respectively. The Company had outstanding balances payable to NBCU of $0.1 million and $nil as of September 30, 2021 and December 31, 2020, respectively and no outstanding balances receivable from NBCU as of September 30, 2021 or December 31, 2020.

In September 2018, the Company invested $1.8 million in the equity of a private company. At the time of investment, an executive of BuzzFeed was the controlling shareholder of the investee. Effective August 26, 2019 the Company and the former executive entered into a consultancy arrangement whereby the Company engaged the former executive to provide advice and counsel. The agreement expired on March 31, 2020. The Company earned revenue under an agreement with the investee of $0.1 million and $0.5 million for the three and nine months ended September 30, 2021 compared to $1.0 million and $2.3 million for the three and nine months ended September 30, 2020. The Company had outstanding receivable balances of $0.9 million and $0.9 million from the investee as of September 30, 2021 and December 31, 2020, respectively. Additionally, the Company has guaranteed a lease of the investee. Refer to Note 16 for further details.

17.

Related Party Transactions

In 2018, 2019 and 2020, the Company entered into certain partnership agreements with NBCUniversal Media, LLC (“NBCU”), an investor. The Company recognized revenue from NBCU of $3.6 million, $9.9 million and $13.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company recognized expenses under contractual obligations from NBCU of $0.8 million, $0.7 million, and $nil for the years ended December 31, 2020, 2019 and 2018, respectively. The Company had outstanding receivable balances of $nil and $0.5 million from NBCU as of December 31, 2020 and 2019, respectively.

In September 2018, the Company invested $1.8 million in the equity of a private company. At the time of investment, an executive of BuzzFeed was the controlling stockholder of the investee. Effective August 26, 2019 the Company and the former executive entered into a consultancy arrangement whereby the Company engaged the former executive to provide advice and counsel. During the year ended December 31, 2019, the Company incurred $0.4 million in respect of such consultancy charges. The agreement expired on March 31, 2020. The Company earned revenue under an agreement with the investee of $1.4 million during the year ended December 31, 2020, and incurred costs under contractual obligations from the investee of $0.2 million, $2.0 million, and $nil for the years ended December 31, 2020, December 31, 2019, and December 31, 2018, respectively. These costs are included in the consolidated statements of operations in cost of revenue. The Company had outstanding receivable balances of $0.9 million and $nil from the investee as of December 31, 2020 and 2019, respectively. Additionally, the Company has guaranteed a lease of the investee. Refer to Note 12 for further details.

Commitments & Contingencies

Note 4 — Related Party Transactions

Founder Shares

In October 2020, the Sponsor purchased 7,187,500 shares of the Company’s Class F common stock, par value $0.0001 per share, (the “Founder Shares”) for an aggregate price of $25,000. The initial stockholders agreed to forfeit up to 937,500 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters, so that the Founder Shares would represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering (excluding the shares comprising the Private Placement Units). The underwriter exercised its over-allotment option in full on January 14, 2021; thus, the 937,500 Founder Shares were no longer subject to forfeiture.

The initial stockholders agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the stockholders having the right to exchange their shares of Class A common stock for cash, securities or other property.

Private Placement

Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 777,500 Private Placement Units at a price of $10.00 per Private Placement Unit to the Sponsor, PA 2 Co-Investment LLC, and Craig-Hallum Capital Group LLC and its affiliate, generating proceeds of approximately $7.8 million.

The Private Placement Units (including the shares comprising the Private Placement Units, the Private Placement Warrants (as defined below) and shares of Class A common stock issuable upon exercise of such warrants) are not transferable or salable until 30 days after the completion of the initial Business Combination.

The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Units until 30 days after the completion of the initial Business Combination.

Related Party Loans

On October 15, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan was non-interest bearing and payable upon the completion of the Initial Public Offering. The Company borrowed $300,000 under the Note as of December 31, 2020 and repaid the Note in full on January 14, 2021.

In addition, an affiliate of the Sponsor advanced approximately $13,000 to cover for certain expenses on behalf of the Company. The Company reimbursed the advances from the affiliate of the Sponsor in full in February 2021.

In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members of our management team or any of their affiliates or other third parties, may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination or, at the lenders’ discretion, up to $1.5 million of such Working Capital Loans may be convertible into units of the post-Business Combination entity at a price of $10.00 per unit at the option of the lender. The units would be identical to the Private Placement Units. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. To date, the Company had no borrowings under the Working Capital Loans.

Administrative Services Agreement

In addition, the Sponsor, executive officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company's behalf such as identifying potential partner businesses and performing due diligence on suitable Business Combinations. The Company's audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, executive officers or directors, or the Company's or their affiliates. Any such payments prior to an initial Business Combination will be made using funds held outside the Trust Account.

Note 4—Related Party Transactions

Founder Shares

Private Placement Units

Each whole private placement warrant underlying the Private Placement Units (the “Private Placement Warrants”) is exercisable for one whole share of Class A common stock at a price of $11.50 per share. A portion of the proceeds from the Private Placement Units has been added to the proceeds from the Initial Public Offering to be held in the Trust Account. The Private Placement Units (including the shares comprising the Private Placement Units, the Private Placement Warrants and shares of Class A common stock issuable upon exercise of such warrants) are not transferable or salable until 30 days after the completion of the initial Business Combination, and are not subject to redemption. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Units and the underlying securities will expire worthless.

Related Party Loans

In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members of our management team or any of their affiliates or other third parties, may, but are not obligated to (except as described below), loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination or, at the lenders’ discretion, up to $1.5 million of such Working Capital Loans may be convertible into units of the post-Business Combination entity at a price of $10.00 per unit at the option of the lender. The units would be identical to the Private Placement Units. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans.

On May 27, 2021, the Sponsor committed to provide to the Company an aggregate of up to $1.6 million in loans, and on August 6, 2021, the Sponsor committed to provide to the Company an additional amount of up to $0.8 million in loans for an aggregate of up to $2.4 million in loans, in each case in order to finance the Company’s working capital needs (including transaction costs in connection with a Business Combination). As described above, up to $1.5 million of the Sponsor Loan Commitment (in the aggregate with any other Working Capital Loans) may be convertible into units of the post-Business Combination entity at a price of $10.00 per unit at the option of the lender. As of September 30, 2021, the Company borrowed from the Sponsor the amount of $1.0 million under the Sponsor Loan Commitment, presented at an estimate of its fair value on the accompanying unaudited condensed balance sheets.

Administrative Services Agreement

Commencing on the date of the listing of the Units on the Nasdaq Capital Market through the earlier of the consummation of the initial Business Combination or the liquidation of the Company, the Company will pay the Sponsor $20,000 per month for office space, utilities, general office and secretarial support, and administrative and support services. For the three and nine months ended September 30, 2021, the Company incurred and paid approximately $60,000 and $180,000 in expenses for these services, respectively.

In addition, the Sponsor, executive officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company’s behalf such as identifying potential partner businesses and performing due diligence on suitable Business Combinations. The Company’s audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, executive officers or directors, or the Company’s or their affiliates. Any such payments prior to an initial Business Combination will be made using funds held outside the Trust Account.

Commitments & Contingencies

4 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

16.

Commitments and Contingencies

Commitments

The Company leases office space under non-cancelable operating leases with various expiration dates through 2029. The Company’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. Certain of the Company’s lease agreements include escalating lease payments. Additionally, certain lease agreements contain renewal provisions and other provisions which require the Company to pay taxes, insurance, or maintenance costs.

The Company subleases certain leased office space to third parties when it determines there is excess leased capacity. Sublease rent income is recognized as an offset to rent expense on a straight-line basis over the lease term. In addition to sublease rent, other costs such as common-area maintenance, utilities, and real estate taxes are charged to subtenants over the duration of the lease for their proportionate share of these costs.

Guarantees

In September 2018, at the time of its equity investment in a private company, the Company agreed to guarantee the lease of the investee’s premises in New York. In October 2020, the investee renewed its lease agreement, and the Company’s prior guarantee was replaced with a new guarantee of up to $5.4 million. The amount of the guarantee is reduced as the investee makes payments under the lease. As of September 30, 2021, the maximum amount of the guarantee was $3.1 million, and no liability was recognized with respect to the guarantee.

In the ordinary course of business, the Company both provides and receives indemnities which are intended to allocate certain risks associated with business transactions. Similarly, the Company may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not fulfill its obligations under an indemnification obligation. The Company records a liability for indemnification obligations and other contingent liabilities when probable and reasonably estimable.

Legal Matters

The Company is party to various lawsuits and claims in the ordinary course of business. Although the outcome of such matters cannot be predicted with certainty and the impact that the final resolution of such matters will ultimately have on the Company’s condensed consolidated financial statements is not known, we do not believe that the resolution of these matters will have a material adverse effect on the Company’s future results of operations or cash flows.

The Company settled or resolved certain legal matters during the nine months ended September 30, 2021 and 2020, that did not individually or in the aggregate have a material impact on the Company’s business or its consolidated financial position, results of operations or cash flows.

14.

Commitments and Contingencies

Commitments

Future minimum lease payments under leases having initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2020 are as follows (in thousands):


Year	Amount
2021	$	27,094
2022		27,945
2023		26,032
2024		18,033
2025		18,209
Thereafter		10,993
	$	128,306

Sublease income for the years ended December 31, 2020, 2019 and 2018 were $6.1 million, $2.7 million and $1.9 million respectively. Sublease receipts to be received in the future under noncancelable sublease as of December 31, 2020 are as follows (in thousands):


Year	Amount
2021	$	6,722
2022		6,504
2023		3,482
2024		3,519
2025		3,556
Thereafter		1,193
	$	24,976

Guarantees

In September 2018, at the time of its equity investment in a private company, the Company agreed to guarantee the lease of the investee’s premises in New York. In October 2020, the investee renewed its lease agreement, and the Company’s prior guarantee was replaced with a new guarantee of up to $5.4 million. The amount of the guarantee is reduced as the investee makes payments under the lease. As of December 31, 2020, the maximum amount of the guarantee was $4.2 million, and no liability was recognized with respect to the guarantee.

In the course of business, the Company both provides and receives indemnities which are intended to allocate certain risks associated with business transactions. Similarly, the Company may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not fulfill its obligations under an indemnification obligation. The Company records a liability for indemnification obligations and other contingent liabilities when probable and reasonably estimable.

Legal Matters

The Company is party to various lawsuits and claims in the ordinary course of business. Although the outcome of such matters cannot be predicted with certainty and the impact that the final resolution of such matters will ultimately have on the Company’s consolidated financial statements is not known, we do not believe that the resolution of these matters will have a material adverse effect on the Company’s future results of operations or cash flows.

The Company settled or resolved certain legal matters during the fiscal years ended December 31, 2020, 2019 and 2018 that did not individually or in the aggregate have a material impact on the Company’s business or its consolidated financial position, results of operations or cash flows.

Commitments & Contingencies

Note 5 — Commitments and Contingencies

Registration Rights

The holders of Founder Shares, Private Placement Units and units that may be issued upon conversion of Working Capital Loans (and any Class A common stock issuable upon the exercise of the Private Placement Units and units that may be issued upon conversion of Working Capital Loans and upon conversion of the Founder Shares) are entitled to registration rights pursuant to a registration rights agreement signed upon the consummation of the Initial Public Offering. These holders are entitled to make up to certain demands, excluding short form demands, that the Company registered such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The underwriters were entitled to an underwriting discount of $0.20 per unit, or approximately $5.8 million in the aggregate, paid upon the closing of the Initial Public Offering.

Business Combination Marketing Agreement

The Company engaged certain underwriters in connection with the Business Combination to assist the Company in holding meetings with the stockholders to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing the Company’s securities in connection with the initial Business Combination, assist the Company in obtaining stockholder approval for the Business Combination and assist the Company with its press releases and public filings in connection with the Business Combination. The scope of engagement excludes identifying and/or evaluating possible acquisition candidates. Pursuant to the agreement with the underwriters, the marketing fee payable to the underwriters will be 3.5% of the gross proceeds of the Initial Public Offering, approximately $10.1 million in the aggregate.

Note 5—Commitments & Contingencies

Registration Rights

“piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The underwriters were entitled to an underwriting discount of $0.20 per unit, or approximately $5.8 million in the aggregate, paid upon the closing of the Initial Public Offering.

Business Combination Marketing Agreement

Risks and Uncertainties

Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed consolidated financial statements. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Warrants

9 Months Ended

Sep. 30, 2021

Warrants

Note 6—Warrants

As of September 30, 2021, there were 9,583,333 Public Warrants and 259,167 Private Placement Warrants outstanding. There were no warrants outstanding at December 31, 2020. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use its commercially reasonable efforts to file with the SEC and have an effective registration statement covering the shares of the Class A common stock issuable upon exercise of the warrants and to maintain a current prospectus relating to those shares of the Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of the Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption.

equity proceeds, and interest thereon, available for the funding of the initial Business Combination, and (z) the volume weighted average trading price of the Class A common stock during the 10 trading day period starting on the trading day after the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the Market Value, and the $18.00 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the Market Value.

The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable so long as they are held by the Sponsor or its permitted transferees. If the Private Placement Warrants are held by someone other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00:

Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash (except as described herein with respect to the Private Placement Warrants):

●

in whole and not in part;

●

at a price of $0.01 per Warrant;

●

upon a minimum of 30 days’ prior written notice of redemption; and

●

if, and only if, the last reported sale price of Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and for certain issuances of Class A common stock and equity-linked securities as described above) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

The Company will not redeem the warrants unless a registration statement under the Securities Act covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of common stock is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable by the Company, it may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

If the Company calls the warrants for redemption as described above, the management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.”

In no event will the Company be required to net cash settle any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

Redemption of warrants for when the price per share of Class A common stock equals or exceeds $10.00:

Commencing ninety days after the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

●

in whole and not in part;

●

at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A common stock;

●

upon a minimum of 30 days’ prior written notice of redemption;

●

if, and only if, the last reported sale price of the Company’s Class A common stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders;

●

if and only if, there is an effective registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating thereto is available throughout the 30-day period after the written notice of redemption is given.

Class A Common Stock Subject to Possible Redemption

9 Months Ended

Sep. 30, 2021

Class A Common Stock Subject to Possible Redemption

Note 7 – Class A Common Stock Subject to Possible Redemption

The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 500,000,000 Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. As of September 30, 2021, there were 29,527,500 Class A common stock outstanding, 28,750,000 of which were subject to possible redemption and are classified outside of permanent equity in the condensed consolidated balance sheet.

The Class A common stock subject to possible redemption reflected on the condensed consolidated balance sheet is reconciled on the following table:


Gross proceeds received from Initial Public Offering	$	287,500,000
Less:
Fair value of Public Warrants at issuance		(11,116,667)
Offering costs allocated to Class A common stock		(5,989,181)
Plus:
Accretion on Class A common stock to redemption value		17,105,848
Class A common stock subject to possible redemption	$	287,500,000

Stockholders' Equity (Deficit)

4 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

Stockholders' Equity (Deficit)

12.

Stockholders’ Equity

Common Stock

In December 2020, the Company amended its Certificate of Incorporation to authorize the issuance of up to 25,000,000 shares of Class C common stock. Holders of Class C common stock are not entitled to vote, but otherwise have the same rights as holders of Class A and Class B common stock. In February 2021, in connection with the HuffPost Acquisition and concurrent $35.0 million investment by Verizon, the Company issued 21,170,037 shares of newly issued Class C common stock.

Stock Option Plan

A summary of the share activity under the Company’s stock option plan is presented below (in thousands, except per share amounts):


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Remaining	Intrinsic
	Shares	Price		Term	Value
Balance as of December 31, 2020	32,127	$	1.96	5.01	$	19,248
Granted	2,028		2.79
Exercised	(798)		0.73
Forfeited	(7,738)		2.97
Expired	(1,603)		2.78
Balance as of September 30, 2021	24,016	$	1.69	2.59	$	25,699
Expected to vest at September 30, 2021	2,357	$	2.74	9.35		—
Exercisable at September 30, 2021	24,016	$	1.69	2.59	$	25,699

As of September 30, 2021, the total share-based compensation costs not yet recognized related to unvested stock options was $2.6 million, which is expected to be recognized over the weighted-average remaining requisite service period of 3 years.

The Company currently uses authorized and unissued shares to satisfy share award exercises.

Restricted Stock Units

A summary of the restricted stock unit activity is presented below (in thousands, except per share amounts):


		Weighted Average
		Grant-Date Fair
	Shares	Value
Outstanding as of December 31, 2020	8,268	$	2.61
Granted	9,260		2.81
Vested	—		—
Forfeited	(359)		2.70
Outstanding as of September 30, 2021	17,169	$	2.71

As of September 30, 2021, there was approximately $46.6 million of unrecognized compensation costs related to restricted stock units.

However, only a portion of the restricted stock units are expected to satisfy the liquidity condition upon completion of the Two-Step Merger due to different liquidity conditions that exist in our restricted stock units. The liquidity condition for 8,043,830 restricted stock units is satisfied upon the occurrence of a sale transaction (“Acquisition”) or the completion of an initial public offering. The Two-Step Merger will not result in the satisfaction of this liquidity condition as it does not meet the definition of an Acquisition per the award agreements. The liquidity condition for the remaining 9,124,000 restricted stock units is satisfied upon the occurrence of other events, including a merger or acquisition or other business combination transaction involving the Company and a publicly traded special purpose acquisition company or other similar entity. Accordingly, the Two-Step Merger will satisfy the liquidity condition for these restricted stock units. Upon closing of the Two-Step Merger, we expect to recognize approximately $13.5 million of incremental stock-based compensation expense associated with these restricted stock units, based on the number of restricted stock units outstanding and the requisite service period completed at September 30, 2021, and assuming no forfeitures prior to the closing of the Two-Step Merger. The actual incremental stock-based compensation expense that will be recorded upon closing of the Two-Step Merger will depend on the timing of closing and actual forfeitures.

Stock-Based Compensation Expense

The following table summarizes stock-based compensation cost included in the condensed consolidated statements of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cost of revenue, excluding depreciation and amortization	$	388	$	54	$	543	$	61
Sales and marketing		37		28		98		31
General and administrative		59		221		160		872
Research and development		19		24		49		24
	$	503	$	327	$	850	$	988

The Company recognized no income tax benefit in the condensed consolidated statements of operations for stock-based compensation arrangements during the three and nine months ended September 30, 2021 and 2020.

10.

Stockholders’ Equity

Common Stock

In 2015, the Company amended its Certificate of Incorporation to reclassify existing Common Stock issued and outstanding to Class B Common Stock. Each share of Class B Common Stock is entitled to fifty votes. Each share of Class A Common Stock is entitled to one vote. As of December 31, 2019, there were 5,014,300 Class A common stock shares and 34,152,328 Class B common stock shares issued, respectively; and 5,014,300 Class A common stock shares and 33,904,101 Class B common stock shares outstanding, respectively.

In December 2020, the Company amended its Certificate of Incorporation to authorize the issuance of up to 25,000,000 shares of Class C Common Stock. Holders of Class C Common Stock are not entitled to vote, but otherwise have the same rights as holders of Class A and Class B Common Stock. As of December 31, 2020, there were 5,034,459 Class A common stock shares, 34,362,554 Class B common stock shares, and no Class C common stock shares, issued, respectively; and 5,034,459 Class A common stock shares, 34,114,327 Class B common stock shares, and no class C common stock shares outstanding, respectively.

Stock Option Plan

The Company’s 2008 Stock Plan (the “2008 Plan”) was adopted on June 25, 2008. The Company’s 2015 Equity Incentive Plan (“2015 Plan”) was adopted on October 30, 2015 and superseded the 2008 plan. The 2015 Plan increased the number of shares available for grant and issuance by 16,895,765. The 2015 plan allows for the grant of incentive and nonqualified stock options, restricted stock units, and stock appreciation rights to eligible participants.

On October 16, 2018, the 2015 Plan was amended to increase the maximum number of shares of common stock available for issuance by 15,700,000. At December 2020, 2019 and 2018, there were 17,327,629, 14,266,318 and 14,000,528 shares, respectively, available for future issuances.

Options are generally granted for a term of 10 years from the date of grant. Options granted under the plans may be exercised prior to vesting. Stock options generally vest over four years.

The fair value of stock option awards is estimated on the date of grant using the Black-Scholes option-pricing model based upon the following range of assumptions:


	2020	2019	2018
Exercise price	$2.29 – $2.55	$2.54 – $2.55	$2.96 – $3.07
Expected dividend yield	0%	0%	0%
Expected volatility	41% – 46%	38% – 39%	37% – 39%
Expected term (years)	5.55 – 6.07	5.80 – 6.09	5.65 – 6.25
Risk free interest rate	0.26% – 1.17%	1.58% – 2.35%	2.47% – 3.04%

The Company uses the simplified method in accordance with the applicable authoritative guidance to estimate the expected term of the option, due to the limited historical experience to date. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Since the Company’s common stock is not publicly traded for a sufficient time period, the expected volatility is based on expected volatilities of similar companies that have a history of being publicly traded. No dividends have been assumed. A summary of the share activity under the 2015 Plan is presented below (in thousands, except per share amounts):


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Remaining	Intrinsic
	Shares	Price		Term	Value
Balance as of December 31, 2019	35,016	$	2.00	5.03	$	24,634
Granted	335		2.46	—		—
Exercised	(230)		0.62	—		—
Forfeited	(1,700)		2.86	—		—
Expired	(1,294)		2.22	—		—
Balance as of December 31, 2020	32,127	$	1.96	5.01	$	19,248
Expected to vest at December 31, 2020	8,427	$	2.94	7.98		—
Exercisable at December 31, 2020	24,611	$	1.65	4.12	$	19,248

The Company records stock-based compensation expense on a straight-line basis over the vesting period. As of December 31, 2020, the total share-based compensation costs not yet recognized related to unvested stock options was $10.5 million, which is expected to be recognized over the weighted-average remaining requisite service period of 0.2 years. The weighted average fair value of stock options granted during December 31, 2020, 2019 and 2018 was $1.03, $1.01 and $1.26 respectively. The intrinsic value of stock options exercised was $0.4 million, $1.6 million, and $2.0 million for the years ended December 31, 2020, 2019, and 2018, respectively.

The Company currently uses authorized and unissued shares to satisfy share award exercises.

Restricted Stock Units

Subject to the terms and conditions of the 2015 Plan, the Board may grant restricted stock units. Restricted stock units granted under the 2015 Plan vest upon the satisfaction of both a service condition and a liquidity condition. The service condition for the majority of these awards is generally over four years.

The liquidity condition is satisfied upon the occurrence of a qualifying event, defined as a sale transaction (“Acquisition”) or the completion of an initial public offering. Under settlement procedures applicable to these awards, the Company will deliver the underlying shares (i) the date that is the earlier of (1) six (6) months after the effective date of an initial public offering of the Company’s securities and (2) March 15 of the calendar year following the year in which the initial public offering was declared effective; and (ii) the date of an Acquisition (the earlier of (i) and (ii)).

Restricted stock units for which the service condition has been satisfied are not forfeitable for the term of the restricted stock unit should employment terminate prior to the liquidity condition being met. The restricted stock units have a term of seven years.

Compensation expense will be recognized ratably over the requisite service period to the extent it is probable that the liquidity condition will be satisfied. No compensation expense has been recorded since a liquidity event has not been deemed probable.

A summary of the restricted stock unit activity is presented below (in thousands, except per share amounts):


		Weighted Average
		Grant-Date Fair
	Shares	Value
Outstanding as of December 31, 2019	8,433	$	2.63
Granted	1,003		2.38
Vested	—		—
Forfeited	(1,168)		2.67
Outstanding as of December 31, 2020	8,268	$	2.61

As of December 31, 2020, there was approximately $21.6 million of unrecognized compensation costs related to restricted stock units.

Stockholders' Equity (Deficit)

Note 6 — Stockholders’ Equity

Preferred Stock - The Company filed its initial Certificate of Incorporation on September 9, 2020, which authorized no shares of preferred stock. The Company filed its A&R Certificate of Incorporation on January 11, 2021, which authorized 5,000,000 shares of preferred stock, par value $0.0001 per share. The Company is authorized to issue 5,000,000 shares of preferred stock, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of December 31, 2020, the Company was not authorized to issue shares of preferred stock and therefore there were no shares of preferred stock issued or outstanding as of December 31, 2020.

Class A Common Stock - The Company filed its initial Certificate of Incorporation on September 9, 2020, which authorized no shares of Class A common stock. The Company filed its A&R Certificate of Incorporation on January 11, 2021, which authorized 500,000,000 shares of Class A common stock, par value $0.0001 per share. The Company is authorized to issue 500,000,000 shares of Class A common stock with a par value of $0.0001 per share. As of December 31, 2020, the Company was not authorized to issue shares of Class A common stock and therefore there were no shares of Class A common stock issued or outstanding as of December 31, 2020.

Class F Common Stock - The Company is authorized to issue 25,000,000 shares of Class F common stock with a par value of $0.0001 per share. In October 2020, the Company issued 7,187,500 shares of Class F common stock, including an aggregate of 937,500 shares of Class F common stock that were subject to forfeiture, to the Company by the initial stockholders for no consideration to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the initial stockholders would collectively own 20% of the Company’s issued and outstanding common stock after the Initial Public Offering (excluding the shares comprising the Private Placement Units). The underwriter exercised its over-allotment option in full on January 14, 2021; thus, the 937,500 shares of Class F common stock were no longer subject to forfeiture.

Holders of the Class A common stock and holders of the Class F common stock of record are entitled to one vote for each share held on all matters to be voted on by stockholders, including any vote in connection with the initial Business Combination, and vote together as a single class, except as required by law.

The Class F common stock will automatically convert into Class A common stock at the time of the initial Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to increase in respect of the issuance of certain securities, as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities (as described herein), are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to the closing of the initial Business Combination, the ratio at which shares of Class F common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class F common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class F common stock will equal, in the aggregate, 20% of the aggregate number of all shares of common stock outstanding upon the completion of the Initial Public Offering, plus the aggregate number of shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination (net of the number of shares of Class A common stock redeemed in connection with the initial Business Combination), excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination.

Warrants — Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use its commercially reasonable efforts to file with the SEC and have an effective registration statement covering the shares of the Class A common stock issuable upon exercise of the warrants and to maintain a current prospectus relating to those shares of the Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of the Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption.

The warrants have an exercise price of $11.50 per whole share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination, at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the initial stockholders or their respective affiliates, without taking into account any Founder Shares or shares comprising the Private Placement Units held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination, and (z) the volume weighted average trading price of the Class A common stock during the 10 trading day period starting on the trading day after the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the Market Value, and the $18.00 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the Market Value.

Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00:

Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash (except as described herein with respect to the Private Placement Warrants):

●

in whole and not in part;

●

at a price of $0.01 per Warrant;

●

upon a minimum of 30 days’ prior written notice of redemption; and

If the Company calls the warrants for redemption as described above, the management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.”

Redemption of warrants for when the price per share of Class A common stock equals or exceeds $10.00:

Commencing ninety days after the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

●

in whole and not in part;

●

upon a minimum of 30 days’ prior written notice of redemption;

●

Note 8—Stockholders’ Equity (Deficit)

Preferred Stock - The Company filed its initial Certificate of Incorporation on September 9, 2020, which authorized no shares of preferred stock. The Company filed its A&R Certificate of Incorporation on January 11, 2021, which authorized 5,000,000 shares of preferred stock, par value $0.0001 per share. The Company is authorized to issue 5,000,000 shares of preferred stock, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2021, and December 31, 2020, there were no shares of preferred stock issued or outstanding.

Class A Common Stock - The Company filed its initial Certificate of Incorporation on September 9, 2020, which authorized no shares of Class A common stock. The Company filed its A&R Certificate of Incorporation on January 11, 2021, which authorized 500,000,000 shares of Class A common stock, par value $0.0001 per share. The Company is authorized to issue 500,000,000 shares of Class A common stock with a par value of $0.0001 per share. As of September 30, 2021, there were 29,527,500 shares of Class A common stock issued and outstanding, including 28,750,000 shares of Class A common stock subject to possible redemption. At December 31, 2020, there were no Class A common stock issued and outstanding.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Fair Value Measurements

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

5.	Fair Value Measurements

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, deferred rent, deferred revenue, other current liabilities, and debt approximate fair value. Marketable securities and money market funds are categorized as Level 1.

The Company measures its cash equivalents at amortized cost, which approximates fair value. Money market funds categorized as Level 1 as of September 30, 2021 and December 31, 2020 are as follows (in thousands):


	September 30, 2021		December 31, 2020
Cash equivalents:
Money market funds	$	24,461	$	24,460
	$	24,461	$	24,460

4.	Fair Value Measurements

The Company measures its cash equivalents at amortized cost, which approximates fair value. Money market funds categorized as Level 1 as of December 31, 2020 and 2019 are as follows (in thousands):


	2020		2019
Cash equivalents:
Money market funds	$	24,460	$	24,379
	$	24,460	$	24,379

Note 9—Fair Value Measurements

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2021, and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.


	Fair Value Measured as of September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets
Investments held in Trust Account - U.S. Treasury securities	$	287,510,994	$	—	$	—	$	287,510,994
Liabilities:
Working capital loan - related party	$	—	$	—	$	1,000,000	$	1,000,000
Warrant liabilities - public warrants	$	11,883,333	$	—	$	—	$	11,883,333
Warrant liabilities - private warrants	$	—	$	—	$	331,109	$	331,109

As of December 31, 2020, there were no assets or liabilities that were measured at fair value on a recurring basis.

Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement in March 2021, when the Public Warrants were separately listed and traded. There were no other transfers in the three or nine months ended September 30, 2021.

Level 1 instruments include investments invested in government securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

The fair value of public warrants issued in connection with the Initial Public Offering was initially measured using Binominal Lattice simulation and subsequently been measured at the market price of such warrants at each measurement date when separately listed and traded. The fair value of private warrants issued in connection with the Private Placement is estimated using modified Black-Scholes Option Pricing Model at each measurement date. For the three months ended September 30, 2021, the Company recognized a gain resulting from a decrease in the fair value of warrant liabilities of approximately $110,000 and for the nine months ended September 30, 2021, the Company recognized a loss from an increase of approximately $807,000 presented as change in fair value of derivative warrant liabilities on the accompanying unaudited condensed consolidated statements of operations.

The change in the fair value of the Level 3 derivative warrant liabilities for the period for the three and nine months ended September 30, 2021, is summarized as follows:


Warrant liabilities at January 1, 2021	$	—
Issuance of public and private warrants		11,407,475
Public warrants transfer to Level 1		(11,116,667)
Change in fair value of warrant liabilities		(63,958)
Warrant liabilities at March 31, 2021		226,850
Change in fair value of warrant liabilities		118,017
Warrant liabilities at June 30, 2021		344,867
Change in fair value of warrant liabilities		(13,758)
Warrant liabilities at September 30, 2021	$	331,109

The estimated fair value of the Private Placement Warrants, and the Public Warrants prior to being separately listed and traded, is determined using Level 3 inputs. Inherent in a Binominal Lattice simulation and modified Black-Scholes Option Pricing model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The fair value of the working capital loan is estimated using a Scenario-based method. The Company estimates the volatility of its common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:


	September 30, 2021			January 14, 2021
Exercise price	$	11.50		$	11.50
Stock Price	$	9.91		$	10.00
Term (in years)		5.17			5.00
Volatility		18.90	%		18.00	%
Risk-free interest rate		1.01	%		0.82	%
Dividend yield		—			—

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Subsequent Events

4 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

19.

Subsequent Events

In October 2021, the Company completed the disposition of HuffingtonPostKorea, Ltd. (HuffPost Korea). The Company expects to record a loss on disposition which will be included in Loss on disposition of subsidiary in the Consolidated Statement of Operations. HuffPost Korea did not contribute materially to our revenue or net loss for the three or nine months ended September 30, 2021.

Unless otherwise disclosed, there were no material subsequent events through November 19, 2021, the date the condensed consolidated financial statements were available to be issued, which have not already been reflected or disclosed in the condensed consolidated financial statements.

18.

Subsequent Events

The Company evaluated subsequent events through July 30, 2021, the date the financial statements were available to be issued.

On February 16, 2021, the Company completed the acquisition of 100% of HuffPost (“HuffPost Acquisition”), a publisher of online news and media content, from entities controlled by Verizon Communications Inc. (“Verizon”). The Company issued 21,170,037 shares of non-voting BuzzFeed Class C common stock to an entity controlled by Verizon, of which 8,625,234 were in exchange for the acquisition of HuffPost and 12,544,803 were in exchange for a concurrent $35.0 million cash investment in the Company by an affiliate of Verizon, which was accounted for as a separate transaction.

On March 27, 2021, BuzzFeed entered into an agreement to acquire 100% of the members’ interests of CM Partners, LLC (“Complex Networks”), a publisher of online media content targeting Millennial and Gen Z consumers (the “C Acquisition”). The closing of the C Acquisition is contingent on BuzzFeed merging with 890 5^th Avenue Partners, Inc. (“890”), a special purpose acquisition company. BuzzFeed has provided a performance deposit of $5 million that will be forfeited in the event the C Acquisition is terminated. Consideration for Complex Networks will consist of approximately $200 million of cash and 10,000,000 shares of the post-merger company.

being the surviving company of the second merger. The Two-Step Merger and the other transactions contemplated by the Merger Agreement, including the acquisition of Complex Networks by the surviving entity of the Two-Step Merger, are referred to as the “Business Combination”. Upon the consummation of the Business Combination, the new combined company will be renamed BuzzFeed, Inc. In connection with the Merger Agreement, Jonah Peretti, Jonah Peretti, LLC, NBCUniversal Media, LLC (“NBCU”) and PNC Bank, National Association, entered into an escrow agreement (the “Escrow Agreement”) and BuzzFeed and NBCU entered into a commercial agreement (the “Commercial Agreement”).

The Escrow Agreement provides for, among other things, the escrow of 1,200,000 shares of New BuzzFeed Class A common stock or New BuzzFeed Class B common stock (the “Escrowed Shares”) exchangeable by Jonah Peretti, LLC in connection with the Two-Step Merger. Pursuant to the Escrow Agreement, in the event the Transfer Date SPAC Share Price (as defined in the Escrow Agreement) is less than $12.50 per share on the Transfer Date (as defined in the Escrow Agreement), Jonah Peretti, LLC and NBCU shall instruct the escrow agent to transfer (1) to NBCU a number of Escrowed Shares equal to the Make Whole Shares (as defined in the Escrow Agreement) and (2) to Mr. Peretti, the remainder of the Escrowed Shares, if any. If the Transfer Date SPAC Share Price is equal to or greater than $12.50 on the Transfer Date, Jonah Peretti, LLC and NBCU shall instruct the escrow agent to transfer all of the Escrowed Shares to Mr. Peretti.

Under the Commercial Agreement, which will become effective on the closing of the Two-Step Merger: (1) NBCU will continue to be entitled to marketing services on BuzzFeed platforms at certain discounted rates; (2) BuzzFeed will provide editorial promotion of at least $1.0 million in marketing value during each year of the term of the Commercial Agreement across BuzzFeed’s digital properties at no cost to NBCU, its affiliates and joint ventures and their respective brands; (3) BuzzFeed will provide licensed content to NBCU to be made available on an applicable NBCU entity streaming service under certain exclusivity terms during the remainder of the term of the Commercial Agreement; (4) NBCU shall be the exclusive sales representative for all BuzzFeed inventory, including HuffPost inventory, on Apple News, and BuzzFeed shall endeavor to spend at least $1.0 million during the first year of the term of the Commercial Agreement to promote any of its Commerce initiatives; and (5) BuzzFeed will provide 200 million impressions per year of the term of the Commercial Agreement to drive traffic from the BuzzFeed platforms and third-party social media platforms to NBCU news properties. The Commercial Agreement shall continue to be in effect for a period of three years, unless earlier terminated by either party in accordance with its terms and conditions, or until terminated by BuzzFeed as of the date that NBCU realizes $400.0 million or more in value for the NBCU Base Shares (as defined in the Escrow Agreement).

Principles of Consolidation

Note 7 — Subsequent Events

The Company evaluated events that have occurred after the balance sheet date through the date on which the financial statement was issued. Based upon this review, other than described in the financial statement, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the financial statements.

Note 10—Subsequent Events

Management has evaluated subsequent events to determine if events or transactions occurring through the date the unaudited condensed consolidated financial statements were issued required potential adjustment to or disclosure in the unaudited condensed consolidated financial statements and has concluded that all such events that would require recognition or disclosure have been recognized or disclosed.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

4 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

Basis of Financial Statements and Principles of Consolidation

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the Company’s consolidated financial statements and related notes as of December 31, 2020 and 2019, and for the years ended December 31, 2020, 2019, and 2018. The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date but does not include all disclosures including notes required by GAAP.

The condensed consolidated financial statements include all normal recurring adjustments that, in the opinion of management, are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2021.

The condensed consolidated financial statements include the accounts of BuzzFeed, Inc., and its wholly-owned and majority-owned subsidiaries, and any variable interest entities for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

Certain prior year figures have been reclassified to conform to current period presentation.

Basis of Financial Statements and Principles of Consolidation

The accompanying consolidated financial statements include the accounts of BuzzFeed, Inc., and its wholly-owned and majority-owned subsidiaries. The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. Certain prior year figures have been reclassified to conform to current period presentation.

The Company evaluates its relationships with other entities to identify whether they are variable interest entities (“VIE”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation.

In August 2015, the Company signed a Joint Venture Agreement (“JVA”) with Yahoo Japan to establish and develop operations in Japan. BuzzFeed Japan will carry out the core BuzzFeed business in the Japanese language for the Japanese market. BuzzFeed Japan is a joint venture owned 51% by the Company, through its wholly-owned subsidiaries, BuzzFeed UK Limited, and The Huffington Post Holdings LLC and 24.5% by Z Holdings Corporation and 24.5% by Asahi Shimbun Company. BuzzFeed Japan is included as a consolidated subsidiary in the consolidated financial statements.

During 2020 the Company established Ganked Film Inc., a production company created solely for the purpose of producing a single film, which is considered a VIE. The Company is the primary beneficiary of Ganked Film Inc. as it has the ability to direct the activities that most significantly impact the economic performance of the entity, the obligation to absorb losses, and the right to receive benefits from the entity. As a result, Ganked Film Inc. is included as a consolidated subsidiary in the consolidated financial statements.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported results of operations during the reporting period. Due to the use of estimates inherent in the financial reporting process actual results could differ from those estimates.

Key estimates and assumptions relate primarily to revenue recognition, valuation allowances for deferred income tax assets, allowance for doubtful accounts, fair values used for stock-based compensation, fair values of acquired intangible assets, and useful lives of long-lived assets.

Use of Estimates

Key estimates and assumptions relate primarily to revenue recognition, valuation allowances for deferred income tax assets, allowance for doubtful accounts, fair values used for stock-based compensation, useful lives of fixed assets and capitalized software costs.

Fair Value Measurements

The fair value framework under the applicable authoritative guidance requires the categorization of assets and liabilities into three levels:

●

Level 1 — inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities

●

Level 2 — inputs are observable, either directly or indirectly, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

●

Level 3 — inputs are generally unobservable inputs and typically reflect management’s best estimate of assumptions that market participants would use in pricing the asset or liability.

The fair value of a financial instrument is the amount for which the instrument could be exchanged in a current transaction between willing parties. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety.

The Company’s non-financial assets, which include property, equipment, capitalized software costs, and intangibles, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required and the Company is required to evaluate the non-financial asset for impairment, a resulting asset impairment would require that the non-financial asset be recorded at its fair value.

Recently Adopted Accounting Standards

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company recognizes tax benefits from uncertain tax positions if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The Company has no unrecognized tax benefits at December 31, 2020 and 2019.

Recently Adopted Accounting Pronouncements

On January 1, 2020, we adopted ASU 2018-13, Fair Value Measurement (Topic 820) — Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, an accounting standard that improved the effectiveness of fair value measurement disclosures and modified the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in Financial Accounting Standards Board (“FASB”) Concepts Statement, Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The adoption of this ASU did not have material impact on the condensed consolidated financial statements.

On January 1, 2021, we adopted the amended guidance in ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials, which aligns the accounting for capitalizing production costs of episodic television series with the guidance for films. As a result, the capitalization of costs incurred to produce episodic television series is no longer limited to the amount of revenue contracted in the initial market until persuasive evidence of a secondary market exists. In addition, under this guidance we test our film costs for impairment on a title-by-title basis or together with other films and series as part of a group, based on the predominant monetization strategy of the film or series. Further, for film costs monetized in a film group, the guidance requires any change to the estimated life of the film or television series to be accounted for prospectively. The guidance eliminates existing balance sheet classification guidance and adds new disclosure requirements relating to costs for acquired and produced films and television series. The adoption of this guidance did not have a material impact on the condensed consolidated financial statements.

Recently Adopted Accounting Pronouncements

On January 1, 2019, we adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (ASC) Topic 605, Revenue Recognition (Topic 605), using the modified retrospective transition method applied to those contracts that were not completed as of January 1, 2019. The impact of adopting the new revenue standard was not material to our consolidated financial statements and there was no adjustment to beginning retained earnings on January 1, 2019.

Restatement of Previously Reported Financial Statements

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the final prospectus filed by the Company with the SEC on January 13, 2021.

The impact of the restatement to the unaudited condensed balance sheets as of March 31, 2021, and June 30, 2021, is presented below.


	As of March 31, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Balance Sheet
Total assets	$	288,953,438	$	—	$	288,953,438
Total liabilities	$	10,020,406	$	—	$	10,020,406
Class A common stock subject to possible redemption		273,933,030		13,566,970		287,500,000
Stockholders’ equity (deficit)
Preferred stock		—		—		—
Class A common stock		213		(135)		78
Class F common stock		719		—		719
Additional paid-in-capital		3,969,381		(3,969,381)		—
Accumulated deficit		1,029,689		(9,597,454)		(8,567,765)
Total stockholders’ equity (deficit)		5,000,002		(13,566,970)		(8,566,968)
Total liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	288,953,438	$	—	$	288,953,438


	As of June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Consolidated Balance Sheet
Total assets	$	288,690,246	$	—	$	288,690,246
Total liabilities	$	14,058,658	$	—	$	14,058,658
Class A common stock subject to possible redemption		269,631,580		17,868,420		287,500,000
Stockholders’ equity (deficit)
Preferred stock		—		—		—
Class A common stock		256		(178)		78
Class F common stock		719		—		719
Additional paid-in-capital		8,270,788		(8,270,788)		—
Accumulated deficit		(3,271,755)		(9,597,454)		(12,869,209)
Total stockholders’ equity (deficit)		5,000,008		(17,868,420)		(12,868,412)
Total liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	288,690,246	$	—	$	288,690,246

There is no impact to the reported amounts for total assets, total liabilities, cash flows, or net income (loss).

The impact of the restatement to the supplemental disclosures of noncash activities in the previously reported statements of cash flow is presented below.


	For the Three Months Ended March 31, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Cash Flows - Supplemental disclosure of noncash activities:
Initial value of Class A common stock subject to possible redemption	$	284,058,140	$	(284,058,140)	$	—
Change in fair value of Class A common stock subject to possible redemption	$	(10,125,110)	$	10,125,110	$	—
Accretion of Class A common stock subject to redemption amount	$	—	$	17,105,848	$	17,105,848


	For the Six Months Ended June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Consolidated Statement of Cash Flows - Supplemental disclosure of noncash activities:
Initial value of Class A common stock subject to possible redemption	$	272,650,670	$	(272,650,670)	$	—
Change in fair value of Class A common stock subject to possible redemption	$	(3,019,090)	$	3,019,090	$	—
Accretion of Class A common stock subject to redemption amount	$	—	$	17,105,848	$	17,105,848


	For the Three Months Ended March 31, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Operations
Net loss	$	1,040,995	$	—	$	1,040,995

Weighted average shares outstanding of Class A common stock, basic and diluted		23,328,204		1,934,212		25,262,417
Basic and diluted net income per share of Class A common stock	$	—	$	0.03	$	0.03
Weighted average shares outstanding of Class F common stock, basic		8,986,296		(1,934,212)		7,052,083
Weighted average shares outstanding of Class F common stock, diluted		8,986,296		(1,798,796)		7,187,500
Basic and diluted net loss per share of Class F common stock	$	0.12	$	(0.08)	$	0.03


	For the Three Months Ended June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Operations
Net loss	$	(4,301,444)	$	—	$	(4,301,444)

Weighted average shares outstanding of Class A common stock, basic and diluted		27,388,576		2,138,924		29,527,500
Basic and diluted net income per share of Class A common stock	$	—	$	(0.12)	$	(0.12)
Weighted average shares outstanding of Class F common stock, basic and diluted		9,326,424		(2,138,924)		7,187,500
Basic and diluted net loss per share of Class F common stock	$	(0.46)	$	0.34	$	(0.12)


	For the Six Months Ended June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Operations
Net loss	$	(3,260,449)	$	—	$	(3,260,449)

Weighted average shares outstanding of Class A common stock, basic and diluted		27,332,731		74,009		27,406,740
Basic and diluted net income per share of Class A common stock	$	—	$	(0.09)	$	(0.09)
Weighted average shares outstanding of Class F common stock, basic and diluted		9,157,299		(2,037,133)		7,120,166
Basic and diluted net loss per share of Class F common stock	$	(0.36)	$	0.27	$	(0.09)

Principles of Consolidation

Principles of Consolidation

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Concentration of Credit Risk

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents at December 31, 2020.

Cash and Cash Equivalents

Investments Held in the Trust Account

Investments Held in the Trust Account

Fair Value of Financial Instruments

Financial Instruments

Fair Value of Financial Instruments

Offering Costs Associated with the Initial Public Offering

Fair Value Measurements

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Deferred Offering Costs Associated with the Initial Public Offering

Offering Costs Associated with the Initial Public Offering

Working Capital Loan - Related Party

Working Capital Loan – Related Party

Derivative Warrant Liabilities

Derivative Warrant Liabilities

Class A Common Stock Subject to Possible Redemption

Class A Common Stock Subject to Possible Redemption

Net Loss per Share of Common Stock

Net Loss Per Share of Common Stock

Net Loss per Share of Common Stock

The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share of common stock for each class of common stock:


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2021				September 30, 2021
	Class A		Class F		Class A		Class F
Numerator:
Allocation of net loss	$	(333,219)	$	(81,111)	$	(2,930,445)	$	(744,334)
Denominator:
Weighted average common stock outstanding, basic and diluted		29,527,500		7,187,500		28,121,429		7,142,857
Basic and diluted net loss per share of common stock	$	(0.01)	$	(0.01)	$	(0.10)	$	(0.10)

Recently Adopted Accounting Standards

The Company follows the asset and liability method of accounting for income taxes under

The provision for income taxes was deemed to be de minimis for the period from September 9, 2020 (inception) through December 31, 2020.

Income Taxes

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have an effect on the Company’s financial statements.

Recently Adopted Accounting Standards

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of calculation of basic and diluted net income (loss)per share of common stock

The table below presents the computation of basic and diluted loss per share (in thousands, except for per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(3,582)	$	(2,130)	$	(15,696)	$	(21,141)
Net income attributable to the redeemable noncontrolling interest		67		62		212		768
Net income (loss) attributable to noncontrolling interests		137		—		(173)		—
Allocation of net loss to convertible preferred stock		—		—		—		—
Net loss attributable to holders of Class A, Class B, and Class C common stock	$	(3,786)	$	(2,192)	$	(15,735)	$	(21,909)
Denominator:
Weighted average common shares outstanding, basic and diluted		60,840		39,043		57,072		39,009
Net loss per common share, basic and diluted	$	(0.06)	$	(0.06)	$	(0.28)	$	(0.56)

The table below presents the computation of basic and diluted loss per share (in thousands, except for per share amounts):


	Year ended December 31,
	2020		2019		2018
Numerator:
Net loss	$	11,156	$	(36,919)	$	(78,506)
Net (loss) income attributable to the redeemable noncontrolling interest		820		273		(971)
Allocation of undistributed earnings to convertible preferred stock		10,336		—		—
Net income (loss) attributable to holders of Class A common stock and Class B common stock	$	—	$	(37,192)	$	(77,535)
Denominator:
Weighted average common shares outstanding, basic and diluted		39,027		38,571		37,856
Net loss per common share, basic and diluted	$	0.00	$	(0.96)	$	(2.05)

Schedule of restatement of condensed financial statements


	As of March 31, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Balance Sheet
Total assets	$	288,953,438	$	—	$	288,953,438
Total liabilities	$	10,020,406	$	—	$	10,020,406
Class A common stock subject to possible redemption		273,933,030		13,566,970		287,500,000
Stockholders’ equity (deficit)
Preferred stock		—		—		—
Class A common stock		213		(135)		78
Class F common stock		719		—		719
Additional paid-in-capital		3,969,381		(3,969,381)		—
Accumulated deficit		1,029,689		(9,597,454)		(8,567,765)
Total stockholders’ equity (deficit)		5,000,002		(13,566,970)		(8,566,968)
Total liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	288,953,438	$	—	$	288,953,438


	As of June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Consolidated Balance Sheet
Total assets	$	288,690,246	$	—	$	288,690,246
Total liabilities	$	14,058,658	$	—	$	14,058,658
Class A common stock subject to possible redemption		269,631,580		17,868,420		287,500,000
Stockholders’ equity (deficit)
Preferred stock		—		—		—
Class A common stock		256		(178)		78
Class F common stock		719		—		719
Additional paid-in-capital		8,270,788		(8,270,788)		—
Accumulated deficit		(3,271,755)		(9,597,454)		(12,869,209)
Total stockholders’ equity (deficit)		5,000,008		(17,868,420)		(12,868,412)
Total liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	288,690,246	$	—	$	288,690,246

There is no impact to the reported amounts for total assets, total liabilities, cash flows, or net income (loss).

The impact of the restatement to the supplemental disclosures of noncash activities in the previously reported statements of cash flow is presented below.


	For the Three Months Ended March 31, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Cash Flows - Supplemental disclosure of noncash activities:
Initial value of Class A common stock subject to possible redemption	$	284,058,140	$	(284,058,140)	$	—
Change in fair value of Class A common stock subject to possible redemption	$	(10,125,110)	$	10,125,110	$	—
Accretion of Class A common stock subject to redemption amount	$	—	$	17,105,848	$	17,105,848


	For the Six Months Ended June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Consolidated Statement of Cash Flows - Supplemental disclosure of noncash activities:
Initial value of Class A common stock subject to possible redemption	$	272,650,670	$	(272,650,670)	$	—
Change in fair value of Class A common stock subject to possible redemption	$	(3,019,090)	$	3,019,090	$	—
Accretion of Class A common stock subject to redemption amount	$	—	$	17,105,848	$	17,105,848


	For the Three Months Ended March 31, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Operations
Net loss	$	1,040,995	$	—	$	1,040,995

Weighted average shares outstanding of Class A common stock, basic and diluted		23,328,204		1,934,212		25,262,417
Basic and diluted net income per share of Class A common stock	$	—	$	0.03	$	0.03
Weighted average shares outstanding of Class F common stock, basic		8,986,296		(1,934,212)		7,052,083
Weighted average shares outstanding of Class F common stock, diluted		8,986,296		(1,798,796)		7,187,500
Basic and diluted net loss per share of Class F common stock	$	0.12	$	(0.08)	$	0.03


	For the Three Months Ended June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Operations
Net loss	$	(4,301,444)	$	—	$	(4,301,444)

Weighted average shares outstanding of Class A common stock, basic and diluted		27,388,576		2,138,924		29,527,500
Basic and diluted net income per share of Class A common stock	$	—	$	(0.12)	$	(0.12)
Weighted average shares outstanding of Class F common stock, basic and diluted		9,326,424		(2,138,924)		7,187,500
Basic and diluted net loss per share of Class F common stock	$	(0.46)	$	0.34	$	(0.12)


	For the Six Months Ended June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Operations
Net loss	$	(3,260,449)	$	—	$	(3,260,449)

Weighted average shares outstanding of Class A common stock, basic and diluted		27,332,731		74,009		27,406,740
Basic and diluted net income per share of Class A common stock	$	—	$	(0.09)	$	(0.09)
Weighted average shares outstanding of Class F common stock, basic and diluted		9,157,299		(2,037,133)		7,120,166
Basic and diluted net loss per share of Class F common stock	$	(0.36)	$	0.27	$	(0.09)

Schedule of calculation of basic and diluted net income (loss)per share of common stock


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2021				September 30, 2021
	Class A		Class F		Class A		Class F
Numerator:
Allocation of net loss	$	(333,219)	$	(81,111)	$	(2,930,445)	$	(744,334)
Denominator:
Weighted average common stock outstanding, basic and diluted		29,527,500		7,187,500		28,121,429		7,142,857
Basic and diluted net loss per share of common stock	$	(0.01)	$	(0.01)	$	(0.10)	$	(0.10)

Class A Common Stock Subject to Possible Redemption (Tables)

9 Months Ended

Sep. 30, 2021

Summary of reconciliation of Class A common stock reflected on the balance sheet


Gross proceeds received from Initial Public Offering	$	287,500,000
Less:
Fair value of Public Warrants at issuance		(11,116,667)
Offering costs allocated to Class A common stock		(5,989,181)
Plus:
Accretion on Class A common stock to redemption value		17,105,848
Class A common stock subject to possible redemption	$	287,500,000

Fair Value Measurements (Tables) - 890 5TH AVENUE PARTNERS, INC.

9 Months Ended

Sep. 30, 2021

Schedule of Company's assets that are measured at fair value on a recurring basis


	Fair Value Measured as of September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets
Investments held in Trust Account - U.S. Treasury securities	$	287,510,994	$	—	$	—	$	287,510,994
Liabilities:
Working capital loan - related party	$	—	$	—	$	1,000,000	$	1,000,000
Warrant liabilities - public warrants	$	11,883,333	$	—	$	—	$	11,883,333
Warrant liabilities - private warrants	$	—	$	—	$	331,109	$	331,109

Schedule of change in the fair value of the Level 3 warrant liabilities


Warrant liabilities at January 1, 2021	$	—
Issuance of public and private warrants		11,407,475
Public warrants transfer to Level 1		(11,116,667)
Change in fair value of warrant liabilities		(63,958)
Warrant liabilities at March 31, 2021		226,850
Change in fair value of warrant liabilities		118,017
Warrant liabilities at June 30, 2021		344,867
Change in fair value of warrant liabilities		(13,758)
Warrant liabilities at September 30, 2021	$	331,109

Schedule of quantitative information regarding Level 3 fair value measurements inputs


	September 30, 2021			January 14, 2021
Exercise price	$	11.50		$	11.50
Stock Price	$	9.91		$	10.00
Term (in years)		5.17			5.00
Volatility		18.90	%		18.00	%
Risk-free interest rate		1.01	%		0.82	%
Dividend yield		—			—

Description of Organization and Business Operations (Details)			1 Months Ended	4 Months Ended	9 Months Ended	12 Months Ended
	Jun. 24, 2021 USD ($) $ / shares shares	Jan. 14, 2021 USD ($) $ / shares shares	Oct. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Aug. 06, 2021 USD ($) $ / shares	Aug. 03, 2021 USD ($)	May 27, 2021 USD ($)	Oct. 15, 2020 USD ($)	Dec. 31, 2019 USD ($)
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance initial public offering						$ 100,000,000
Cash				$ 90,626,000	$ 145,597,000	$ 90,626,000					$ 58,524,000
Series F Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Purchase price, per unit \| $ / shares				$ 45.0400	$ 45.0400	$ 45.0400
890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Purchase price, per unit \| $ / shares				$ 10.00	$ 10.00	$ 10.00
Proceeds from issuance initial public offering					$ 287,500,000
Cash				$ 201,781	59,820	$ 201,781
Offering costs				$ 115,392	$ 5,832,150
Price of warrant \| $ / shares				$ 10.00	$ 10.00	$ 10.00
Proceeds received from private placement					$ 7,775,000
Threshold minimum aggregate fair market value as a percentage of the net assets held in the Trust Account				80.00%	80.00%
Threshold percentage of outstanding voting securities of the target to be acquired by post-transaction company to complete business combination				50.00%	50.00%
Minimum net tangible assets upon consummation of business combination				$ 5,000,001	$ 5,000,001	$ 5,000,001
Threshold percentage of public shares subject to redemption without companys prior written consent				15.00%	15.00%
Obligation to redeem Public Shares if entity does not complete a Business Combination (as a percent)				100.00%	100.00%
Maximum Allowed Dissolution Expenses				$ 100,000	$ 100,000
Number of shares used in calculating the stock to be issued post merger \| shares	30,880,000
Cash				202,000		$ 202,000
Working capital				325,000	1,100,000
Loan from the sponsor				$ 300,000
Repayment of promissory note - related party					$ 300,000
890 5TH AVENUE PARTNERS, INC. \| 2026 Note
Subsidiary, Sale of Stock [Line Items]
Aggregate principal amount of unsecured convertible notes	$ 150,000,000.0
Debt instrument interest rate	7.00%
Minimum threshold hold amount to be maintained for the interest rate to be 7.00%	$ 144,000,000.0
Debt conversion converted shares \| shares	12,000,000
Conversion price \| $ / shares	$ 12.50
Premium over the lowest per share price	25
890 5TH AVENUE PARTNERS, INC. \| Debt Instrument Financing
Subsidiary, Sale of Stock [Line Items]
Debt instrument interest rate	8.50%
890 5TH AVENUE PARTNERS, INC. \| Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Purchase price, per unit \| $ / shares				$ 11.50	$ 10.00	$ 11.50
890 5TH AVENUE PARTNERS, INC. \| Private Placement Warrants
Subsidiary, Sale of Stock [Line Items]
Offering costs					$ 12,000
Sale of Private Placement Warrants (in shares) \| shares				777,500	777,500	777,500
Price of warrant \| $ / shares				$ 10.00	$ 10.00	$ 10.00
Proceeds received from private placement				$ 7,800,000	$ 7,800,000
890 5TH AVENUE PARTNERS, INC. \| Sponsor
Subsidiary, Sale of Stock [Line Items]
Additional loan amount							$ 800,000
Aggregate loan amount							2,400,000
Commitment loan outstanding amount					1,000,000.0
890 5TH AVENUE PARTNERS, INC. \| Related Party Loans
Subsidiary, Sale of Stock [Line Items]
Maximum borrowing capacity of related party promissory note				300,000		$ 300,000				$ 300,000
Maximum amount of loans converted into units of post business combination entity					$ 1,500,000
890 5TH AVENUE PARTNERS, INC. \| Related Party Loans \| Working capital loans warrant
Subsidiary, Sale of Stock [Line Items]
Purchase price, per unit \| $ / shares					$ 10.00
890 5TH AVENUE PARTNERS, INC. \| Sponsor
Subsidiary, Sale of Stock [Line Items]
Maximum Loans Convertible Amount									$ 1,600,000
Maximum amount of loans converted into units of post business combination entity							1,500,000
Additional loan amount							800,000
Aggregate loan amount							$ 2,400,000
Commitment loan outstanding amount								$ 1,000,000.0
890 5TH AVENUE PARTNERS, INC. \| Sponsor \| Working capital loans warrant
Subsidiary, Sale of Stock [Line Items]
Purchase price, per unit \| $ / shares							$ 10.00
890 5TH AVENUE PARTNERS, INC. \| IPO
Subsidiary, Sale of Stock [Line Items]
Number of units sold initial public offering (in shares) \| shares		28,750,000
Purchase price, per unit \| $ / shares		$ 10.00
Proceeds from issuance initial public offering		$ 287,500,000
Offering costs		6,200,000
Other offering costs		6,200,000
890 5TH AVENUE PARTNERS, INC. \| IPO \| Warrant
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance initial public offering		$ 287,500,000
Price of warrant \| $ / shares		$ 10.00
890 5TH AVENUE PARTNERS, INC. \| IPO \| Related Party Loans
Subsidiary, Sale of Stock [Line Items]
Consideration received			$ 25,000	25,000
Maximum borrowing capacity of related party promissory note		$ 300,000		300,000		300,000
Advance received from related party		13,000		$ 13,000		$ 13,000
Repayment of promissory note - related party		$ 300,000
890 5TH AVENUE PARTNERS, INC. \| Over-allotment option
Subsidiary, Sale of Stock [Line Items]
Number of units sold initial public offering (in shares) \| shares		3,750,000
Purchase price, per unit \| $ / shares		$ 10.00

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2021	Mar. 31, 2021	Jan. 14, 2021	Oct. 31, 2020
Additional paid-in capital	$ 97,683,000		$ 97,683,000		$ 37,190,000	$ 35,842,000
Accumulated deficit	(362,553,000)		(362,553,000)		(346,818,000)	(357,154,000)
Unrecognized tax benefits	$ 0		$ 0		$ 0	$ 0
Statutory tax rate (as a percent)	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%
890 5TH AVENUE PARTNERS, INC.
Additional paid-in capital					$ 24,281
Accumulated deficit	$ (13,283,539)		$ (13,283,539)		(11,306)
Cash FDIC insured amount	250,000		250,000
Cash equivalents	$ 0		$ 0		0
Anti-dilutive securities attributable to warrants (in shares)	9,842,500		9,842,500
Unrecognized tax benefits	$ 0		$ 0		$ 0
Unrecognized tax benefits accrued for interest and penalties	0		0
890 5TH AVENUE PARTNERS, INC. \| Adjustment
Additional paid-in capital								$ (8,270,788)	$ (3,969,381)
Accumulated deficit								$ (9,597,454)	$ (9,597,454)
890 5TH AVENUE PARTNERS, INC. \| Adjustment \| Reclassification Of Common Stock Subject To Possible Redemption As Temporary Equity
Minimum net intangible assets to be maintained on redemption of temporary equity	$ 5,000,001		$ 5,000,001
890 5TH AVENUE PARTNERS, INC. \| Class A Common Stock
Shares subject to forfeiture	28,750,000		28,750,000
890 5TH AVENUE PARTNERS, INC. \| Class F Common Stock
Shares subject to forfeiture											937,500
890 5TH AVENUE PARTNERS, INC. \| Class F Common Stock \| Over-allotment option
Shares subject to forfeiture										937,500

Basis of Presentation and Summary of Significant Accounting Policies - Restatement of the financial statements (Details) - USD ($)

3 Months Ended

4 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2020

Jun. 30, 2021

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Sep. 08, 2020

Dec. 31, 2017

$ 329,832,000

$ 279,192,000

$ 329,832,000

$ 279,192,000

$ 245,129,000

100,510,000

97,310,000

100,510,000

97,310,000

73,635,000

97,683,000

37,190,000

97,683,000

37,190,000

35,842,000

(362,553,000)

(346,818,000)

(362,553,000)

(346,818,000)

(357,154,000)

Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit)

(268,782,000)

(313,803,000)

(268,782,000)

(313,803,000)

(323,371,000)

$ (290,050,000)

$ (216,959,000)

329,832,000

279,192,000

329,832,000

279,192,000

245,129,000

$ (3,786,000)

$ (2,192,000)

$ (6,093,000)

$ (13,624,000)

$ (15,735,000)

$ (21,909,000)

$ 10,336,000

$ (37,192,000)

$ (77,535,000)

60,840

39,043

57,072

39,009

39,027

38,571

37,856

60,840

39,043

57,072

39,009

39,027

38,571

37,856

$ (0.06)

$ (0.28)

$ (0.56)

$ 0.00

$ (0.96)

$ (2.05)

$ (0.06)

$ (0.28)

$ (0.56)

$ 0.00

$ (0.96)

$ (2.05)

Class A Common Stock

$ 1,000

1,000

$ 1,000

Class B Common Stock

3,000

$ 3,000

288,120,635

547,394

288,120,635

547,394

Class A common stock subject to possible redemption

13,903,377

533,700

13,903,377

533,700

287,500,000

Preferred stock

24,281

(13,283,539)

(11,306)

(13,283,539)

(11,306)

Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit)

(13,282,742)

$ (12,868,412)

$ (8,566,968)

13,694

$ (12,868,412)

(13,282,742)

13,694

$ 0

288,120,635

547,394

288,120,635

547,394

Accretion of Class A common stock subject to redemption amount

17,105,848

(414,330)

(4,301,444)

1,040,995

$ (11,306)

(3,260,449)

(3,674,779)

^[1]

6,250,000

6,250,000

$ 0.00

890 5TH AVENUE PARTNERS, INC. | As Previously Reported

$ 0.00

288,690,246

288,953,438

288,690,246

Class A common stock subject to possible redemption

14,058,658

10,020,406

14,058,658

269,631,580

273,933,030

269,631,580

8,270,788

3,969,381

8,270,788

(3,271,755)

1,029,689

(3,271,755)

Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholder's Equity (Deficit)

5,000,008

5,000,002

5,000,008

288,953,438

Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit)

288,690,246

Initial value of Class A common stock subject to possible redemption

284,058,140

272,650,670

Change in value of Class A common stock subject to possible redemption

(10,125,110)

(3,019,090)

890 5TH AVENUE PARTNERS, INC. | Adjustment

(4,301,444)

1,040,995

(3,260,449)

Class A common stock subject to possible redemption

17,868,420

13,566,970

17,868,420

(8,270,788)

(3,969,381)

(8,270,788)

(9,597,454)

(17,868,420)

(13,566,970)

(17,868,420)

Initial value of Class A common stock subject to possible redemption

(284,058,140)

(272,650,670)

Change in value of Class A common stock subject to possible redemption

10,125,110

3,019,090

Accretion of Class A common stock subject to redemption amount

17,105,848

890 5TH AVENUE PARTNERS, INC. | As Restated

288,690,246

288,953,438

288,690,246

Class A common stock subject to possible redemption

14,058,658

10,020,406

14,058,658

287,500,000

(12,869,209)

(8,567,765)

(12,869,209)

Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholder's Equity (Deficit)

(12,868,412)

(8,566,968)

(12,868,412)

288,953,438

Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit)

$ 288,690,246

Accretion of Class A common stock subject to redemption amount

$ 17,105,848

890 5TH AVENUE PARTNERS, INC. | Class A Common Stock

$ 78

29,527,500

25,262,417

27,406,740

28,121,429

29,527,500

25,262,417

27,406,740

28,121,429

$ (0.01)

$ (0.12)

$ 0.03

$ (0.09)

$ (0.10)

890 5TH AVENUE PARTNERS, INC. | Class A Common Stock | As Previously Reported

$ (0.01)

$ (0.12)

$ 0.03

$ (0.09)

$ (0.10)

$ 256

$ 213

$ 256

27,388,576

23,328,204

27,332,731

890 5TH AVENUE PARTNERS, INC. | Class A Common Stock | Adjustment

27,388,576

23,328,204

27,332,731

$ (178)

$ (135)

$ (178)

2,138,924

1,934,212

74,009

2,138,924

1,934,212

74,009

$ (0.12)

$ 0.03

$ (0.09)

890 5TH AVENUE PARTNERS, INC. | Class A Common Stock | As Restated

$ (0.12)

$ 0.03

$ (0.09)

890 5TH AVENUE PARTNERS, INC. | Class F Common Stock

$ 78

^[2]

$ 719

7,187,500

7,052,083

7,120,166

7,142,857

7,187,500

7,120,166

7,142,857

$ (0.01)

$ (0.12)

$ 0.03

$ (0.09)

$ (0.10)

890 5TH AVENUE PARTNERS, INC. | Class F Common Stock | As Previously Reported

$ (0.01)

$ (0.12)

$ 0.03

$ (0.09)

$ (0.10)

$ 719

9,326,424

8,986,296

9,157,299

9,326,424

8,986,296

9,157,299

$ (0.46)

$ 0.12

$ (0.36)

890 5TH AVENUE PARTNERS, INC. | Class F Common Stock | Adjustment

$ (0.46)

$ 0.12

$ (0.36)

(2,138,924)

(1,934,212)

(2,037,133)

(2,138,924)

(1,798,796)

(2,037,133)

$ 0.34

$ (0.08)

$ 0.27

890 5TH AVENUE PARTNERS, INC. | Class F Common Stock | As Restated

$ 0.34

$ (0.08)

$ 0.27

Allocation of net loss - basic

$ 719

[1]	This number excludes an aggregate of up to 937,500 shares of common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. On January 14, 2021, the over-allotment option was exercised in full. Accordingly, none of these shares were forfeited.
[2]	As of December 31, 2020, includes up to 937,500 shares of Class F common stock subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. On January 14, 2021, the over-allotment option was exercised in full. Thus, none of these shares were forfeited.

Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Net Loss per Common Share (Details) - USD ($)

3 Months Ended

4 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Sep. 30, 2020

Dec. 31, 2020

Jun. 30, 2021

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Numerator:

$ (3,786,000)

$ (2,192,000)

$ (15,735,000)

$ (21,909,000)

$ (37,192,000)

$ (77,535,000)

60,840

39,043

57,072

39,009

39,027

38,571

37,856

60,840

39,043

57,072

39,009

39,027

38,571

37,856

$ (0.06)

$ (0.28)

$ (0.56)

$ 0.00

$ (0.96)

$ (2.05)

$ (0.06)

$ (0.28)

$ (0.56)

$ 0.00

$ (0.96)

$ (2.05)

^[1]

6,250,000

6,250,000

$ 0.00

890 5TH AVENUE PARTNERS, INC. | Class A Common Stock

$ 0.00

Numerator:

Allocation of net loss - basic

$ (333,219)

$ (2,930,445)

Allocation of net loss - diluted

$ (333,219)

$ (2,930,445)

29,527,500

25,262,417

27,406,740

28,121,429

29,527,500

25,262,417

27,406,740

28,121,429

$ (0.01)

$ (0.12)

$ 0.03

$ (0.09)

$ (0.10)

890 5TH AVENUE PARTNERS, INC. | Class F Common Stock

$ (0.01)

$ (0.12)

$ 0.03

$ (0.09)

$ (0.10)

Numerator:

Allocation of net loss - basic

$ (81,111)

$ (744,334)

Allocation of net loss - diluted

$ (81,111)

$ (744,334)

7,187,500

7,052,083

7,120,166

7,142,857

7,187,500

7,120,166

7,142,857

$ (0.01)

$ (0.12)

$ 0.03

$ (0.09)

$ (0.10)

$ (0.01)

$ (0.12)

$ 0.03

$ (0.09)

$ (0.10)

[1]

This number excludes an aggregate of up to 937,500 shares of common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. On January 14, 2021, the over-allotment option was exercised in full. Accordingly, none of these shares were forfeited.

Initial Public Offering (Details) - USD ($)		4 Months Ended	9 Months Ended	12 Months Ended
Initial Public Offering (Details) - USD ($)	Jan. 14, 2021	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Proceeds received from initial public offering, gross				$ 100,000,000
890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Purchase price, per unit		$ 10.00	$ 10.00	$ 10.00
Proceeds received from initial public offering, gross			$ 287,500,000
Offering costs		$ 115,392	$ 5,832,150
890 5TH AVENUE PARTNERS, INC. \| Anchor Investors
Subsidiary, Sale of Stock [Line Items]
Number of founder shares have an indirect beneficial interest	212,621
Number of private placement units have an indirect beneficial interest	28,750
890 5TH AVENUE PARTNERS, INC. \| Public Warrants
Subsidiary, Sale of Stock [Line Items]
Number of shares issuable per warrant	1
Number of warrants in a unit	0.33
890 5TH AVENUE PARTNERS, INC. \| Founder shares \| Anchor Investors
Subsidiary, Sale of Stock [Line Items]
Number of warrants in a unit		212,621
890 5TH AVENUE PARTNERS, INC. \| Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Purchase price, per unit		$ 11.50	$ 10.00	$ 11.50
Number of shares issuable per warrant		1		1
Number of warrants in a unit		0.33
Number of shares in a unit	1
890 5TH AVENUE PARTNERS, INC. \| Class A Common Stock \| Public Warrants
Subsidiary, Sale of Stock [Line Items]
Exercise price of warrants	$ 11.50
890 5TH AVENUE PARTNERS, INC. \| IPO
Subsidiary, Sale of Stock [Line Items]
Number of units sold initial public offering (in shares)	28,750,000
Purchase price, per unit	$ 10.00
Proceeds received from initial public offering, gross	$ 287,500,000
Offering costs	$ 6,200,000
890 5TH AVENUE PARTNERS, INC. \| IPO \| Anchor Investors
Subsidiary, Sale of Stock [Line Items]
Number of units sold initial public offering (in shares)	1,000,000
Number of warrants in a unit		1,000,000
890 5TH AVENUE PARTNERS, INC. \| IPO \| Public Warrants
Subsidiary, Sale of Stock [Line Items]
Proceeds received from initial public offering, gross	$ 287,500,000
Offering costs	$ 6,200,000
890 5TH AVENUE PARTNERS, INC. \| Over-allotment option
Subsidiary, Sale of Stock [Line Items]
Number of units sold initial public offering (in shares)	3,750,000
Purchase price, per unit	$ 10.00
890 5TH AVENUE PARTNERS, INC. \| Private Placement Warrant
Subsidiary, Sale of Stock [Line Items]
Offering costs			$ 12,000
Exercise price of warrants		$ 11.50	$ 11.50	$ 11.50
890 5TH AVENUE PARTNERS, INC. \| Private Placement Warrant \| Anchor Investors
Subsidiary, Sale of Stock [Line Items]
Number of warrants in a unit		28,750

Related Party Transactions - Founder Shares (Details)		1 Months Ended	3 Months Ended	4 Months Ended	9 Months Ended
Related Party Transactions - Founder Shares (Details)	Jan. 14, 2021 USD ($) shares	Oct. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) D $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Jan. 11, 2021 $ / shares	Dec. 31, 2019 $ / shares
Related Party Transaction [Line Items]
Aggregate purchase price			$ 35,000,000
Class A Common Stock
Related Party Transaction [Line Items]
Common stock, par value \| $ / shares				$ 0.0001	$ 0.0001		$ 0.0001
Class B Common Stock
Related Party Transaction [Line Items]
Common stock, par value \| $ / shares				$ 0.0001	$ 0.0001		$ 0.0001
890 5TH AVENUE PARTNERS, INC.
Related Party Transaction [Line Items]
Aggregate purchase price				$ 25,000
Proceeds received from private placement					$ 7,775,000
Offering costs				$ 115,392	$ 5,832,150
890 5TH AVENUE PARTNERS, INC. \| IPO
Related Party Transaction [Line Items]
Offering costs	$ 6,200,000
890 5TH AVENUE PARTNERS, INC. \| Private Placement Warrant
Related Party Transaction [Line Items]
Number of shares issued \| shares				777,500	777,500
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination				30	30
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences				30 days
Par value \| $ / shares				$ 10.00	$ 10.00
Proceeds received from private placement				$ 7,800,000	$ 7,800,000
Offering costs					$ 12,000
890 5TH AVENUE PARTNERS, INC. \| Class A Common Stock
Related Party Transaction [Line Items]
Common stock, par value \| $ / shares				$ 0.0001	$ 0.0001	$ 0.0001
Shares subject to forfeiture \| shares					28,750,000
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) \| $ / shares				$ 12.00	$ 12.00
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination				20	20
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination				30	30
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences				150 days	150 days
890 5TH AVENUE PARTNERS, INC. \| Class F Common Stock
Related Party Transaction [Line Items]
Common stock, par value \| $ / shares				$ 0.0001	$ 0.0001
Shares subject to forfeiture \| shares		937,500
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders				20.00%
890 5TH AVENUE PARTNERS, INC. \| Class F Common Stock \| Over-allotment option
Related Party Transaction [Line Items]
Shares subject to forfeiture \| shares	937,500
890 5TH AVENUE PARTNERS, INC. \| Founder shares
Related Party Transaction [Line Items]
Restrictions on transfer period of time after business combination completion				1 year	1 year
890 5TH AVENUE PARTNERS, INC. \| Sponsor \| Class F Common Stock
Related Party Transaction [Line Items]
Number of shares issued \| shares		7,187,500
Common stock, par value \| $ / shares		$ 0.0001
Aggregate purchase price		$ 25,000
Shares subject to forfeiture \| shares	937,500	937,500
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders	20.00%

Related Party Transactions - Additional Information (Details) - 890 5TH AVENUE PARTNERS, INC. - USD ($)	3 Months Ended	4 Months Ended	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021	Aug. 06, 2021	Aug. 03, 2021	May 27, 2021	Oct. 15, 2020
Related Party Transaction [Line Items]
Price of warrant	$ 10.00	$ 10.00	$ 10.00
Repayment of promissory note - related party			$ 300,000
Working capital loans warrant
Related Party Transaction [Line Items]
Expenses incurred and paid		$ 0	0
Loan conversion agreement shares	$ 1,500,000	1,500,000	1,500,000
Administrative Support Agreement
Related Party Transaction [Line Items]
Expenses incurred and paid	$ 60,000		180,000
Expenses per month		20,000	20,000
Related Party Loans
Related Party Transaction [Line Items]
Maximum borrowing capacity of related party promissory note		300,000					$ 300,000
One-time expenses		$ 13,000	$ 13,000
Share Price				$ 10.00
Sponsor
Related Party Transaction [Line Items]
Total loan						$ 1,600,000
Additional loan amount				$ 800,000
Aggregate loan amount				2,400,000
Commitment loan outstanding amount					$ 1,000,000.0
Sponsor \| Working capital loans warrant
Related Party Transaction [Line Items]
Loan conversion agreement shares				$ 1,500,000

Commitments & Contingencies (Details) - 890 5TH AVENUE PARTNERS, INC. $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares
Commitments And Contingencies [Line Items]
Underwriting discount per unit \| $ / shares	$ 0.20
Aggregate underwriter discount	$ 5.8
Percentage of marketing fee payable to the underwriters	3.50%
Aggregate underwriter fee payable	$ 10.1

Warrants (Details) - 890 5TH AVENUE PARTNERS, INC.	4 Months Ended	9 Months Ended
Warrants (Details) - 890 5TH AVENUE PARTNERS, INC.	Dec. 31, 2020 D $ / shares shares	Sep. 30, 2021 D $ / shares shares
Class of Warrant or Right [Line Items]
Warrants outstanding \| shares	0
Period for filling registration statement after business combination		15 days
Period of time after which warrant holder may do cashless exercise		60 days
Warrant
Class of Warrant or Right [Line Items]
Public Warrants exercisable term after the completion of a business combination		30 days
Public Warrants exercisable term from the closing of the initial public offering		12 months
Public Warrants expiration term		5 years
Exercise price of warrants		$ 11.50
Threshold issue price per share		$ 9.20
Percentage of gross proceeds on total equity proceeds		60.00%
Number of trading days on which fair market value of shares is reported		10
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent)		115.00%
Percentage of adjustment of redemption price of stock based on market value and newly issued price.		180.00%
Warrant \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00
Class of Warrant or Right [Line Items]
Stock price trigger for redemption of public warrants (in dollars per share)		$ 18.00
Redemption price per public warrant (in dollars per share)		$ 0.01
Class Of Warrant Or Right, Minimum Threshold Written Notice Period For Redemption Of Warrants		30 days
Threshold trading days for redemption of public warrants \| D		20
Threshold number of business days before sending notice of redemption to warrant holders \| D		30
Redemption Period		30 days
Warrant \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00
Class of Warrant or Right [Line Items]
Redemption price per public warrant (in dollars per share)		$ 0.10
Class Of Warrant Or Right, Minimum Threshold Written Notice Period For Redemption Of Warrants		30 days
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding \| shares		9,583,333
Class Of Warrant Or Right, Minimum Threshold Written Notice Period For Redemption Of Warrants	30 days
Public Warrants \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00
Class of Warrant or Right [Line Items]
Redemption price per public warrant (in dollars per share)	$ 0.10
Redemption Period		30 days
Warrant redemption condition minimum share price	10.00	$ 10.00
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding \| shares		259,167
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination		30 days
Private Placement Warrants \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00
Class of Warrant or Right [Line Items]
Redemption price per public warrant (in dollars per share)	$ 0.01
Threshold trading days for redemption of public warrants \| D	20
Threshold number of business days before sending notice of redemption to warrant holders \| D	30
Redemption Period	30 days
Warrant redemption condition minimum share price	$ 18.00

Class A Common Stock Subject to Possible Redemption (Details)	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2021 USD ($) Vote $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Jan. 11, 2021 $ / shares shares	Sep. 09, 2020 shares	Dec. 31, 2019 $ / shares shares
Temporary Equity [Line Items]
Gross proceeds received from Initial Public Offering \| $				$ 100,000,000
Class A Common Stock
Temporary Equity [Line Items]
Common Stock, Shares Authorized			500,000,000	500,000,000			500,000,000
Common Stock, Par or Stated Value Per Share \| $ / shares			$ 0.0001	$ 0.0001			$ 0.0001
Common Stock, Shares, Outstanding			5,081,771	5,034,459			5,014,300
890 5TH AVENUE PARTNERS, INC.
Temporary Equity [Line Items]
Gross proceeds received from Initial Public Offering \| $			$ 287,500,000
Fair value of Public Warrants at issuance \| $			(11,116,667)
Offering costs allocated to Class A common stock \| $			(5,989,181)
Accretion of Class A common stock subject to redemption amount \| $	$ 17,105,848	$ 17,105,848	17,105,848
Class A common stock subject to possible redemption \| $			$ 287,500,000
890 5TH AVENUE PARTNERS, INC. \| Class A Common Stock
Temporary Equity [Line Items]
Common Stock, Shares Authorized			500,000,000	500,000,000	500,000,000	0
Common Stock, Par or Stated Value Per Share \| $ / shares			$ 0.0001	$ 0.0001	$ 0.0001
Number of votes per common stock \| Vote			1
Common Stock, Shares, Outstanding			777,500	0
Temporary equity, shares outstanding			28,750,000
Common stock shares outstanding including shares subject to possible redemption			29,527,500
890 5TH AVENUE PARTNERS, INC. \| Class A Common Stock Subject to Redemption
Temporary Equity [Line Items]
Common Stock, Par or Stated Value Per Share \| $ / shares			$ 0.0001	$ 0.0001
Temporary equity, shares outstanding			28,750,000	0

Stockholders' Equity (Deficit) - Preferred Stock Shares (Details) - $ / shares	Sep. 30, 2021	Jan. 11, 2021	Dec. 31, 2020	Sep. 30, 2020	Sep. 09, 2020
Preferred shares, shares authorized	29,626,090		29,626,090
Preferred shares, shares issued	29,626,090		29,626,090
Preferred shares, shares outstanding	29,626,090		29,626,090
890 5TH AVENUE PARTNERS, INC.
Preferred shares, shares authorized	5,000,000	5,000,000	5,000,000	5,000,000	0
Preferred stock, par value, (per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Preferred shares, shares issued	0		0	0
Preferred shares, shares outstanding	0		0	0

Stockholders' Equity (Deficit) - Common Stock Shares (Details) - $ / shares	4 Months Ended	9 Months Ended
	Dec. 31, 2020	Sep. 30, 2021	Jan. 14, 2021	Jan. 11, 2021	Oct. 31, 2020	Sep. 09, 2020	Dec. 31, 2019
Class A Common Stock
Class of Stock [Line Items]
Common shares, shares authorized (in shares)	500,000,000	500,000,000					500,000,000
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001					$ 0.0001
Common shares, shares issued (in shares)	5,034,459	12,803,162					5,014,300
Common shares, shares outstanding (in shares)	5,034,459	5,081,771					5,014,300
Class B Common Stock
Class of Stock [Line Items]
Common shares, shares authorized (in shares)	500,000,000	500,000,000					500,000,000
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001					$ 0.0001
Common shares, shares issued (in shares)	34,362,554	27,391,338					34,152,328
Common shares, shares outstanding (in shares)	34,114,327	27,143,111					33,904,101
890 5TH AVENUE PARTNERS, INC. \| Class A Common Stock
Class of Stock [Line Items]
Common shares, shares authorized (in shares)	500,000,000	500,000,000		500,000,000		0
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001		$ 0.0001
Common shares, shares issued (in shares)	0	777,500
Common shares, shares outstanding (in shares)	0	777,500
Share subject to possible redemption (in shares)		28,750,000
Common stock shares issued including shares subject to possible redemption		29,527,500
Common stock shares outstanding including shares subject to possible redemption		29,527,500
890 5TH AVENUE PARTNERS, INC. \| Class F Common Stock
Class of Stock [Line Items]
Common shares, shares authorized (in shares)	25,000,000	25,000,000
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, shares issued (in shares)	7,187,500	7,187,500			7,187,500
Common shares, shares outstanding (in shares)	7,187,500	7,187,500
Common stock shares subject to forfeiture					937,500
Maximum shares subject to forfeiture			937,500		937,500
Common stock, shares subject to forfeiture, as a percent of issued and outstanding shares (as a percent)		20.00%
Number of common stock issuable pursuant to Initial Business Combination, as a percent of outstanding shares	20.00%	20.00%
890 5TH AVENUE PARTNERS, INC. \| Class A Common Stock Subject to Redemption
Class of Stock [Line Items]
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Share subject to possible redemption (in shares)	0	28,750,000

Stockholders' Equity - Warrants (Details) - 890 5TH AVENUE PARTNERS, INC.	4 Months Ended	9 Months Ended
	Dec. 31, 2020 D $ / shares	Sep. 30, 2021 $ / shares shares
Class A Common Stock
Class of Warrant or Right [Line Items]
Shares subject to forfeiture \| shares		28,750,000
Private Placement Warrants \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00
Class of Warrant or Right [Line Items]
Warrant redemption condition minimum share price	$ 18.00
Redemption price per public warrant (in dollars per share)	$ 0.01
Threshold trading days for redemption of public warrants \| D	20
Threshold number of business days before sending notice of redemption to warrant holders \| D	30
Redemption period	30 days
Private Placement Warrants \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 \| Minimum
Class of Warrant or Right [Line Items]
Threshold consecutive trading days for redemption of public warrants \| D	30
Public Warrants
Class of Warrant or Right [Line Items]
Minimum threshold written notice period for redemption of public warrants	30 days
Public Warrants exercisable term from the closing of the initial public offering	12 months
Threshold period for filling registration statement after business combination	15 days
Maximum threshold period for registration statement to become effective after business combination	60 days
Public Warrants \| Class A Common Stock
Class of Warrant or Right [Line Items]
Public Warrants expiration term	5 years
Share price trigger	$ 9.20
Redemption period	30 days
Share price trigger used to measure dilution of warrant	$ 9.20
Percentage of gross new proceeds to total equity proceeds used to measure dilution of warrant	60
Trading period after business combination used to measure dilution of warrant \| D	10
Warrant redemption price adjustment multiple	11.50
Stock price trigger for redemption of public warrants (in dollars per share)	$ 18.00
Percentage of gross proceeds on total equity proceeds	115.00%
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent)	180.00%
Public Warrants \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00
Class of Warrant or Right [Line Items]
Warrant redemption condition minimum share price	$ 10.00	$ 10.00
Redemption price per public warrant (in dollars per share)	$ 0.10
Redemption period		30 days
Number of days after written notice period redemption	30 days
Public Warrants \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 \| Minimum
Class of Warrant or Right [Line Items]
Threshold consecutive trading days for redemption of public warrants \| D	30
Redemption period	30 days

Fair Value Measurements (Details) - 890 5TH AVENUE PARTNERS, INC.	Sep. 30, 2021 USD ($)
Assets:
Investments held in Trust Account	$ 287,510,994
Liabilities, Fair Value Disclosure [Abstract]
Warrant liabilities	12,214,442
Recurring
Liabilities, Fair Value Disclosure [Abstract]
Working capital loan - related party	1,000,000
Recurring \| Public Warrants
Liabilities, Fair Value Disclosure [Abstract]
Warrant liabilities	11,883,333
Recurring \| Private Warrants
Liabilities, Fair Value Disclosure [Abstract]
Warrant liabilities	331,109
U.S. Treasury Securities \| Recurring
Assets:
Investments held in Trust Account	287,510,994
Level 1 \| Recurring \| Public Warrants
Liabilities, Fair Value Disclosure [Abstract]
Warrant liabilities	11,883,333
Level 1 \| U.S. Treasury Securities \| Recurring
Assets:
Investments held in Trust Account	287,510,994
Level 3 \| Recurring
Liabilities, Fair Value Disclosure [Abstract]
Working capital loan - related party	1,000,000
Level 3 \| Recurring \| Private Warrants
Liabilities, Fair Value Disclosure [Abstract]
Warrant liabilities	$ 331,109

Fair Value Measurements - Change in the Fair Value of the Warrant Liabilities (Details) - 890 5TH AVENUE PARTNERS, INC. - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Warrant liabilities at the beginning balance	$ 344,867	$ 226,850
Issuance of Public and Private Warrants			$ 11,407,475
Change in fair value of warrant liabilities	(13,758)	118,017	(63,958)
Public warrants transfer to Level 1			(11,116,667)
Warrant liabilities at the ending balance	331,109	$ 344,867	$ 226,850	$ 331,109
Change in fair value of warrant liabilities	$ (109,592)			$ 806,967

Fair Value Measurements - Level 3 Fair Value Measurements Inputs (Details) - 890 5TH AVENUE PARTNERS, INC. - Level 3	Sep. 30, 2021 $ / shares	Jan. 14, 2021 $ / shares
Exercise price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, measurement input	11.50	11.50
Stock Price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, measurement input	9.91	10.00
Term (in years)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, measurement input	5.17	5.00
Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, measurement input	18.90	18.00
Risk-free interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, measurement input	1.01	0.82

BALANCE SHEET - USD ($)

Sep. 30, 2021

Dec. 31, 2020

$ 145,597,000

$ 90,626,000

246,799,000

208,521,000

329,832,000

279,192,000

20,188,000

20,638,000

63,591,000

57,228,000

Deferred tax liability

7,712,000

100,510,000

97,310,000

97,683,000

37,190,000

(362,553,000)

(346,818,000)

Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit)

(268,782,000)

(313,803,000)

329,832,000

279,192,000

59,820

201,781

Prepaid expenses

549,821

6,815

Investments held in Trust Account

609,641

208,596

287,510,994

Deferred offering costs associated with the initial public offering

338,798

288,120,635

547,394

Accounts payable

469,346

120,269

Advances from related party

70,000

99,931

Franchise tax payable

149,589

450

13,050

Note payable

300,000

1,688,935

533,700

Warrant liabilities

12,214,442

13,903,377

533,700

Class A common stock subject to possible redemption, $0.0001 par value; 28,750,000 and 0 shares at $10.00 per share redemption value as of September 30, 2021 and December 31, 2020, respectively

287,500,000

Preferred stock

24,281

(13,283,539)

(11,306)

Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit)

(13,282,742)

13,694

288,120,635

547,394

Class A Common Stock

Class F common stock, $0.0001 par value; 25,000,000 shares authorized; 7,187,500 shares issued and outstanding(1)

1,000

Class A Common Stock | 890 5TH AVENUE PARTNERS, INC.

Class F common stock, $0.0001 par value; 25,000,000 shares authorized; 7,187,500 shares issued and outstanding(1)

Class B Common Stock

Class F common stock, $0.0001 par value; 25,000,000 shares authorized; 7,187,500 shares issued and outstanding(1)

3,000

Class F Common Stock | 890 5TH AVENUE PARTNERS, INC.

Class F common stock, $0.0001 par value; 25,000,000 shares authorized; 7,187,500 shares issued and outstanding(1)

^[1]

$ 719

[1]

BALANCE SHEET (Parenthetical) - $ / shares	Sep. 30, 2021	Jan. 14, 2021	Dec. 31, 2020	Oct. 31, 2020	Dec. 31, 2019
Class B Common Stock
Common stock, par value	$ 0.0001		$ 0.0001		$ 0.0001
Common shares, shares authorized	500,000,000		500,000,000		500,000,000
Common shares, shares issued	27,391,338		34,362,554		34,152,328
Common shares, shares outstanding	27,143,111		34,114,327		33,904,101
Class F Common Stock \| 890 5TH AVENUE PARTNERS, INC.
Common stock, par value	$ 0.0001		$ 0.0001
Common shares, shares authorized	25,000,000		25,000,000
Common shares, shares issued	7,187,500		7,187,500	7,187,500
Common shares, shares outstanding	7,187,500		7,187,500
Maximum shares subject to forfeiture		937,500		937,500
Class F Common Stock \| Over-allotment option \| 890 5TH AVENUE PARTNERS, INC.
Maximum shares subject to forfeiture			937,500
Common stock subject to redemption \| Over-allotment option \| 890 5TH AVENUE PARTNERS, INC.
Maximum shares subject to forfeiture			937,500

STATEMENT OF OPERATIONS - USD ($)

3 Months Ended

4 Months Ended

9 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Sep. 30, 2021

Operating expenses

General and administrative expenses

$ 19,829,000

$ 65,274,000

Total operating costs

(90,977,000)

(269,665,000)

Loss from operations

(881,000)

(17,817,000)

Weighted Average Number of Shares Outstanding, Basic

$ (3,786,000)

$ (15,735,000)

60,840

57,072

Weighted Average Number of Shares Outstanding, Diluted

60,840

57,072

$ (0.06)

$ (0.28)

$ (0.06)

$ (0.28)

General and administrative expenses

Operating expenses

$ 416,535

$ 10,856

$ 2,317,651

Administrative fee - related party

60,000

180,000

Franchise tax expenses

50,411

450

149,589

Loss from operations

(526,946)

(2,647,240)

Weighted Average Number of Shares Outstanding, Basic

$ (414,330)

$ (11,306)

$ (3,674,779)

^[1]

6,250,000

Weighted Average Number of Shares Outstanding, Diluted

6,250,000

$ 0.00

Class A Common Stock | 890 5TH AVENUE PARTNERS, INC.

$ 0.00

Operating expenses

Weighted Average Number of Shares Outstanding, Basic

29,527,500

28,121,429

Weighted Average Number of Shares Outstanding, Diluted

29,527,500

28,121,429

$ (0.01)

$ (0.10)

$ (0.01)

$ (0.10)

[1]

STATEMENT OF OPERATIONS (parenthetical)	Dec. 31, 2020 shares
Over-allotment option \| Common stock subject to redemption \| 890 5TH AVENUE PARTNERS, INC.
Maximum shares subject to forfeiture	937,500

STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($)	Class A Common Stock Common Stock 890 5TH AVENUE PARTNERS, INC.	Class A Common Stock Common Stock	Class B Common Stock Common Stock	Class F Common Stock Common Stock 890 5TH AVENUE PARTNERS, INC.	Additional Paid-In Capital 890 5TH AVENUE PARTNERS, INC.	Additional Paid-In Capital	Accumulated Deficit 890 5TH AVENUE PARTNERS, INC.	Accumulated Deficit	890 5TH AVENUE PARTNERS, INC.	Total
Balance at Dec. 31, 2017		$ 1,000	$ 3,000			$ 27,174,000		$ (242,427,000)		$ (216,959,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss								(77,535,000)		(77,535,000)
Balance at Dec. 31, 2018		1,000	3,000			32,834,000		(319,962,000)		(290,050,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss								(37,192,000)		(37,192,000)
Balance at Dec. 31, 2019		1,000	3,000			35,842,000		(357,154,000)		(323,371,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss								10,336,000		10,336,000
Balance at Dec. 31, 2020		1,000	3,000	$ 719	$ 24,281	37,190,000	$ (11,306)	(346,818,000)	$ 13,694	(313,803,000)
Balance (in shares) at Dec. 31, 2020				7,187,500
Balance at Sep. 08, 2020				$ 0	0		0		0
Balance (in shares) at Sep. 08, 2020				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of units in initial public offering, less derivative liabilities for public warrants				$ 719	24,281		0		25,000
Sale of units in initial public offering, less derivative liabilities for public warrants (in shares)				7,187,500
Net loss				$ 0	0		(11,306)		(11,306)
Balance at Dec. 31, 2020		1,000	3,000	$ 719	24,281	37,190,000	(11,306)	(346,818,000)	13,694	(313,803,000)
Balance (in shares) at Dec. 31, 2020				7,187,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of units in initial public offering, less derivative liabilities for public warrants						34,999,000				35,000,000
Sale of units in private placement, less derivative liabilities for private placement warrants	$ 78				7,484,113		0		7,484,191
Net loss					0		1,040,995		1,040,995
Balance at Mar. 31, 2021	$ 78			$ 719	0		(8,567,765)		(8,566,968)
Balance (in shares) at Mar. 31, 2021	777,500			7,187,500
Balance at Dec. 31, 2020		1,000	3,000	$ 719	24,281	37,190,000	(11,306)	(346,818,000)	13,694	(313,803,000)
Balance (in shares) at Dec. 31, 2020				7,187,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss									(3,260,449)
Balance at Jun. 30, 2021	$ 78			$ 719	0		(12,869,209)		(12,868,412)
Balance (in shares) at Jun. 30, 2021	777,500			7,187,500
Balance at Dec. 31, 2020		$ 1,000	$ 3,000	$ 719	24,281	$ 37,190,000	(11,306)	$ (346,818,000)	13,694	(313,803,000)
Balance (in shares) at Dec. 31, 2020				7,187,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss									(3,674,779)	(15,735,000)
Balance at Sep. 30, 2021	$ 78			$ 719	0		(13,283,539)		(13,282,742)	(268,782,000)
Balance (in shares) at Sep. 30, 2021	777,500			7,187,500
Balance at Mar. 31, 2021	$ 78			$ 719	0		(8,567,765)		(8,566,968)
Balance (in shares) at Mar. 31, 2021	777,500			7,187,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss					0		(4,301,444)		(4,301,444)
Balance at Jun. 30, 2021	$ 78			$ 719	0		(12,869,209)		(12,868,412)
Balance (in shares) at Jun. 30, 2021	777,500			7,187,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss					0		(414,330)		(414,330)	(3,786,000)
Balance at Sep. 30, 2021	$ 78			$ 719	$ 0		$ (13,283,539)		$ (13,282,742)	$ (268,782,000)
Balance (in shares) at Sep. 30, 2021	777,500			7,187,500

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY (Parenthetical)	Dec. 31, 2020 shares
Common stock subject to redemption \| Over-allotment option \| 890 5TH AVENUE PARTNERS, INC.
Maximum shares subject to forfeiture	937,500

STATEMENT OF CASH FLOWS - USD ($)	3 Months Ended	4 Months Ended	9 Months Ended	12 Months Ended
STATEMENT OF CASH FLOWS - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Cash Flows from Operating Activities:
Net loss	$ (3,582,000)		$ (15,696,000)	$ 11,156,000
Adjustments to reconcile net loss to net cash used in operating activities:
Unrealized gain from Investments held in Trust Account				(500,000)
Deferred income tax provision			(4,336,000)	112,000
Changes in operating assets and liabilities:
Net cash used in operating activities			10,898,000	27,553,000
Cash Flows from Investing Activities:
Net cash used in investing activities			(4,900,000)	(14,803,000)
Cash Flows from Financing Activities:
Proceeds from issuance of common stock to Sponsor			35,000,000
Net cash provided by financing activities			34,277,000	19,455,000
Net Change in Cash			39,471,000	32,102,000
Cash - beginning of the period			106,126,000	74,024,000
Cash - end of the period	145,597,000	$ 106,126,000	145,597,000	106,126,000
890 5TH AVENUE PARTNERS, INC.
Cash Flows from Operating Activities:
Net loss		(11,306)	(3,674,779)
Adjustments to reconcile net loss to net cash used in operating activities:
Unrealized gain from Investments held in Trust Account			(10,994)
Offering costs associated with issuance of public and private warrants			231,566
Change in fair value of warrant liabilities	(109,592)		806,967
Changes in operating assets and liabilities:
Prepaid expenses		(6,815)	(543,006)
Accounts payable		9,844	349,077
Accrued expenses			(79,731)
Franchise tax payable		450	149,139
Net cash used in operating activities		(7,827)	(2,771,761)
Cash Flows from Investing Activities:
Cash deposited in Trust Account			(287,500,000)
Net cash used in investing activities			(287,500,000)
Cash Flows from Financing Activities:
Proceeds from issuance of common stock to Sponsor		25,000
Repayment of advances from related party			(33,175)
Proceeds from note payable to related party		300,000
Payment of offering costs		(115,392)	(5,832,150)
Advances from related party			20,125
Net cash provided by financing activities		209,608	290,129,800
Net Change in Cash		201,781	(141,961)
Cash - beginning of the period			201,781
Cash - end of the period	$ 59,820	201,781	59,820	$ 201,781
Supplemental disclosure of noncash activities:
Offering costs included in accounts payable		110,425
Offering costs included in accrued expenses		99,931	$ 70,000
Offering costs paid by related party under promissory note		13,000
Expenses paid by related party		$ 50

Description of Organization and Business Operations

4 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Description of Organization and Business Operations

890 5TH AVENUE PARTNERS, INC.

NOTES TO FINANCIAL STATEMENTS

Note 1 — Description of Organization and Business Operations

Organization and General

Sponsor and Financing

Trust Account

Initial Business Combination

securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.

Liquidity and Capital Resources

As of December 31, 2020, the Company had approximately $202,000 in cash, and working capital deficit of approximately $325,000, excluding franchise tax payable.

Note 1—Description of Organization and Business Operations

Organization and General

Sponsor and Financing

Trust Account

Initial Business Combination

If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or January 14, 2023 (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the Public Shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

Proposed Business Combination

Liquidity and Capital Resources

As of September 30, 2021, the Company had approximately $60,000 in cash and working capital deficit of approximately $1.1 million.

Summary of Significant Accounting Policies

4 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Summary of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies

Basis of Presentation

Emerging Growth Company

Use of Estimates

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents at December 31, 2020.

Concentration of Credit Risk

Financial Instruments

Deferred Offering Costs Associated with the Initial Public Offering

Net Loss Per Share of Common Stock

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under

The provision for income taxes was deemed to be de minimis for the period from September 9, 2020 (inception) through December 31, 2020.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have an effect on the Company’s financial statements.

Note 2—Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the final prospectus filed by the Company with the SEC on January 13, 2021.

Restatement of Previously Reported Financial Statements

The impact of the restatement to the unaudited condensed balance sheets as of March 31, 2021, and June 30, 2021, is presented below.


	As of March 31, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Balance Sheet
Total assets	$	288,953,438	$	—	$	288,953,438
Total liabilities	$	10,020,406	$	—	$	10,020,406
Class A common stock subject to possible redemption		273,933,030		13,566,970		287,500,000
Stockholders’ equity (deficit)
Preferred stock		—		—		—
Class A common stock		213		(135)		78
Class F common stock		719		—		719
Additional paid-in-capital		3,969,381		(3,969,381)		—
Accumulated deficit		1,029,689		(9,597,454)		(8,567,765)
Total stockholders’ equity (deficit)		5,000,002		(13,566,970)		(8,566,968)
Total liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	288,953,438	$	—	$	288,953,438


	As of June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Consolidated Balance Sheet
Total assets	$	288,690,246	$	—	$	288,690,246
Total liabilities	$	14,058,658	$	—	$	14,058,658
Class A common stock subject to possible redemption		269,631,580		17,868,420		287,500,000
Stockholders’ equity (deficit)
Preferred stock		—		—		—
Class A common stock		256		(178)		78
Class F common stock		719		—		719
Additional paid-in-capital		8,270,788		(8,270,788)		—
Accumulated deficit		(3,271,755)		(9,597,454)		(12,869,209)
Total stockholders’ equity (deficit)		5,000,008		(17,868,420)		(12,868,412)
Total liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	288,690,246	$	—	$	288,690,246

There is no impact to the reported amounts for total assets, total liabilities, cash flows, or net income (loss).

The impact of the restatement to the supplemental disclosures of noncash activities in the previously reported statements of cash flow is presented below.


	For the Three Months Ended March 31, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Cash Flows - Supplemental disclosure of noncash activities:
Initial value of Class A common stock subject to possible redemption	$	284,058,140	$	(284,058,140)	$	—
Change in fair value of Class A common stock subject to possible redemption	$	(10,125,110)	$	10,125,110	$	—
Accretion of Class A common stock subject to redemption amount	$	—	$	17,105,848	$	17,105,848


	For the Six Months Ended June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Consolidated Statement of Cash Flows - Supplemental disclosure of noncash activities:
Initial value of Class A common stock subject to possible redemption	$	272,650,670	$	(272,650,670)	$	—
Change in fair value of Class A common stock subject to possible redemption	$	(3,019,090)	$	3,019,090	$	—
Accretion of Class A common stock subject to redemption amount	$	—	$	17,105,848	$	17,105,848


	For the Three Months Ended March 31, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Operations
Net loss	$	1,040,995	$	—	$	1,040,995

Weighted average shares outstanding of Class A common stock, basic and diluted		23,328,204		1,934,212		25,262,417
Basic and diluted net income per share of Class A common stock	$	—	$	0.03	$	0.03
Weighted average shares outstanding of Class F common stock, basic		8,986,296		(1,934,212)		7,052,083
Weighted average shares outstanding of Class F common stock, diluted		8,986,296		(1,798,796)		7,187,500
Basic and diluted net loss per share of Class F common stock	$	0.12	$	(0.08)	$	0.03


	For the Three Months Ended June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Operations
Net loss	$	(4,301,444)	$	—	$	(4,301,444)

Weighted average shares outstanding of Class A common stock, basic and diluted		27,388,576		2,138,924		29,527,500
Basic and diluted net income per share of Class A common stock	$	—	$	(0.12)	$	(0.12)
Weighted average shares outstanding of Class F common stock, basic and diluted		9,326,424		(2,138,924)		7,187,500
Basic and diluted net loss per share of Class F common stock	$	(0.46)	$	0.34	$	(0.12)


	For the Six Months Ended June 30, 2021
	As Previously
	Reported		Adjustment		As Restated
Unaudited Condensed Statement of Operations
Net loss	$	(3,260,449)	$	—	$	(3,260,449)

Weighted average shares outstanding of Class A common stock, basic and diluted		27,332,731		74,009		27,406,740
Basic and diluted net income per share of Class A common stock	$	—	$	(0.09)	$	(0.09)
Weighted average shares outstanding of Class F common stock, basic and diluted		9,157,299		(2,037,133)		7,120,166
Basic and diluted net loss per share of Class F common stock	$	(0.36)	$	0.27	$	(0.09)

Principles of Consolidation

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Use of Estimates

Concentration of Credit Risk

Cash and Cash Equivalents

Investments Held in the Trust Account

Fair Value of Financial Instruments

Fair Value Measurements

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Offering Costs Associated with the Initial Public Offering

Working Capital Loan – Related Party

Derivative Warrant Liabilities

Class A Common Stock Subject to Possible Redemption

Net Loss per Share of Common Stock

The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share of common stock for each class of common stock:


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2021				September 30, 2021
	Class A		Class F		Class A		Class F
Numerator:
Allocation of net loss	$	(333,219)	$	(81,111)	$	(2,930,445)	$	(744,334)
Denominator:
Weighted average common stock outstanding, basic and diluted		29,527,500		7,187,500		28,121,429		7,142,857
Basic and diluted net loss per share of common stock	$	(0.01)	$	(0.01)	$	(0.10)	$	(0.10)

Income Taxes

Recently Adopted Accounting Standards

Initial Public Offering

4 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Initial Public Offering

Note 3 — Initial Public Offering

The Anchor Investor will not have any rights to the funds held in the Trust Account beyond the rights afforded to the Public Stockholders, as described herein.

Note 3—Initial Public Offering

The Anchor Investor agreed to vote any shares that it holds (including any Public Shares that it holds) in favor of the initial Business Combination, and a smaller portion of affirmative votes from other Public Stockholders would be required to approve the initial Business Combination. As a result of the Private Placement Units that the Anchor Investor holds, it may have different interests with respect to a vote on an initial Business Combination than other Public Stockholders.

The Anchor Investor will not have any rights to the funds held in the Trust Account beyond the rights afforded to the Public Stockholders, as described herein.

Related Party Transactions

4 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

18.

Related Party Transactions

17.

Related Party Transactions

Note 4 — Related Party Transactions

Founder Shares

Private Placement

Related Party Loans

Administrative Services Agreement

Note 4—Related Party Transactions

Founder Shares

Private Placement Units

Related Party Loans

In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members of our management team or any of their affiliates or other third parties, may, but are not obligated to (except as described below), loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination or, at the lenders’ discretion, up to $1.5 million of such Working Capital Loans may be convertible into units of the post-Business Combination entity at a price of $10.00 per unit at the option of the lender. The units would be identical to the Private Placement Units. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans.

On May 27, 2021, the Sponsor committed to provide to the Company an aggregate of up to $1.6 million in loans, and on August 6, 2021, the Sponsor committed to provide to the Company an additional amount of up to $0.8 million in loans for an aggregate of up to $2.4 million in loans, in each case in order to finance the Company’s working capital needs (including transaction costs in connection with a Business Combination). As described above, up to $1.5 million of the Sponsor Loan Commitment (in the aggregate with any other Working Capital Loans) may be convertible into units of the post-Business Combination entity at a price of $10.00 per unit at the option of the lender. As of September 30, 2021, the Company borrowed from the Sponsor the amount of $1.0 million under the Sponsor Loan Commitment, presented at an estimate of its fair value on the accompanying unaudited condensed balance sheets.

Administrative Services Agreement

In addition, the Sponsor, executive officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company’s behalf such as identifying potential partner businesses and performing due diligence on suitable Business Combinations. The Company’s audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, executive officers or directors, or the Company’s or their affiliates. Any such payments prior to an initial Business Combination will be made using funds held outside the Trust Account.

Commitments and Contingencies

4 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

16.

Commitments and Contingencies

Commitments

Guarantees

Legal Matters

14.

Commitments and Contingencies

Commitments

Future minimum lease payments under leases having initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2020 are as follows (in thousands):


Year	Amount
2021	$	27,094
2022		27,945
2023		26,032
2024		18,033
2025		18,209
Thereafter		10,993
	$	128,306


Year	Amount
2021	$	6,722
2022		6,504
2023		3,482
2024		3,519
2025		3,556
Thereafter		1,193
	$	24,976

Guarantees

In September 2018, at the time of its equity investment in a private company, the Company agreed to guarantee the lease of the investee’s premises in New York. In October 2020, the investee renewed its lease agreement, and the Company’s prior guarantee was replaced with a new guarantee of up to $5.4 million. The amount of the guarantee is reduced as the investee makes payments under the lease. As of December 31, 2020, the maximum amount of the guarantee was $4.2 million, and no liability was recognized with respect to the guarantee.

Legal Matters

The Company is party to various lawsuits and claims in the ordinary course of business. Although the outcome of such matters cannot be predicted with certainty and the impact that the final resolution of such matters will ultimately have on the Company’s consolidated financial statements is not known, we do not believe that the resolution of these matters will have a material adverse effect on the Company’s future results of operations or cash flows.

Note 5 — Commitments and Contingencies

Registration Rights

Underwriting Agreement

The underwriters were entitled to an underwriting discount of $0.20 per unit, or approximately $5.8 million in the aggregate, paid upon the closing of the Initial Public Offering.

Business Combination Marketing Agreement

Note 5—Commitments & Contingencies

Registration Rights

Underwriting Agreement

The underwriters were entitled to an underwriting discount of $0.20 per unit, or approximately $5.8 million in the aggregate, paid upon the closing of the Initial Public Offering.

Business Combination Marketing Agreement

Risks and Uncertainties

Stockholders' Equity

4 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

12.

Stockholders’ Equity

Common Stock

Stock Option Plan

A summary of the share activity under the Company’s stock option plan is presented below (in thousands, except per share amounts):


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Remaining	Intrinsic
	Shares	Price		Term	Value
Balance as of December 31, 2020	32,127	$	1.96	5.01	$	19,248
Granted	2,028		2.79
Exercised	(798)		0.73
Forfeited	(7,738)		2.97
Expired	(1,603)		2.78
Balance as of September 30, 2021	24,016	$	1.69	2.59	$	25,699
Expected to vest at September 30, 2021	2,357	$	2.74	9.35		—
Exercisable at September 30, 2021	24,016	$	1.69	2.59	$	25,699

The Company currently uses authorized and unissued shares to satisfy share award exercises.

Restricted Stock Units

A summary of the restricted stock unit activity is presented below (in thousands, except per share amounts):


		Weighted Average
		Grant-Date Fair
	Shares	Value
Outstanding as of December 31, 2020	8,268	$	2.61
Granted	9,260		2.81
Vested	—		—
Forfeited	(359)		2.70
Outstanding as of September 30, 2021	17,169	$	2.71

As of September 30, 2021, there was approximately $46.6 million of unrecognized compensation costs related to restricted stock units.

Stock-Based Compensation Expense

The following table summarizes stock-based compensation cost included in the condensed consolidated statements of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cost of revenue, excluding depreciation and amortization	$	388	$	54	$	543	$	61
Sales and marketing		37		28		98		31
General and administrative		59		221		160		872
Research and development		19		24		49		24
	$	503	$	327	$	850	$	988

10.

Stockholders’ Equity

Common Stock

Stock Option Plan

Options are generally granted for a term of 10 years from the date of grant. Options granted under the plans may be exercised prior to vesting. Stock options generally vest over four years.

The fair value of stock option awards is estimated on the date of grant using the Black-Scholes option-pricing model based upon the following range of assumptions:


	2020	2019	2018
Exercise price	$2.29 – $2.55	$2.54 – $2.55	$2.96 – $3.07
Expected dividend yield	0%	0%	0%
Expected volatility	41% – 46%	38% – 39%	37% – 39%
Expected term (years)	5.55 – 6.07	5.80 – 6.09	5.65 – 6.25
Risk free interest rate	0.26% – 1.17%	1.58% – 2.35%	2.47% – 3.04%


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Remaining	Intrinsic
	Shares	Price		Term	Value
Balance as of December 31, 2019	35,016	$	2.00	5.03	$	24,634
Granted	335		2.46	—		—
Exercised	(230)		0.62	—		—
Forfeited	(1,700)		2.86	—		—
Expired	(1,294)		2.22	—		—
Balance as of December 31, 2020	32,127	$	1.96	5.01	$	19,248
Expected to vest at December 31, 2020	8,427	$	2.94	7.98		—
Exercisable at December 31, 2020	24,611	$	1.65	4.12	$	19,248

The Company currently uses authorized and unissued shares to satisfy share award exercises.

Restricted Stock Units

A summary of the restricted stock unit activity is presented below (in thousands, except per share amounts):


		Weighted Average
		Grant-Date Fair
	Shares	Value
Outstanding as of December 31, 2019	8,433	$	2.63
Granted	1,003		2.38
Vested	—		—
Forfeited	(1,168)		2.67
Outstanding as of December 31, 2020	8,268	$	2.61

As of December 31, 2020, there was approximately $21.6 million of unrecognized compensation costs related to restricted stock units.

Note 6 — Stockholders’ Equity

Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00:

Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash (except as described herein with respect to the Private Placement Warrants):

●

in whole and not in part;

●

at a price of $0.01 per Warrant;

●

upon a minimum of 30 days’ prior written notice of redemption; and

If the Company calls the warrants for redemption as described above, the management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.”

Redemption of warrants for when the price per share of Class A common stock equals or exceeds $10.00:

Commencing ninety days after the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

●

in whole and not in part;

●

upon a minimum of 30 days’ prior written notice of redemption;

●

Note 8—Stockholders’ Equity (Deficit)

Preferred Stock - The Company filed its initial Certificate of Incorporation on September 9, 2020, which authorized no shares of preferred stock. The Company filed its A&R Certificate of Incorporation on January 11, 2021, which authorized 5,000,000 shares of preferred stock, par value $0.0001 per share. The Company is authorized to issue 5,000,000 shares of preferred stock, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2021, and December 31, 2020, there were no shares of preferred stock issued or outstanding.

Class A Common Stock - The Company filed its initial Certificate of Incorporation on September 9, 2020, which authorized no shares of Class A common stock. The Company filed its A&R Certificate of Incorporation on January 11, 2021, which authorized 500,000,000 shares of Class A common stock, par value $0.0001 per share. The Company is authorized to issue 500,000,000 shares of Class A common stock with a par value of $0.0001 per share. As of September 30, 2021, there were 29,527,500 shares of Class A common stock issued and outstanding, including 28,750,000 shares of Class A common stock subject to possible redemption. At December 31, 2020, there were no Class A common stock issued and outstanding.

Subsequent Events

4 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

19.

Subsequent Events

18.

Subsequent Events

The Company evaluated subsequent events through July 30, 2021, the date the financial statements were available to be issued.

Note 7 — Subsequent Events

Note 10—Subsequent Events

Summary of Significant Accounting Policies (Policies)

4 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

Use of Estimates

Key estimates and assumptions relate primarily to revenue recognition, valuation allowances for deferred income tax assets, allowance for doubtful accounts, fair values used for stock-based compensation, useful lives of fixed assets and capitalized software costs.

Recent Accounting Pronouncements

Income Taxes

Recently Adopted Accounting Pronouncements

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the final prospectus filed by the Company with the SEC on January 13, 2021.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents at December 31, 2020.

Cash and Cash Equivalents

Concentration of Credit Risk

Financial Instruments

Fair Value of Financial Instruments

Deferred Offering Costs Associated with the Initial Public Offering

Offering Costs Associated with the Initial Public Offering

Net Loss Per Share of Common Stock

Net Loss per Share of Common Stock

The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share of common stock for each class of common stock:


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2021				September 30, 2021
	Class A		Class F		Class A		Class F
Numerator:
Allocation of net loss	$	(333,219)	$	(81,111)	$	(2,930,445)	$	(744,334)
Denominator:
Weighted average common stock outstanding, basic and diluted		29,527,500		7,187,500		28,121,429		7,142,857
Basic and diluted net loss per share of common stock	$	(0.01)	$	(0.01)	$	(0.10)	$	(0.10)

Recent Accounting Pronouncements

The Company follows the asset and liability method of accounting for income taxes under

The provision for income taxes was deemed to be de minimis for the period from September 9, 2020 (inception) through December 31, 2020.

Income Taxes

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have an effect on the Company’s financial statements.

Recently Adopted Accounting Standards

Description of Organization and Business Operations (Details) - USD ($)		1 Months Ended	4 Months Ended	9 Months Ended	12 Months Ended
	Jan. 14, 2021	Oct. 31, 2020	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020	Oct. 15, 2020
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance initial public offering					$ 100,000,000
890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Purchase price, per unit			$ 10.00	$ 10.00	$ 10.00
Proceeds from issuance initial public offering				$ 287,500,000
Price of warrant			$ 10.00	$ 10.00	$ 10.00
Proceeds received from private placement				$ 7,775,000
Cash			$ 202,000		$ 202,000
working capital			325,000	1,100,000
Maximum Allowed Dissolution Expenses			$ 100,000	$ 100,000
Threshold minimum aggregate fair market value as a percentage of the net assets held in the Trust Account			80.00%	80.00%
Threshold percentage of outstanding voting securities of the target to be acquired by post-transaction company to complete business combination			50.00%	50.00%
Minimum net tangible assets upon consummation of business combination			$ 5,000,001	$ 5,000,001	$ 5,000,001
Threshold percentage of public shares subject to redemption without companys prior written consent			15.00%	15.00%
Obligation to redeem Public Shares if entity does not complete a Business Combination (as a percent)			100.00%	100.00%
Repayment of promissory note - related party				$ 300,000
Private Placement Warrants \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Sale of Private Placement Warrants (in shares)			777,500	777,500	777,500
Price of warrant			$ 10.00	$ 10.00	$ 10.00
Proceeds received from private placement			$ 7,800,000	$ 7,800,000
Related Party Loans \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Maximum borrowing capacity of related party promissory note			300,000		$ 300,000	$ 300,000
IPO \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Number of units sold initial public offering (in shares)	28,750,000
Purchase price, per unit	$ 10.00
Proceeds from issuance initial public offering	$ 287,500,000
Other offering costs	6,200,000
IPO \| Warrant \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance initial public offering	$ 287,500,000
Price of warrant	$ 10.00
IPO \| Related Party Loans \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Advance received from related party	$ 13,000		13,000		13,000
Repayment of promissory note - related party	300,000
Maximum borrowing capacity of related party promissory note	$ 300,000		300,000		$ 300,000
Consideration received		$ 25,000	$ 25,000
Over-allotment option \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Number of units sold initial public offering (in shares)	3,750,000
Purchase price, per unit	$ 10.00

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 14, 2021	Oct. 31, 2020
Unrecognized tax benefits	$ 0		$ 0		$ 0	$ 0
Statutory tax rate (as a percent)	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%
890 5TH AVENUE PARTNERS, INC.
Cash equivalents	$ 0		$ 0		$ 0
Unrecognized tax benefits	0		0		$ 0
Unrecognized tax benefits accrued for interest and penalties	$ 0		$ 0
Anti-dilutive securities attributable to warrants (in shares)	9,842,500		9,842,500
Class A Common Stock \| 890 5TH AVENUE PARTNERS, INC.
Number Of Shares Subject To Forfeiture	28,750,000		28,750,000
Shares subject to forfeiture	28,750,000		28,750,000
Class F Common Stock \| 890 5TH AVENUE PARTNERS, INC.
Number Of Shares Subject To Forfeiture									937,500
Shares subject to forfeiture									937,500
Class F Common Stock \| Over-allotment option \| 890 5TH AVENUE PARTNERS, INC.
Number Of Shares Subject To Forfeiture								937,500
Shares subject to forfeiture								937,500

Summary of Significant Accounting Policies - Reconciliation of Net Loss per Common Share (Details) - USD ($)	3 Months Ended						4 Months Ended	6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net loss	$ (3,786,000)			$ (2,192,000)	$ (6,093,000)	$ (13,624,000)			$ (15,735,000)	$ (21,909,000)	$ 10,336,000	$ (37,192,000)	$ (77,535,000)
Adjusted net loss	(3,786,000)			(2,192,000)					(15,735,000)	(21,909,000)		(37,192,000)	(77,535,000)
Numerator:
Net loss	(3,786,000)			(2,192,000)	$ (6,093,000)	$ (13,624,000)			(15,735,000)	(21,909,000)	$ 10,336,000	(37,192,000)	(77,535,000)
Net Income (Loss) Available to Common Stockholders, Basic, Total	(3,786,000)			$ (2,192,000)					(15,735,000)	$ (21,909,000)		$ (37,192,000)	$ (77,535,000)
890 5TH AVENUE PARTNERS, INC.
Net loss	(414,330)	$ (4,301,444)	$ 1,040,995				$ (11,306)	$ (3,260,449)	(3,674,779)
Numerator:
Net loss	(414,330)	$ (4,301,444)	$ 1,040,995				$ (11,306)	$ (3,260,449)	(3,674,779)
Class A Common Stock \| 890 5TH AVENUE PARTNERS, INC.
Adjusted net loss	(333,219)								(2,930,445)
Numerator:
Net Income (Loss) Available to Common Stockholders, Basic, Total	$ (333,219)								$ (2,930,445)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Initial Public Offering (Details) - USD ($)		4 Months Ended	9 Months Ended	12 Months Ended
Initial Public Offering (Details) - USD ($)	Jan. 14, 2021	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Proceeds received from initial public offering, gross				$ 100,000,000
890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Purchase price, per unit		$ 10.00	$ 10.00	$ 10.00
Proceeds received from initial public offering, gross			$ 287,500,000
Offering costs		$ 115,392	$ 5,832,150
Public Warrants \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Number of warrants in a unit	0.33
Number of shares issuable per warrant	1
Founder shares \| Anchor Investors \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Number of warrants in a unit		212,621
Class A Common Stock \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Purchase price, per unit		$ 11.50	$ 10.00	$ 11.50
Number of shares in a unit	1
Number of warrants in a unit		0.33
Number of shares issuable per warrant		1		1
Class A Common Stock \| Public Warrants \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Exercise price of warrants	$ 11.50
IPO \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Sale of units in private placement, less derivative liabilities for private placement warrants (in shares)	28,750,000
Purchase price, per unit	$ 10.00
Proceeds received from initial public offering, gross	$ 287,500,000
Offering costs	$ 6,200,000
IPO \| Anchor Investors \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Sale of units in private placement, less derivative liabilities for private placement warrants (in shares)	1,000,000
Number of warrants in a unit		1,000,000
IPO \| Public Warrants \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Proceeds received from initial public offering, gross	$ 287,500,000
Offering costs	$ 6,200,000
Over-allotment option \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Sale of units in private placement, less derivative liabilities for private placement warrants (in shares)	3,750,000
Purchase price, per unit	$ 10.00
Private Placement Warrant \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Exercise price of warrants		$ 11.50	$ 11.50	$ 11.50
Offering costs			$ 12,000
Private Placement Warrant \| Anchor Investors \| 890 5TH AVENUE PARTNERS, INC.
Subsidiary, Sale of Stock [Line Items]
Number of warrants in a unit		28,750

Related Party Transactions - Founder Shares (Details)		1 Months Ended	3 Months Ended	4 Months Ended	9 Months Ended	12 Months Ended
Related Party Transactions - Founder Shares (Details)	Jan. 14, 2021 USD ($) shares	Oct. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) D $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares
Related Party Transaction [Line Items]
Aggregate purchase price			$ 35,000,000
Proceeds received from initial public offering, gross						$ 100,000,000
890 5TH AVENUE PARTNERS, INC.
Related Party Transaction [Line Items]
Aggregate purchase price				$ 25,000
Offering costs				$ 115,392	$ 5,832,150
Proceeds received from initial public offering, gross					287,500,000
Proceeds received from private placement					$ 7,775,000
IPO \| 890 5TH AVENUE PARTNERS, INC.
Related Party Transaction [Line Items]
Offering costs	$ 6,200,000
Proceeds received from initial public offering, gross	$ 287,500,000
Private Placement Warrant \| 890 5TH AVENUE PARTNERS, INC.
Related Party Transaction [Line Items]
Number of shares issued \| shares				777,500	777,500
Par value \| $ / shares				$ 10.00	$ 10.00	$ 10.00
Exercise price of warrants \| $ / shares				$ 11.50	$ 11.50	$ 11.50
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination				30	30
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences				30 days
Offering costs					$ 12,000
Proceeds received from private placement				$ 7,800,000	$ 7,800,000
Class A Common Stock \| 890 5TH AVENUE PARTNERS, INC.
Related Party Transaction [Line Items]
Shares subject to forfeiture \| shares					28,750,000
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) \| $ / shares				$ 12.00	$ 12.00
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination				20	20
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination				30	30
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences				150 days	150 days
Class F Common Stock \| 890 5TH AVENUE PARTNERS, INC.
Related Party Transaction [Line Items]
Shares subject to forfeiture \| shares		937,500
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders				20.00%
Class F Common Stock \| Over-allotment option \| 890 5TH AVENUE PARTNERS, INC.
Related Party Transaction [Line Items]
Shares subject to forfeiture \| shares	937,500
Founder shares \| 890 5TH AVENUE PARTNERS, INC.
Related Party Transaction [Line Items]
Restrictions on transfer period of time after business combination completion				1 year	1 year
Sponsor \| Class F Common Stock \| 890 5TH AVENUE PARTNERS, INC.
Related Party Transaction [Line Items]
Number of shares issued \| shares		7,187,500
Aggregate purchase price		$ 25,000
Exercise price of warrants \| $ / shares		$ 0.0001
Shares subject to forfeiture \| shares	937,500	937,500
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders	20.00%

Related Party Transactions - Additional Information (Details) - 890 5TH AVENUE PARTNERS, INC. - USD ($)	3 Months Ended	4 Months Ended	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021	Aug. 06, 2021	May 27, 2021	Oct. 15, 2020
Related Party Transaction [Line Items]
Repayment of promissory note - related party			$ 300,000
Price of warrant	$ 10.00	$ 10.00	$ 10.00
Working capital loans warrant
Related Party Transaction [Line Items]
Loan conversion agreement shares	$ 1,500,000	$ 1,500,000	$ 1,500,000
Expenses incurred and paid		0	0
Administrative Support Agreement
Related Party Transaction [Line Items]
Expenses per month		20,000	20,000
Expenses incurred and paid	$ 60,000		180,000
Related Party Loans
Related Party Transaction [Line Items]
Maximum borrowing capacity of related party promissory note		300,000				$ 300,000
One-time expenses		$ 13,000	$ 13,000
Share Price				$ 10.00
Sponsor
Related Party Transaction [Line Items]
Total loan					$ 1,600,000
Sponsor \| Working capital loans warrant
Related Party Transaction [Line Items]
Loan conversion agreement shares				$ 1,500,000

Commitments and Contingencies (Details) - 890 5TH AVENUE PARTNERS, INC. - USD ($) $ / shares in Units, $ in Millions	4 Months Ended	9 Months Ended
	Dec. 31, 2020	Sep. 30, 2021
Commitments And Contingencies [Line Items]
Underwriting discount per unit		$ 0.20
Percentage of marketing fee payable to the underwriters		3.50%
Aggregate underwriter fee payable		$ 10.1
Underwriting fees		$ 5.8
IPO
Commitments And Contingencies [Line Items]
Underwriting discount per unit	$ 0.20
Aggregate underwriter discount	$ 5.8
Percentage of marketing fee payable to the underwriters	3.50%
Aggregate underwriter fee payable	$ 10.1

Stockholders' Equity - Preferred Stock Shares (Details) - $ / shares	Sep. 30, 2021	Jan. 11, 2021	Dec. 31, 2020	Sep. 30, 2020	Sep. 09, 2020
Preferred shares, shares authorized	29,626,090		29,626,090
Preferred shares, shares issued	29,626,090		29,626,090
Preferred shares, shares outstanding	29,626,090		29,626,090
890 5TH AVENUE PARTNERS, INC.
Preferred shares, shares authorized	5,000,000	5,000,000	5,000,000	5,000,000	0
Preferred stock, par value	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Preferred shares, shares issued	0		0	0
Preferred shares, shares outstanding	0		0	0

Stockholders' Equity - Common Stock Shares (Details) - $ / shares	4 Months Ended	9 Months Ended
	Dec. 31, 2020	Sep. 30, 2021	Jan. 14, 2021	Jan. 11, 2021	Oct. 31, 2020	Sep. 30, 2020	Sep. 09, 2020	Dec. 31, 2019
Class A Common Stock
Class of Stock [Line Items]
Common shares, shares authorized (in shares)	500,000,000	500,000,000						500,000,000
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001						$ 0.0001
Common shares, shares issued (in shares)	5,034,459	12,803,162						5,014,300
Common shares, shares outstanding (in shares)	5,034,459	5,081,771						5,014,300
Class A Common Stock \| 890 5TH AVENUE PARTNERS, INC.
Class of Stock [Line Items]
Common shares, shares authorized (in shares)	500,000,000	500,000,000		500,000,000			0
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001		$ 0.0001
Common shares, shares issued (in shares)	0	777,500
Common shares, shares outstanding (in shares)	0	777,500
Temporary equity, shares outstanding		28,750,000
Class A Common Stock Subject to Redemption \| 890 5TH AVENUE PARTNERS, INC.
Class of Stock [Line Items]
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, shares outstanding	0	28,750,000
Class A Common Stock Not Subject to Redemption \| 890 5TH AVENUE PARTNERS, INC.
Class of Stock [Line Items]
Common shares, shares authorized (in shares)	500,000,000					500,000,000
Common shares, par value (in dollars per share)	$ 0.0001					$ 0.0001
Common shares, shares issued (in shares)	0					0
Common shares, shares outstanding (in shares)	0					0
Class B Common Stock
Class of Stock [Line Items]
Common shares, shares authorized (in shares)	500,000,000	500,000,000						500,000,000
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001						$ 0.0001
Common shares, shares issued (in shares)	34,362,554	27,391,338						34,152,328
Common shares, shares outstanding (in shares)	34,114,327	27,143,111						33,904,101
Class F Common Stock \| 890 5TH AVENUE PARTNERS, INC.
Class of Stock [Line Items]
Common shares, shares authorized (in shares)	25,000,000	25,000,000
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, shares issued (in shares)	7,187,500	7,187,500			7,187,500
Common shares, shares outstanding (in shares)	7,187,500	7,187,500
Common stock shares subject to forfeiture					937,500
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders	20.00%
Number of common stock issuable pursuant to Initial Business Combination, as a percent of outstanding shares	20.00%	20.00%
Class F Common Stock \| Over-allotment option \| 890 5TH AVENUE PARTNERS, INC.
Class of Stock [Line Items]
Common stock shares subject to forfeiture			937,500

Stockholders' Equity - Warrants (Details) - 890 5TH AVENUE PARTNERS, INC.	4 Months Ended	9 Months Ended
	Dec. 31, 2020 D $ / shares	Sep. 30, 2021 $ / shares shares
Class A Common Stock
Class of Warrant or Right [Line Items]
Shares subject to forfeiture \| shares		28,750,000
Private Placement Warrants \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00
Class of Warrant or Right [Line Items]
Warrant redemption condition minimum share price	$ 18.00
Redemption price per public warrant (in dollars per share)	$ 0.01
Threshold trading days for redemption of public warrants \| D	20
Threshold number of business days before sending notice of redemption to warrant holders \| D	30
Redemption period	30 days
Private Placement Warrants \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 \| Minimum
Class of Warrant or Right [Line Items]
Threshold consecutive trading days for redemption of public warrants \| D	30
Public Warrants
Class of Warrant or Right [Line Items]
Minimum threshold written notice period for redemption of public warrants	30 days
Public Warrants exercisable term from the closing of the initial public offering	12 months
Threshold period for filling registration statement after business combination	15 days
Maximum threshold period for registration statement to become effective after business combination	60 days
Public Warrants \| Class A Common Stock
Class of Warrant or Right [Line Items]
Public Warrants expiration term	5 years
Share price trigger	$ 9.20
Redemption period	30 days
Share price trigger used to measure dilution of warrant	$ 9.20
Percentage of gross new proceeds to total equity proceeds used to measure dilution of warrant	60
Trading period after business combination used to measure dilution of warrant \| D	10
Warrant redemption price adjustment multiple	11.50
Stock price trigger for redemption of public warrants (in dollars per share)	$ 18.00
Percentage of gross proceeds on total equity proceeds	115.00%
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent)	180.00%
Public Warrants \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00
Class of Warrant or Right [Line Items]
Warrant redemption condition minimum share price	$ 10.00	$ 10.00
Redemption price per public warrant (in dollars per share)	$ 0.10
Redemption period		30 days
Number of days after written notice period redemption	30 days
Public Warrants \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 \| Minimum
Class of Warrant or Right [Line Items]
Threshold consecutive trading days for redemption of public warrants \| D	30
Redemption period	30 days

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS $ in Thousands	Sep. 30, 2021 USD ($)
Current assets
Cash and cash equivalents	$ 145,597
Accounts receivable (net of allowance for doubtful accounts of $699 and $1,387 as of September 30, 2021 and December 31, 2020)	77,351
Prepaid and other current assets	23,851
Total current assets	246,799
Property and equipment, net	22,875
Capitalized software costs, net	16,586
Intangible assets, net	19,139
Goodwill	5,927
Prepaid and other assets	18,506
Total Assets	329,832
Current liabilities
Accounts payable	12,587
Accrued expenses	20,188
Deferred rent	4,252
Deferred revenue	1,503
Accrued compensation	23,749
Other current liabilities	1,312
Total current liabilities	63,591
Deferred rent	13,634
Debt	19,504
Other liabilities	3,781
Total Liabilities	100,510
Commitments and Contingencies (Note 5)
Redeemable noncontrolling interest	1,570
Stockholder's Equity
Additional paid-in capital	97,683
Accumulated other comprehensive loss	(3,098)
Accumulated deficit	(362,553)
Treasury stock, 248,227 shares of Class B common stock at September 30, 2021 and December 31, 2020, respectively	(820)
Total stockholder's equity (deficit)	(268,782)
Noncontrolling interests	1,697
Total stockholders' deficit	(267,085)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit)	329,832
Series A, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	3,001
Series A1, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	4
Series B, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	7,904
Series C, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	15,434
Series D, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	19,311
Series E, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	49,646
Series F, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	199,856
Series G, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	199,681
Class A Common Stock
Stockholder's Equity
Class F common stock, $0.0001 par value; 25,000,000 shares authorized; 7,187,500 shares issued and outstanding(1)	1
Class B Common Stock
Stockholder's Equity
Class F common stock, $0.0001 par value; 25,000,000 shares authorized; 7,187,500 shares issued and outstanding(1)	3
Class C Common stock
Stockholder's Equity
Class F common stock, $0.0001 par value; 25,000,000 shares authorized; 7,187,500 shares issued and outstanding(1)	$ 2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts receivable allowance	$ 699	$ 1,387	$ 1,122
Treasury stock, shares		248,227	248,227
Series A, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	3,500,000	3,500,000	3,500,000
Convertible preferred stock, shares issued	3,500,000	3,500,000	3,500,000
Temporary equity, shares outstanding	3,500,000	3,500,000	3,500,000
Series A1, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	3,800,515	3,800,515	3,800,515
Convertible preferred stock, shares issued	3,800,515	3,800,515	3,800,515
Temporary equity, shares outstanding	3,800,515	3,800,515	3,800,515
Series B, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	4,401,242	4,401,242	4,401,242
Convertible preferred stock, shares issued	4,401,242	4,401,242	4,401,242
Temporary equity, shares outstanding	4,401,242	4,401,242	4,401,242
Series C, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	5,024,637	5,024,637	5,024,637
Convertible preferred stock, shares issued	5,024,637	5,024,637	5,024,637
Temporary equity, shares outstanding	5,024,637	5,024,637	5,024,637
Series D, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	2,412,718	2,412,718	2,412,718
Convertible preferred stock, shares issued	2,412,718	2,412,718	2,412,718
Temporary equity, shares outstanding	2,412,718	2,412,718	2,412,718
Series E, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	1,605,982	1,605,982	1,605,982
Convertible preferred stock, shares issued	1,605,982	1,605,982	1,605,982
Temporary equity, shares outstanding	1,605,982	1,605,982	1,605,982
Series F, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	4,440,498	4,440,498	4,440,498
Convertible preferred stock, shares issued	4,440,498	4,440,498	4,440,498
Temporary equity, shares outstanding	4,440,498	4,440,498	4,440,498
Series G, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	4,440,498	4,440,498	4,440,498
Convertible preferred stock, shares issued	4,440,498	4,440,498	4,440,498
Temporary equity, shares outstanding	4,440,498	4,440,498	4,440,498
Class A Common Stock
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Common shares, shares authorized	500,000,000	500,000,000	500,000,000
Common shares, shares issued	12,803,162	5,034,459	5,014,300
Common shares, shares outstanding	5,081,771	5,034,459	5,014,300
Class B Common Stock
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Common shares, shares authorized	500,000,000	500,000,000	500,000,000
Common shares, shares issued	27,391,338	34,362,554	34,152,328
Common shares, shares outstanding	27,143,111	34,114,327	33,904,101
Treasury stock, shares	248,227	248,227
Class C Common stock
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Common shares, shares authorized	25,000,000	25,000,000	25,000,000
Common shares, shares issued	21,170,037	0	0
Common shares, shares outstanding	21,170,037	0	0

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 90,096			$ 75,243			$ 251,848	$ 198,297	$ 321,324	$ 317,923	$ 307,251
Costs and Expenses.
Cost of revenue, excluding depreciation and amortization	48,837			33,390			135,903	93,702	140,290	150,350	169,631
Sales and marketing	11,218			11,995			34,170	39,063	50,680	79,845	81,251
General and administrative	19,829			22,305			65,274	61,304	83,061	87,417	88,104
Research and development	5,686			5,079			19,285	13,084	17,669	21,129	26,516
Depreciation and amortization	5,407			4,358			15,033	13,508	17,486	19,450	21,827
Total costs and expenses	90,977			77,127			269,665	220,661	309,186	358,191	387,329
Loss from operations	(881)			(1,884)			(17,817)	(22,364)	12,138	(40,268)	(80,078)
Other (expense) income, net	(2,442)			(258)			(2,278)	426	670	2,991	2,474
Loss on disposition of subsidiary	(612)						(612)		(711)
Loss before income taxes	(3,935)			(2,142)			(20,707)	(21,938)	12,097	(37,277)	(77,604)
Income tax provision (benefit)	(353)			(12)			(5,011)	(797)	941	(358)	902
Net loss	(3,582)			(2,130)			(15,696)	(21,141)	11,156	(36,919)	(78,506)
Net income attributable to the redeemable noncontrolling interest	67	$ 85	$ 60	62	$ 323	$ 383	212	768	820	273	(971)
Net income attributable to noncontrolling interests	137						(173)
Net loss	(3,786)			(2,192)	$ (6,093)	$ (13,624)	(15,735)	(21,909)	$ 10,336	(37,192)	(77,535)
Adjusted net loss	$ (3,786)			$ (2,192)			$ (15,735)	$ (21,909)		$ (37,192)	$ (77,535)
Basic net loss per share	$ (0.06)			$ (0.06)			$ (0.28)	$ (0.56)	$ 0.00	$ (0.96)	$ (2.05)
Diluted net loss per share	$ (0.06)			$ (0.06)			$ (0.28)	$ (0.56)	$ 0.00	$ (0.96)	$ (2.05)
Weighted-average shares - basic	60,840			39,043			57,072	39,009	39,027	38,571	37,856
Weighted-average shares - diluted	60,840			39,043			57,072	39,009	39,027	38,571	37,856

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (3,582)	$ (2,130)	$ (15,696)	$ (21,141)
Other comprehensive income (loss)
Foreign currency translation adjustment	485	990	262	(2,838)
Other comprehensive income (loss)	485	990	262	(2,838)
Comprehensive loss	(3,097)	(1,140)	(15,434)	(23,979)
Comprehensive income attributable to the redeemable noncontrolling interest	67	62	212	768
Comprehensive income attributable to noncontrolling interests	137		(173)
Comprehensive loss attributable to BuzzFeed, Inc.	$ (3,301)	$ (1,202)	$ (15,473)	$ (24,747)

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Description of Organization and Business Operations

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER'S DEFICIT - USD ($) $ in Thousands	Total BuzzFeed Inc. stockholders deficit	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Stock Class C Common stock	Additional Paid-In Capital	Accumulated Deficit	Treasury stock	Accumulated other comprehensive income (loss)	Noncontrolling interests	Class A Common Stock	Class B Common Stock	Class C Common stock	Total
Balance at beginning (in shares) at Dec. 31, 2017		4,947,685	32,310,230
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income						$ (77,535)							$ (77,535)
Stock-based compensation					$ 5,020								5,020
Issuance of common stock upon exercise of stock options					640								640
Issuance of common stock upon exercise of stock options (In Shares)		46,664	901,325
Other comprehensive loss								$ (1,216)					(1,216)
Balance at ending (in shares) at Dec. 31, 2018		4,994,349	33,211,555
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income						(37,192)							(37,192)
Stock-based compensation					2,813								2,813
Issuance of common stock upon exercise of stock options					195								195
Issuance of common stock upon exercise of stock options (In Shares)		19,951	692,546
Other comprehensive loss								863					863
Balance at ending at Dec. 31, 2019		$ 1	$ 3		35,842	(357,154)	$ (820)	(1,243)					(323,371)
Balance at ending (in shares) at Dec. 31, 2019		5,014,300	33,904,101							5,014,300	33,904,101	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income						(13,624)							(13,624)
Stock-based compensation					390								390
Issuance of common stock upon exercise of stock options					38								38
Issuance of common stock upon exercise of stock options (In Shares)		3,000	53,000
Other comprehensive loss								(3,805)					(3,805)
Balance at ending at Mar. 31, 2020		$ 1	$ 3		36,270	(370,778)	(820)	(5,048)					(340,372)
Balance at ending (in shares) at Mar. 31, 2020		5,017,000	33,957,000
Balance at beginning at Dec. 31, 2019		$ 1	$ 3		35,842	(357,154)	(820)	(1,243)					(323,371)
Balance at beginning (in shares) at Dec. 31, 2019		5,014,300	33,904,101							5,014,300	33,904,101	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income													(21,909)
Other comprehensive loss													(2,838)
Balance at ending at Sep. 30, 2020		$ 1	$ 3		37,039	(379,063)	(820)	(4,081)					(346,921)
Balance at ending (in shares) at Sep. 30, 2020		5,025,000	34,082,000
Balance at beginning at Dec. 31, 2019		$ 1	$ 3		35,842	(357,154)	(820)	(1,243)					(323,371)
Balance at beginning (in shares) at Dec. 31, 2019		5,014,300	33,904,101							5,014,300	33,904,101	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income						10,336							10,336
Stock-based compensation					1,189								1,189
Issuance of common stock upon exercise of stock options					159								159
Issuance of common stock upon exercise of stock options (In Shares)		20,159	210,226
Other comprehensive loss								(2,116)					(2,116)
Balance at ending at Dec. 31, 2020	$ (313,803)	$ 1	$ 3		37,190	(346,818)	(820)	(3,359)					(313,803)
Balance at ending (in shares) at Dec. 31, 2020		5,034,459	34,114,327							5,034,459	34,114,327	0
Balance at beginning at Mar. 31, 2020		$ 1	$ 3		36,270	(370,778)	(820)	(5,048)					(340,372)
Balance at beginning (in shares) at Mar. 31, 2020		5,017,000	33,957,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income						(6,093)							(6,093)
Stock-based compensation					384								384
Issuance of common stock upon exercise of stock options					14								14
Issuance of common stock upon exercise of stock options (In Shares)		5,000	20,000
Other comprehensive loss								(23)					(23)
Balance at ending at Jun. 30, 2020		$ 1	$ 3		36,668	(376,871)	(820)	(5,071)					(346,090)
Balance at ending (in shares) at Jun. 30, 2020		5,022,000	33,977,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income						(2,192)							(2,192)
Stock-based compensation					327								327
Issuance of common stock upon exercise of stock options					44								44
Issuance of common stock upon exercise of stock options (In Shares)		3,000	105,000
Other comprehensive loss								990					990
Balance at ending at Sep. 30, 2020		$ 1	$ 3		37,039	(379,063)	(820)	(4,081)					(346,921)
Balance at ending (in shares) at Sep. 30, 2020		5,025,000	34,082,000
Balance at beginning at Dec. 31, 2020	(313,803)	$ 1	$ 3		37,190	(346,818)	(820)	(3,359)					(313,803)
Balance at beginning (in shares) at Dec. 31, 2020		5,034,459	34,114,327							5,034,459	34,114,327	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of units in initial public offering, less derivative liabilities for public warrants	35,000			$ 1	34,999								35,000
Sale of units in initial public offering, less derivative liabilities for public warrants (in shares)				12,545,000
HuffPost Acquisition	24,064			$ 1	24,063				$ 2,122				26,186
HuffPost Acquisition (in shares)				8,625,000
Net loss	(11,367)					(11,367)			(18)				(11,385)
Stock-based compensation	138				138								138
Issuance of common stock upon exercise of stock options	142				142								142
Issuance of common stock upon exercise of stock options (In Shares)		19,000	161,000
Other comprehensive loss	(329)							(329)					(329)
Balance at ending at Mar. 31, 2021	(266,155)	$ 1	$ 3	$ 2	96,532	(358,185)	(820)	(3,688)	2,104				(264,051)
Balance at ending (in shares) at Mar. 31, 2021		5,053,000	34,275,000	21,170,000
Balance at beginning at Dec. 31, 2020	(313,803)	$ 1	$ 3		37,190	(346,818)	(820)	(3,359)					(313,803)
Balance at beginning (in shares) at Dec. 31, 2020		5,034,459	34,114,327							5,034,459	34,114,327	0
Balance at ending at Jun. 30, 2021	(266,278)	$ 1	$ 3	$ 2	96,886	(358,767)	(820)	(3,583)	1,302				(264,976)
Balance at ending (in shares) at Jun. 30, 2021		5,082,000	34,455,000	21,170,000
Balance at beginning at Dec. 31, 2020	(313,803)	$ 1	$ 3		37,190	(346,818)	(820)	(3,359)					(313,803)
Balance at beginning (in shares) at Dec. 31, 2020		5,034,459	34,114,327							5,034,459	34,114,327	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income													(15,735)
Other comprehensive loss													262
Balance at ending at Sep. 30, 2021	(268,782)	$ 1	$ 3	$ 2	97,683	(362,553)	(820)	(3,098)	1,697				(267,085)
Balance at ending (in shares) at Sep. 30, 2021		12,803,000	27,143,000	21,170,000						5,081,771	27,143,111	21,170,037
Balance at beginning at Mar. 31, 2021	(266,155)	$ 1	$ 3	$ 2	96,532	(358,185)	(820)	(3,688)	2,104				(264,051)
Balance at beginning (in shares) at Mar. 31, 2021		5,053,000	34,275,000	21,170,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(582)					(582)			(292)				(874)
Stock-based compensation	209				209								209
Issuance of common stock upon exercise of stock options	145				145								145
Issuance of common stock upon exercise of stock options (In Shares)		29,000	180,000
Merger of BuzzFeed Japan and HuffPost Japan									(510)				(510)
Other comprehensive loss	105							105					105
Balance at ending at Jun. 30, 2021	(266,278)	$ 1	$ 3	$ 2	96,886	(358,767)	(820)	(3,583)	1,302				(264,976)
Balance at ending (in shares) at Jun. 30, 2021		5,082,000	34,455,000	21,170,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income													(3,786)
Net loss	(3,786)					(3,786)			137				(3,649)
Stock-based compensation	503				503								503
Issuance of common stock upon exercise of stock options	294				294								294
Issuance of common stock upon exercise of stock options (In Shares)		43,000	366,000
Disposition of subsidiary									258				258
Conversion of shares (In Shares)		7,678,000	(7,678,000)
Other comprehensive loss	485							485					485
Balance at ending at Sep. 30, 2021	$ (268,782)	$ 1	$ 3	$ 2	$ 97,683	$ (362,553)	$ (820)	$ (3,098)	$ 1,697				$ (267,085)
Balance at ending (in shares) at Sep. 30, 2021		12,803,000	27,143,000	21,170,000						5,081,771	27,143,111	21,170,037

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Cash Flows from Operating Activities:
Net loss	$ (15,696)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	15,033
Unrealized loss on foreign currency	1,127
Stock based compensation	850
Deferred income tax	(4,336)
Loss on disposition of subsidiary	612
Loss on disposition of assets	220
Provision for doubtful accounts	(687)
Changes in operating assets and liabilities:
Accounts receivable	32,245
Prepaid expenses and other current assets and prepaid expenses and other assets	(17,070)
Accounts payable	1,779
Deferred rent	(2,004)
Accrued compensation	1,494
Accrued expenses and other liabilities	(1,818)
Deferred revenue	(851)
Net cash used in operating activities	10,898
Investing activities:
Capital expenditures	(1,789)
Capitalization of internal-use software	(7,587)
Cash from acquired business, net	5,200
Cash of disposed subsidiary, less proceeds on disposition	(724)
Net cash used in investing activities	(4,900)
Financing activities:
Proceeds from issuance of common stock	35,000
Proceeds from exercise of stock options	581
Payments on revolving credit facilities	(1,304)
Net cash provided by financing activities	34,277
Effect of currency translation on cash and cash equivalents	(804)
Net change in cash	39,471
Cash - beginning of the period	106,126
Cash - end of the period	145,597
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net	1,186
Cash paid for interest	666
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment	988
Issuance of common stock for HuffPost Acquisition	$ 24,064

Description of the Business

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Description of the Business

1.	Description of the Business

BuzzFeed, Inc. was incorporated in Delaware on June 19, 2008. BuzzFeed, Inc. and subsidiaries (the “Company” or “BuzzFeed”) is a global media company with social, content-driven publishing technology. BuzzFeed provides breaking news, original reporting, entertainment, and video across its owned and operated and the social web to its global audience. The Company derives its revenue primarily from content, advertising and commerce sold to leading brands. The Company has one reportable segment.

As of the nine months ended September 30, 2021, the Company has cash and cash equivalents of $146 million and generated a cash inflow from operations of $11 million. While the Company became profitable in 2020, the Company has a history of net losses and incurred a loss during the nine months ended September 30, 2021, and has an accumulated deficit of $363 million as of September 30, 2021. The Company has cash available on hand and management believes its existing capital resources will be sufficient to support the Company’s operations and meet its obligations as they come due within one year from the date these condensed consolidated financial statements are issued.

In March 2020, the World Health Organization declared the viral strain of a coronavirus (“COVID-19”) a global pandemic and recommended containment and mitigation measures worldwide. The spread of COVID-19 and the resulting economic contraction has resulted in increased business uncertainty and an impact on revenue in the month of March and the second quarter of 2020, followed by a recovery in the third quarter of 2020. The Company continues to be impacted by significant uncertainty in the macroeconomic conditions which may cause business slowdowns, depress demand for our advertising business and adversely impact the Company’s operations. The consequences of a prolonged economic decline could include, but not limited to, reduced sales and increased instances of uncollectible customer receivables. The Company cannot reasonably estimate the length or severity of this pandemic, or the extent to which the disruption may materially impact on the financial results and condition of the Company.

Proposed Merger with 890 5^th Avenue Partners

On March 27, 2021, BuzzFeed entered into an agreement to acquire 100% of the members’ interests of CM Partners, LLC (“Complex Networks”), a publisher of online media content targeting Millennial and Gen Z consumers (the “C Acquisition”). The closing of the C Acquisition is contingent on BuzzFeed merging with 890 5^th Avenue Partners, Inc. (“890”), a special purpose acquisition company. BuzzFeed has provided a performance deposit of $5 million that will be forfeited in the event the C Acquisition is terminated. This performance deposit is included in prepaid and other current assets in the condensed consolidated balance sheet at September 30, 2021 and included within cashflows from operations in the condensed consolidated statement of cash flows for the nine months ended September 30, 2021. Consideration for Complex Networks will consist of approximately $200 million of cash and 10,000,000 shares of the post-merger company.

On June 24, 2021, BuzzFeed entered into an agreement and plan of merger (as amended on October 28, 2021, the “Merger Agreement”) by and among 890, Bolt Merger Sub I, Inc., a Delaware corporation and a wholly owned subsidiary of 890 (“Merger Sub I”), Bolt Merger Sub II, Inc., a Delaware corporation and a wholly owned subsidiary of 890 (“Merger Sub II”), and BuzzFeed. The Merger Agreement provides for, among other things, the following transactions at closing: Merger Sub I will merge with and into BuzzFeed, with BuzzFeed as the surviving company in the merger and, after giving effect to such merger, continuing as a wholly owned subsidiary of 890 (the “Merger”). Immediately following the Merger, BuzzFeed will merge with and into Merger Sub II (the “Second Merger”, together with the Merger the “Two-Step Merger”) with Merger Sub II being the surviving company of the Second Merger. The Two-Step Merger and the other transactions contemplated by the Merger Agreement, including the acquisition of Complex Networks by the surviving entity of the Two-Step Merger, are referred to as the “Business Combination”. Upon the consummation of the Business Combination, the new combined company will be renamed BuzzFeed, Inc. In connection with the Merger Agreement, Jonah Peretti, Jonah Peretti, LLC, NBCUniversal Media, LLC (“NBCU”) and PNC Bank National Association, entered into an escrow agreement (the “Escrow Agreement”) and BuzzFeed and NBCU entered into a commercial agreement (the “Commercial Agreement”).

shall instruct the escrow agent to transfer (1) to NBCU a number of Escrowed Shares equal to the Make Whole Shares (as defined in the Escrow Agreement) and (2) to Mr. Peretti, the remainder of the Escrowed Shares, if any. If the Transfer Date SPAC Share Price is equal to or greater than $12.50 on the Transfer Date, Jonah Peretti, LLC and NBCU shall instruct the escrow agent to transfer all of the Escrowed Shares to Mr. Peretti. The Escrow Agreement is expected to be accounted for as a compensatory stock-based compensation award with a market condition. As there are no future service conditions, the fair value of the award (currently estimated at $5.6 million) is expected to be recognized as an expense upon closing of the Two-Step Merger. The $5.6 million estimated fair value was estimated using a model based on multiple stock price paths developed through the use of a Monte Carlo simulation that incorporates into the valuation the likelihood that the market condition will be satisfied.

Under the Commercial Agreement, which will become effective on the closing of the Two-Step Merger: (1) NBCU will continue to be entitled to marketing services on BuzzFeed platforms at certain discounted rates; (2) BuzzFeed will provide editorial promotion of at least $1.0 million in marketing value during each year of the term of the Commercial Agreement across BuzzFeed’s digital properties at no cost to NBCU, its affiliates and joint ventures and their respective brands; (3) BuzzFeed will provide licensed content to NBCU to be made available on an applicable NBCU entity streaming service under certain exclusivity terms during the remainder of the term of the Commercial Agreement; (4) NBCU shall be the exclusive sales representative for all BuzzFeed inventory, including HuffPost inventory, on Apple News, and BuzzFeed shall endeavor to spend at least $1.0 million during the first year of the term of the Commercial Agreement to promote any of its commerce initiatives; and (5) BuzzFeed will provide 200 million impressions per year of the term of the Commercial Agreement to drive traffic from BuzzFeed platforms and third-party social media platforms to NBCU news properties. The Commercial Agreement shall continue to be in effect for a period of three years, unless earlier terminated by either party in accordance with its terms and conditions, or until terminated by BuzzFeed as of the date that NBCU realized $400.0 million or more in value for the NBCU Base Shares (as defined in the Escrow Agreement).

1.	Description of the Business

BuzzFeed, Inc. was incorporated in Delaware on June 19, 2008. BuzzFeed, Inc. and subsidiaries (the “Company” or “BuzzFeed”) is a media company with social, content-driven publishing technology. BuzzFeed provides breaking news, original reporting, entertainment, and video across its owned and operated and the social web to its global audience. The Company derives its revenue primarily from content, advertising and commerce sold to leading brands.

As of the year ended December 31, 2020, the Company has cash and cash equivalents of $91 million and cash inflow from operations of $28 million. Prior to the year ended December 31, 2020, the Company has incurred net losses, utilized cash in operations since inception, and has an accumulated deficit of $347 million as of December 31, 2020. The Company has cash available on hand and management believes its existing capital resources will be sufficient to support the Company’s operations and meet its obligations as they come due within one year from the date these consolidated financial statements are issued.

In March 2020, the World Health Organization declared the viral strain of a coronavirus (“COVID-19”) a global pandemic and recommended containment and mitigation measures worldwide. The spread of COVID-19 and the resulting economic contraction has resulted in increased business uncertainty and a significant impact on revenue in the month of March and the second quarter of 2020, followed by a recovery in the third quarter of 2020. The Company continues to be impacted by significant uncertainty in the macroeconomic conditions which may cause business slowdowns, depress demand for our advertising business and adversely impact the Company’s operations. The consequences of a prolonged economic decline could include, but not limited to, reduced sales and increased instances of uncollectible customer receivables. The Company cannot reasonably estimate the length or severity of this pandemic, or the extent to which the disruption may materially impact on the financial results and condition of the Company.

Summary of Significant Accounting Policies

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Basis of Presentation and Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Basis of Financial Statements and Principles of Consolidation

Certain prior year figures have been reclassified to conform to current period presentation.

Use of Estimates

Business Combinations

Acquisitions are accounted for in accordance with ASC Topic 805, Business Combinations (“ASC 805”). Accordingly, we make an initial allocation of the purchase price at the date of acquisition based upon our understanding of the fair value of the acquired assets and assumed liabilities. We obtain this information during due diligence and through other sources. In the months after closing, as we obtain additional information about these assets and liabilities, including through asset appraisals, we are able to refine estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment to the purchase price allocation. We will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required.

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes existing guidance on accounting for leases in Leases (Topic 840) and generally requires leased assets and lease liabilities to be recognized on the balance sheet. The ASU is effective for the Company for annual periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the impact of adopting ASU 2016-02 on the Company’s condensed consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), which changes the impairment model for most financial assets, including accounts receivable, and replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The guidance is effective for the Company for interim and annual periods beginning after December 15, 2022, with early adoption permitted. The Company is currently assessing the timing and impact of adopting ASU 2016-13 on the Company’s condensed consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 is effective for the Company for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. Early adoption of this guidance is permitted and the amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company

plans to adopt this guidance for the year ending December 31, 2021 and is currently evaluating the impact of the adoption of this guidance on the condensed consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes. The amendments also improve consistent application and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The guidance is effective for the Company for annual periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the timing and impact of adopting the new guidance on the Company’s condensed consolidated financial statements.

2.	Summary of Significant Accounting Policies

Basis of Financial Statements and Principles of Consolidation

Use of Estimates

Key estimates and assumptions relate primarily to revenue recognition, valuation allowances for deferred income tax assets, allowance for doubtful accounts, fair values used for stock-based compensation, useful lives of fixed assets and capitalized software costs.

Fair Value Measurements

The fair value framework under the applicable authoritative guidance requires the categorization of assets and liabilities into three levels:

●

Level 1 — inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities

●

Level 3 — inputs are generally unobservable inputs and typically reflect management’s best estimate of assumptions that market participants would use in pricing the asset or liability.

Cash and Cash Equivalents and Restricted Cash

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. The Company considers instruments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company’s cash and cash equivalents consist of demand deposits with financial institutions. Deposits held with these financial institutions may exceed the amount of insurance provided on such deposits. The associated risk of concentration is mitigated by banking with creditworthy institutions.

The Company classifies all cash whose use is limited by contractual provisions as restricted cash. Restricted cash at December 31, 2020 and 2019 relates to the requirement for the Company to maintain $15.5 million as collateral for two letters of credit in favor of the Company’s landlords. The Company may not access these funds until it vacates these office spaces. The termination date for these leases are 2023 and 2026.

The following table summarizes cash and cash equivalent and restricted cash in the consolidated balance sheets (in thousands):


	2020		2019
Cash and cash equivalents	$	90,626	$	58,524
Restricted		15,500		15,500
	$	106,126	$	74,024

Accounts Receivable and Allowance for Doubtful Accounts

The Company’s accounts receivable are customer obligations due under normal trade terms, carried at their face value less an allowance for doubtful accounts if required. The Company determines its allowance for doubtful accounts based on the evaluation of the aging of its accounts receivable and on a customer-by-customer analysis of its high-risk customers. The Company’s reserve contemplates its historical loss rate on receivables, specific customer situations and the economic environments in which the Company operates.

The change in the Company’s allowance for doubtful accounts was as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018
Beginning balance	$	1,122	$	1,055	$	640
Additions		1,208		449		482
Write-offs, net of recoveries		(943)		(382)		(67)
Ending balance	$	1,387	$	1,122	$	1,055

As of December 31, 2020, the Company had four customers that represent 13%, 13%, 12% and 10% of net accounts receivable. As of December 31, 2019, the Company had two customers that represent 11% and 10% of net accounts receivable. The Company had two customers representing 13% and 10% of total revenue for the year ended December 31, 2020, two customers representing 12% and 10% of total revenue for the year ended December 31, 2019, and three customers representing 12%, 10% and 10% of total revenue for the year ended December 31, 2018.

Film Costs

Costs incurred to produce films (which include direct production costs, production overhead, acquisition costs and development costs) are capitalized when incurred. Capitalized film costs are amortized based upon the ratio of current period revenues to estimated total gross revenues to be earned from the film. Film costs, which relate to a feature film in production, totaled $2.1 million at December 31, 2020 and $nil at December 31, 2019 and were included in prepaid and other assets on the consolidated balance sheets. The Company expects to amortize all of these film costs within the next 12 months. No amortization of film costs was recorded during the years ended December 31, 2020, 2019 or 2018.

Film costs are stated at the lower of amortized cost or estimated fair value and are reviewed on a title-by-title basis when an event or change in circumstances indicates that the fair value of a film is less than its unamortized cost. During the years ended December 31, 2020, 2019 or 2018, the Company recorded no impairment charges related to film costs.

Property and Equipment

Property and equipment is stated at cost, less accumulated depreciation. Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life. The estimated useful lives of property and equipment include: furniture and fixtures – 5 years; leasehold improvements – 7 to 11 years; computer equipment – 3 years; and video equipment – 3 years.

Capitalized Software Costs

The Company capitalizes certain costs incurred for development of websites or software for internal use. The Company capitalizes development costs when preliminary development efforts are successfully completed, management has authorized and committed project funding and it is probable that the project will be completed and the software will be used as intended. Costs include payroll and payroll-related costs of employees directly associated with the development activities. Costs incurred for enhancements that are expected to result in additional features or functionality are capitalized and amortized over the estimated useful life of the enhancements, generally 1 to 3 years. Costs incurred in the preliminary and post-implementation stages of the Company’s products are expensed as incurred.

Investments

For equity investments in entities that the Company does not exercise significant influence over, if the fair value of the investment is not readily determinable, the investment is accounted for at cost, and adjusted for subsequent observable price changes. If the fair value of the investment is readily determinable, the investment is accounted for at fair value. The Company reviews equity investments without readily determinable fair values to determine whether they have been impaired.

As of December 31, 2020 and 2019, the Company had an equity investment without a readily determinable fair value. As of December 31, 2020 and 2019, the total carrying value of the investment, included in prepaid and other assets on the consolidated balance sheets, was $2.3 million and $1.8 million, respectively. The Company concluded that the fair value of the investment

increased $0.5 million during the year ended December 31, 2020 as the result of observable price changes in orderly transactions for a similar investment in the same issuer.

Evaluation of Long-Lived Assets and Impairment

The Company reviews its property and equipment and capitalized software costs for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If circumstances require a long-lived asset to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by the asset to its carrying value. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques which may include discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. There was no impairment of long-lived assets for the years ended December 31, 2020, 2019, or 2018.

Revenue Recognition

The Company recognizes revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

The Company primarily generates its revenue from advertising services and content, which includes strategic partnerships and promotional content, with the remaining balance from other arrangements, including commerce.

Advertising

The Company generates its advertising revenue from managing a customer’s internet advertising campaigns to target markets both via BuzzFeed’s proprietary sites as well as premium publishers (e.g., Facebook and Google). Our performance obligations typically consist of a promised number of ads delivered or a promised number of actions related to the ads (such as impressions or views). Advertising revenue is recognized in the period that the related views, impressions, or actions by users on advertisements are delivered. When ads are placed on the Company’s owned and operated or third parties’ properties, the Company generally recognizes revenue on a gross basis because the Company is primarily responsible for the delivery of the promised services, has pricing discretion, and controls the advertising inventory prior to transfer to the customer. In some cases, the Company utilizes third party intermediaries to facilitate the sale of advertising to the end customer. In these situations, while the Company is primarily responsible for the delivery of the promised services and controls the advertising inventory prior to transfer to the end customer, the Company typically does not have insight, and does not expect to have insight, into the gross amount paid by the end customer and therefore records as revenue the net amount received from the intermediary.

Content

The Company generates revenue from creating content, including promotional content and customer advertising. The Company’s performance obligations consist of Company-created content for use by its customers or the delivery of a promised number of actions related to the content (impressions or views). The revenue is recognized when the content, or the related action, is delivered.

Commerce

The Company participates in multiple marketplace arrangements with third parties such as Amazon whereby the Company provides affiliate links which redirect the audience to purchase products and/or services from the third parties. When the participant purchases a product and/or service, the Company receives a commission fee for that sale from the third parties. The revenue is recognized when a successful sale is made and the commission is earned.

Cost of Revenue

Cost of revenue consists primarily of compensation-related expenses and costs incurred for the publishing of editorial, promotional, and news content across all platforms, as well as amounts due to third party websites and platforms to fulfill customers’ advertising campaigns. Web hosting and advertising serving platform costs are also included in cost of revenue.

Sales and Marketing

Sales and marketing expenses consist primarily of compensation-related expenses for sales employees. In addition, marketing and sales-related expenses include advertising costs, market research, and branding.

General and Administrative

General and administrative expense consists primarily of compensation-related expenses for corporate employees. Also, it consists of expense for facilities, professional services fees, insurance costs, and other general overhead costs.

Research and Development

Research and development (“R&D”) expenses consist primarily of compensation-related expenses incurred for the development of, enhancements to, and maintenance of the Company’s website, technology platforms and infrastructure. R&D expenses that do not meet the criteria for capitalization are expensed as incurred. Certain development expenses are capitalized under the provisions of the applicable authoritative guidance, whereby the Company capitalizes costs associated with website and internal-use software systems that have reached the application development stage.

Income Taxes

Stock-Based Compensation

Stock-based compensation is recognized as an expense in the financial statements and is measured at the fair value of the award. The Company recognizes compensation expense for stock awards based on grant date fair value using the Black-Scholes option-pricing model.

The Company adopted Accounting Standards Update (“ASU”) 2018-07, Improvements to Non-employee Share-Based Payment Accounting (“ASU 2018-07”), on January 1, 2020. Prior to January 1, 2020, the Company calculated the fair value of awards to non-employees on the date of grant in the same manner as employee stock-based awards, however, the unvested portion of the awards were revalued at the end of each reporting period and the pro-rata compensation expense was adjusted accordingly until such time the non-employee award was fully vested. The adoption of this ASU did not have material impact on the consolidated financial statements and there was no adjustment to beginning retained earnings on January 1, 2020.

The following table summarizes stock-based compensation cost included in the consolidated statements of operations (in thousands):


	Years Ended December 31,
	2020		2019		2018
Cost of revenue, excluding depreciation and amortization	$	109	$	353	$	1,436
Sales and marketing		60		658		1,442
General and administrative		977		1,446		1,505
Research and development		43		356		637
	$	1,189	$	2,813	$	5,020

The Company recognized no income tax benefit in the consolidated statements of operations for stock-based compensation arrangements in 2020, 2019 or 2018.

Comprehensive Income (Loss)

Comprehensive income (loss) includes certain changes in stockholders’ equity that are excluded from net income (loss) such as cumulative foreign currency translation adjustments, unrealized gains or losses on marketable securities, and comprehensive income (loss) attributed to the redeemable noncontrolling interest.

Foreign Currency

The functional currency of the substantial majority of our foreign subsidiaries is in the local currency. The financial statements of these subsidiaries are translated into U.S. dollars using month-end rates of exchange for assets and liabilities, and average rates of exchange for revenue, costs and expenses. Translation gains and losses are recorded in accumulated other comprehensive loss in stockholders’ equity. Transaction gains and losses including intercompany transactions denominated in a currency other than the functional currency of the entity involved are included in foreign exchange gain (loss) within other income, net in the consolidated statements of operations.

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes existing guidance on accounting for leases in Leases (Topic 840) and generally requires leased assets and lease liabilities to be recognized on the balance sheet. The ASU is effective for the Company for annual periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the timing and impact of adopting ASU 2016-02 on the Company’s consolidated financial statements.

In March 2019, the FASB issued ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials, which aligns the accounting for capitalizing production costs of episodic television series with the guidance for films. As a result, the capitalization of costs incurred to produce episodic television series will no longer be limited to the amount of revenue contracted in the initial market until persuasive evidence of a secondary market exists. In addition, this guidance requires an entity to test for impairment of films or television series on a title-by-title basis or together with other films and series as part of a group, based on the predominant monetization strategy of the film or series. Further, this guidance requires that an entity reassess estimates of the use of a film or series in a film group and account for changes, if any, prospectively. In addition, this guidance eliminates existing balance sheet classification guidance and adds new disclosure requirements relating to costs for acquired and produced films and television series. The ASU is effective for the Company for annual and interim periods beginning after December 15, 2020. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on the consolidated financial statements.

Acquisition and Disposition

9 Months Ended

Sep. 30, 2021

Acquisition and Disposition

Acquisition and Disposition

3.	Acquisition and Disposition

Acquisition of HuffPost and Verizon Investment

On February 16, 2021, the Company completed the acquisition of 100% of HuffPost (“HuffPost Acquisition”), a publisher of online news and media content, from entities controlled by Verizon Communications Inc. (“Verizon”). The Company issued 21,170,037 shares of non-voting BuzzFeed Class C common stock to an entity controlled by Verizon, of which 8,625,234 were in exchange for the acquisition of HuffPost and 12,544,803 were in exchange for a concurrent $35.0 million cash investment in the Company by Verizon, which was accounted for as a separate transaction.

The following table summarizes the fair value of consideration exchanged as a result of the HuffPost Acquisition (in thousands):


Fair value of common stock issued⁽¹⁾	$	24,064
Working capital adjustments		(490)
Total consideration	$	23,574

(1) — represents 8,625,234 shares of BuzzFeed common stock issued at a value of $2.79 per share. The fair value per share was determined using Level 3 inputs using a combination of a market approach based on guideline public companies and an income approach based on estimated discounted cash flows.

The following table summarizes the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of HuffPost (in thousands). The purchase price allocation for the assets acquired and liabilities assumed may be subject to change as additional information is obtained during the acquisition measurement period.


Cash and cash equivalents	$	5,513
Accounts receivable		3,383
Prepaid and other current assets		611
Deferred tax assets		116
Property and equipment		620
Intangible assets		19,500
Goodwill		5,927
Accounts payable		(1,410)
Accrued expenses and other current liabilities		(4,249)
Deferred tax liabilities		(4,251)
Other liabilities		(63)
Noncontrolling interests		(2,123)
Total consideration for HuffPost	$	23,574

The fair values of the intangible assets were estimated using Level 3 inputs. The fair value of trademarks and trade names was determined using the relief from royalty method and the fair value of acquired technology was determined using the replacement cost

approach. The useful lives of the acquired trademarks and trade names and acquired technology are 15 years and 3 years, respectively. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired resulted in $5.9 million of goodwill, which is primarily attributed to workforce and synergies, and is not deductible for tax purposes.

The HuffPost Acquisition contributed $9.2 million and $19.1 million of revenue for the three and nine months ended September 30, 2021, respectively. The HuffPost Acquisition did not have a material impact on the Company’s net loss for the three and nine months ended September 30, 2021.

Disposition

In August 2021 the Company disposed of its 51% ownership interest in HuffingtonPost Italia S.R.L. (“HuffPost Italy”) for nominal consideration and recognized a loss on disposition of $0.6 million. HuffPost Italy did not have a material impact on the Company’s net loss for the three or nine months ended September 30, 2021.

Revenue Recognition

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Revenue Recognition

4.	Revenue Recognition

Disaggregated Revenue

The table below presents the Company’s revenue disaggregated based on the nature of its arrangements (in thousands). Management uses these categories of revenue to evaluate the performance of its businesses and to assess its financial results and forecasts.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Advertising	$	50,240	$	36,051	$	136,693	$	94,105
Content		26,483		27,476		70,261		74,947
Commerce		13,373		11,716		44,894		29,245
	$	90,096	$	75,243	$	251,848	$	198,297

The following table presents the Company’s revenue disaggregated by geography (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue:
United States	$	79,074	$	67,668	$	224,854	$	179,689
International		11,022		7,575		26,994		18,608
Total	$	90,096	$	75,243	$	251,848	$	198,297

Contract Balances

The timing of revenue recognition, billings and cash collections can result in billed accounts receivable, unbilled receivables (contract assets), and deferred revenues (contract liabilities). The payment terms and conditions within the Company’s contracts vary by the type, the substantial majority of which require that customers pay for their services on a monthly or quarterly basis, as the services are being provided. When the timing of revenue recognition differs from the timing of payments made by customers, the Company recognizes either unbilled revenue (its performance precedes the billing date) or deferred revenue (customer payment is received in advance of performance). In addition, we have determined our contracts generally do not include a significant financing component.

The Company’s contract assets are presented in Prepaid and other current assets on the accompanying condensed consolidated balance sheets and totaled $7.5 million and $2.8 million as of September 30,2021 and December 31, 2020, respectively. These amounts relate to revenue recognized during the respective quarter that is expected to be invoiced and collected in the next twelve months.

The Company’s contract liabilities, which are recorded in Deferred revenue on the accompanying condensed consolidated balance sheets, are expected to be recognized as revenues during the succeeding twelve-month period. Deferred revenue totaled $1.5 million and $2.4 million at September 30, 2021 and December 31, 2020, respectively.

The amount of revenue recognized during the nine months ended September 30, 2021 that was included in the deferred revenue balance as of December 31, 2020 was $1.3 million.

Transaction Price Allocated to Remaining Performance Obligations

We have certain licensing contracts with minimum guarantees and terms extending beyond one year. The transaction price allocated to the remaining performance obligations on these contracts was $5.7 million at September 30, 2021 and is expected to be recognized over the next 3 years. This amount does not include: (i) contracts with an original expected duration of one year or less, such as advertising contracts, (ii) variable consideration in the form of sales-based royalties, and (iii) variable consideration allocated entirely to wholly unperformed performance obligations.

3.	Revenue Recognition

Disaggregated Revenue

The table below presents the Company’s revenue disaggregated based on the nature of its arrangements. Management uses these categories of revenue to evaluate the performance of its businesses and to assess its financial results and forecasts.


	December 31,
	2020		2019		2018
Advertising	$	149,704	$	128,438	$	106,280
Content		119,846		150,876		177,055
Commerce and other		51,774		38,609		23,916
	$	321,324	$	317,923	$	307,251

Contract Balances

The Company’s contract assets are presented in Prepaid and other current assets on the accompanying consolidated balance sheets and totaled $2.8 million, $6.2 million, and $nil at December 31, 2020, December 31, 2019, and January 1, 2019, respectively. These amounts relate to revenue recognized during the respective year that is expected to be invoiced and collected in the following year.

The Company’s contract liabilities, which are recorded in Deferred revenue on the accompanying consolidated balance sheets, are expected to be recognized as revenues during the succeeding twelve-month period. Deferred revenue totaled $2.4 million, $1.5 million, and $4.0 million at December 31, 2020, December 31, 2019, and January 1, 2019, respectively.

Transaction Price Allocated to Remaining Performance Obligations

recognized over the next 3 years. This amount does not include: (i) contracts with an original expected duration of one year or less, such as advertising contracts, (ii) variable consideration in the form of sales-based royalties, and (iii) variable consideration allocated entirely to wholly unperformed performance obligations.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Fair Value Measurements

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

5.	Fair Value Measurements


	September 30, 2021		December 31, 2020
Cash equivalents:
Money market funds	$	24,461	$	24,460
	$	24,461	$	24,460

4.	Fair Value Measurements

The Company measures its cash equivalents at amortized cost, which approximates fair value. Money market funds categorized as Level 1 as of December 31, 2020 and 2019 are as follows (in thousands):


	2020		2019
Cash equivalents:
Money market funds	$	24,460	$	24,379
	$	24,460	$	24,379

Property and Equipment, net

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Property and Equipment, net

6.	Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


	September 30, 2021		December 31, 2020
Leasehold improvements	$	50,528	$	49,074
Furniture and fixtures		8,281		8,027
Computer equipment		6,602		5,625
Video equipment		713		643
		66,124		63,369
Less: Accumulated Depreciation		(43,249)		(37,824)
	$	22,875	$	25,545

Depreciation totaled $5.6 million and $6.2 million for the nine months ended September 30, 2021 and 2020, respectively, included in Depreciation and amortization expense.

5.	Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


	2020		2019
Leasehold improvements	$	49,074	$	46,865
Furniture and fixtures		8,027		7,470
Computer equipment		5,625		12,950
Video equipment		643		599
	$	63,369	$	67,884
Less: Accumulated depreciation		(37,824)		(38,341)
	$	25,545	$	29,543

Depreciation totaled $8.1 million, $8.7 million and $9.2 million for the years ended December 31, 2020, 2019 and 2018, respectively, included in depreciation and amortization expense.

Capitalized Software Costs, net

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Capitalized Software Costs, net

7.	Capitalized Software Costs, net

Capitalized software costs, net consisted of the following (in thousands):


	September 30, 2021		December 31, 2020
Website and internal-use software	$	79,629	$	72,574
Less: Accumulated Depreciation		(63,043)		(56,014)
	$	16,586	$	16,560

During the nine months ended September 30, 2021 and 2020, the Company capitalized $7.6 million and $8.0 million, respectively, included in Capitalized software costs and amortized $7.7 million and $7.4 million, respectively, included in Depreciation and amortization expense.

6.	Capitalized Software Costs, net


	2020		2019
Website and internal-use software	$	72,574	$	62,744
Less: Accumulated amortization		(56,014)		(46,871)
	$	16,560	$	15,873

Capitalized software costs, net consisted of the following (in thousands):

During the years ended December 31, 2020, 2019 and 2018, the Company capitalized $9.8 million, $8.2 million and $11.9 million respectively, included in Capitalized software costs and amortized $9.4 million, $10.8 million and $12.6 million, respectively, included in depreciation and amortization expense.

Goodwill and Intangible Assets, net

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets, net

Goodwill and Intangible Assets, net

8.	Goodwill and Intangible Assets, net

The following table presents the goodwill activities for the periods presented (in thousands):


Balance as of December 31, 2020	$	—
HuffPost Acquisition		5,927
Balance as of September 30, 2021	$	5,927

The following table presents the detail of intangible assets for the periods presented (in thousands) and the weighted average remaining useful lives:


	Weighted-
	Average
	Remaining	September 30, 2021						December 31, 2020
	Useful	Gross						Gross
	Lives (in	Carrying		Accumulated		Net Carrying		Carrying		Accumulated		Net Carrying
	years)	Value		Amortization		Value		Value		Amortization		Value
Acquired Technology	3 years	$	5,500	$	1,146	$	4,354	$	—	$	—	$	—
Trademarks and Trade Names	15 years		14,000		583		13,417		—		—		—
Trademarks and Trade Names	Indefinite		1,368		—		1,368		1,368		—		1,368
Total		$	20,868	$	1,729	$	19,139	$	1,368	$	—	$	1,368

Amortization expense associated with intangible assets for the nine months ended September 30, 2021 and 2020 was $1.7 million and nil, respectively, included in Depreciation and amortization expense.

Estimated future amortization expense as of September 30, 2021 is as follows (in thousands):


Remainder of 2021	$	692
2022		2,767
2023		2,767
2024		1,163
2025		933
Thereafter		9,449
Total	$	17,771

Debt

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Debt

Debt

Debt

LIBOR plus 7.25% per annum, subject to a LIBOR floor rate of 1.5%. Repayment of borrowings under the Secured Facility was required upon the earlier of: (i) the collection of the qualified account receivable, (ii) the maturity date of May 21, 2022, or (iii) on demand with respect to any qualified account receivable that is disputed by the payor, for which the payor has become insolvent or has indicated an inability or unwillingness to pay, or that remains uncollected more than 120 days from the original invoice date. The Secured Facility was subject to a minimum monthly average utilization of $10.0 million. Borrowings under the Secured Facility were collateralized by the Company’s personal property (including accounts receivable but excluding intellectual property). The Secured Facility included covenants that, among other things, limited the ability of the Company to incur additional indebtedness. The Company terminated the Secured Facility on December 30, 2020.

On December 30, 2020, the Company entered into a new three-year, $50.0 million, revolving loan and standby letter of credit facility agreement (“Revolving Credit Facility”). The Revolving Credit Facility provides for the issuance of up to $15.5 million of standby letters of credit and aggregate borrowings under the Revolving Credit Facility are generally limited to 95% of qualifying investment grade accounts receivable and 90% of qualifying non-investment grade accounts receivable, subject to adjustment at the discretion of the lenders. The Revolving Credit Facility includes covenants that, among other things, require the Company to maintain at least $25.0 million of unrestricted cash at all times, limits the ability of the Company to incur additional indebtedness, pay dividends, hold unpermitted investments, or make material changes to the business. The Company was in compliance with the financial covenant as of September 30, 2021. The $15.5 million of standby letters of credit were issued during the three months ended March 31, 2021 in favor of certain of the Company’s landlords, which relieved the Company of the requirement to maintain $15.5 million of cash as collateral. As a result, the $15.5 million classified as restricted cash in the condensed consolidated balance sheets as of December 31, 2020 was classified as cash and cash equivalents as of September 30, 2021.

Borrowings under the Revolving Credit Facility bear interest at LIBOR, subject to a floor rate of 0.75%, plus a margin of 3.75% to 4.25%, depending on the level of the Company’s utilization of the facility (4.75% at September 30, 2021), and subject to a monthly minimum utilization of $15.0 million. The facility also includes an unused commitment fee of 0.375%.

As of September 30, 2021, the Company had outstanding borrowings of $19.5 million under the Revolving Credit Facility. The total unused borrowing capacity at as of September 30, 2021 was $11.5 million.

The Company had $0.4 million and $0.5 million of costs in connection with the issuance of debt included in Prepaid and other assets as of September 30, 2021 and December 31, 2020, respectively.

Debt

On July 23, 2012, the Company entered into a loan agreement (“Loan Agreement”) to provide the Company with a revolving line of credit (“Revolver”) with a variable interest rate and other bank facilities upon the Company’s request.

The Revolver was increased to $25 million on July 17, 2014. If certain financial covenants were not met, the amount of secured borrowings available under the Revolver were limited to the Company’s eligible accounts receivable balance at such time. The amounts borrowed were collateralized by the Company’s personal property (including such accounts receivable but excluding intellectual property). The Loan Agreement included covenants that, among other things, required the Company to maintain minimum levels of consolidated tangible net worth and certain liquidity ratios.

The Loan Agreement also included a bank services facility to be used for bank facilities including letters of credit, foreign exchange contracts and cash management services. As of December 31, 2018, letters of credit of $15.5 million were issued by the bank to guarantee security deposits for certain Company facilities.

The Revolver and the Loan Agreement expired on July 17, 2019. As a result, the letters of credit in the total amount of $15.5 million that were previously covered by the Revolver, were assigned as cash collateral for which deposit accounts are presented as restricted cash on the consolidated balance sheets as of December 31, 2020 and December 31, 2019.

On May 20, 2020, the Company entered into a two-year, $20.0 million, secured borrowing facility agreement (“Secured Facility”). Borrowings under the Secured Facility were limited to 80% of qualifying accounts receivable and bore interest at a rate of LIBOR plus 7.25% per annum, subject to a LIBOR floor rate of 1.5%. Repayment of borrowings under the Secured Facility was required upon the earlier of: (i) the collection of the qualified account receivable, (ii) the maturity date of May 21, 2022, or (iii) on demand with respect to any qualifying accounts receivable that are disputed by the payor, for which the payor has become insolvent or has indicated an inability or unwillingness to pay, or that remain uncollected more than 120 days from the original invoice date. The Secured Facility was subject to a minimum monthly average utilization of $10.0 million. Borrowings under the Secured Facility were collateralized by the Company’s personal property (including such accounts receivable but excluding intellectual property). The Secured Facility included covenants that, among other things, limited the ability of the Company to incur additional indebtedness. On December 30, 2020, the Company terminated the Secured Facility and recognized a loss on extinguishment of $0.6 million which is recorded in other income, net in the consolidated statements of operations.

Concurrent with the termination of the Secured Facility, the Company entered into a new three-year, $50.0 million, revolving loan and standby letter of credit facility agreement (“Revolving Credit Facility”) with new lenders. The Revolving Credit Facility provides for the issuance of up to $15.5 million of standby letters of credit and aggregate borrowings under the Revolving Credit Facility are generally limited to 95% of qualifying investment grade accounts receivable and 90% of qualifying non-investment grade accounts receivable, subject to adjustment at the discretion of the lenders. The Revolving Credit Facility includes covenants that, among other things, requires the Company to maintain at least $25.0 million of unrestricted cash at all times, limits the ability of the Company to incur additional indebtedness, pay dividends, hold unpermitted investments, or make material changes to the business. The Company was in compliance with the financial covenant as of December 31, 2020.

Borrowings under the Revolving Credit Facility bear interest at LIBOR, subject to a floor rate of 0.75%, plus a margin of 3.75% to 4.25%, depending on the level of the Company’s utilization of the facility (5.00% at December 31, 2020), and subject to a monthly minimum utilization of $15.0 million. The facility also includes an unused commitment fee of 0.375%.

As of December 31, 2020, the Company had outstanding borrowings of $20.4 million under the Revolving Credit Facility and no outstanding letters of credit issued under the facility of $15.5 million. The total unused borrowing capacity at December 31, 2020 was $29.6 million.

As of December 31, 2020 and 2019, the Company had $0.5 million and nil of costs in connection with the issuance of debt included in prepaid and other assets in the consolidated balance sheet, respectively.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Convertible Preferred Stock

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Convertible Preferred Stock

10.

Convertible Preferred Stock


As of September 30, 2021 and December 31, 2020
			Shares
	Year	Shares	Issued and			Liquidation
Series	Issued	Authorized	Outstanding	Issue Price		Value
Series A	2008	3,500,000	3,500,000	$	1.0000	$	3,500,000
Series A-1	2008	3,800,515	3,800,515	$	0.1579		600,101
Series B	2010	4,401,242	4,401,242	$	1.8177		8,000,138
Series C	2011	5,024,637	5,024,637	$	3.0848		15,500,000
Series D	2012	2,412,718	2,412,718	$	8.0283		19,370,024
Series E	2014	1,605,982	1,605,982	$	31.1336		50,000,001
Series F	2015	4,440,498	4,440,498	$	45.0400		200,000,030
Series G	2016	4,440,498	4,440,498	$	45.0400		200,000,030
		29,626,090	29,626,090			$	496,970,324

There were no movements in the balances of convertible preferred stock during for the nine months ended September 30, 2021 and 2020.

8.	Convertible Preferred Stock


			Shares
	Year	Shares	Issued and	Issue		Liquidation
Series	Issued	Authorized	Outstanding	Price		Value
Series A	2008	3,500,000	3,500,000	$	1.0000	$	3,500,000
Series A-1	2008	3,800,515	3,800,515	$	0.1579		600,101
Series B	2010	4,401,242	4,401,242	$	1.8177		8,000,138
Series C	2011	5,024,637	5,024,637	$	3.0848		15,500,000
Series D	2012	2,412,718	2,412,718	$	8.0283		19,370,024
Series E	2014	1,605,982	1,605,982	$	31.1336		50,000,001
Series F	2015	4,440,498	4,440,498	$	45.0400		200,000,030
Series G	2016	4,440,498	4,440,498	$	45.0400		200,000,030
		29,626,090	29,626,090			$	496,970,324

There were no movements in the balances of convertible preferred stock during the years ended December 31, 2020, 2019, and 2018.

Voting Rights

Each share of the Company’s preferred stock is entitled to the number of votes equal to the number of shares of Class B Common Stock into which such share of preferred stock could be converted.

Dividends

Holders of shares of the Company’s preferred stock are entitled to receive noncumulative annual dividends at a rate of 8% of the applicable original issue price when, as and if declared by the Company’s board of directors. Series G and G-1 preferred stockholders will receive dividends, prior and in preference to any dividends on all other preferred stock and common stock. Series A, B, C, D, E and F preferred stockholders will receive dividends, prior and in preference to any dividends on shares of the Company’s Series A-1 preferred stock and common stock. Series A-1 preferred stockholders will receive dividends prior and in preference to any dividends on shares of the Company’s common stock. The Company has not declared or paid any cash dividends.

Conversion

Shares of the Company’s preferred stock are convertible at the option of the holders into shares of the Company’s Class B common stock as adjusted by a ten-for-one stock split effected in January 2015. Each share of preferred stock is convertible, without payment of additional consideration by the holder, into such number of fully paid and non-assessable shares of common stock as is determined by dividing the adjusted original issue price by the conversion price applicable to such share.

The initial conversion price per share for each series of preferred stock shall be $0.10 per share for each share of the Series A preferred stock, $0.18 per share for each share of the Series B preferred stock, $0.31 per share for each share of Series C preferred stock, $0.80 per share for each share of Series D preferred stock, $3.11 per share for each share of Series E preferred stock, $4.50 per share for each share of Series F preferred stock, $4.50 per share for each share of Series F-1 preferred stock, $4.50 per share for each share of Series G preferred stock, $4.50 per share for each share of Series G-1 preferred stock and $0.02 per share for each share of the Series A-1 preferred stock.

Each share of Series F preferred stock is convertible at the option of the holder into one share of Series F-1 preferred stock. Each share of Series G preferred stock is convertible into one share of Series G-1 preferred stock.

Each share of preferred stock will be automatically converted based on its conversion ratio into shares of Class B common stock upon the earlier of the occurrence of the following:

●

Company’s sale of Class A Common Stock or Class B Common Stock in a firm commitment underwritten initial public offering, resulting in aggregate gross proceeds of at least $100 million (a “Qualified Public Offering”). Furthermore, for a period of seven years after the issuance of Series G, in the event of a qualified initial public offering the holders of the outstanding Series G and G-1 will receive additional common stock equal to any difference between the then price and a guaranteed price subject to a defined calculation.

●

The date specified by written consent or agreement of the holders of a majority of the outstanding Series A, B, C, D, E, F and G preferred stock (voting together as a single class and on an as-converted to Class B common stock basis), the holders of a majority of the outstanding Series C and D preferred stock (voting together as a single class and on an as-converted to Class B common stock basis), the holders of a majority of the outstanding Series E preferred stock (voting together as a separate class), the holders of a majority of the outstanding Series F and F-1 preferred stock (voting together as a single class), and the holders of a majority of the outstanding Series G and G-1 preferred stock (voting together as a single class).

Liquidation Preference

In the event of any liquidation, dissolution or winding up of the Company, including a deemed liquidation event, as defined, the holders of Series G and G-1 preferred stock shall be entitled to receive, on a pari passu basis and in preference to all other holders of preferred and common stock, pro rata, in an amount equal to the respective purchase price plus undeclared dividends on each share of Series G and G-1 preferred stock. Next, if proceeds remain, the holders of Series, A, B, C, D, E and F preferred stock shall be entitled to receive, on a pari passu basis and in preference to all remaining holders of capital stock of the Company, pro rata, an amount equal to the respective purchase price plus declared and unpaid dividends on each share of Series, A, B, C, D, E and F preferred stock. Next, if proceeds remain, the holders of Series A-1 preferred stock shall be entitled to receive, in preference to holders of common stock, an

amount equal to the purchase price plus declared but unpaid dividends on each share of Series A-1 preferred stock. After the payment of such preferential amounts, any remaining proceeds shall be distributed pro rata among the holders of common stock.

If the proceeds are insufficient to permit payment in full to all holders of Series G and G-1, the assets shall be distributed ratably to the holders of the Series G and G-1 preferred stock in proportion to the amount each such holder would otherwise be entitled to receive. If proceeds remain but are insufficient to permit payment in full to all holders of Series A, B, C, D, E and F preferred stock, the assets shall be distributed ratably to the holders of the Series A, B, C, D, E and F preferred stock in proportion to the amount each such holder would otherwise be entitled to receive.

Redemption

The preferred stock is not redeemable and any redemption rights under the previous agreements for Series A, B, C and D preferred stock have been canceled.

Redeemable Noncontrolling Interest

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Redeemable Noncontrolling Interest

11.

Redeemable Noncontrolling Interest

The table below presents the reconciliation of changes in redeemable noncontrolling interests (in thousands):


	2021		2020
Balance as of January 1	$	848	$	28
Allocation of net income for the three months ended March 31		60		383
Balance as of March 31		908		411
Merger of BuzzFeed Japan and HuffPost Japan		510		—
Allocation of net income for the three months ended June 30		85		323
Balance as of June 30		1,503		734
Allocation of net income for the three months ended September 30		67		62
Ending balance as of September 30	$	1,570	$	796

9.	Redeemable Noncontrolling Interest

The redeemable noncontrolling interest represents the 49% interest in BuzzFeed Japan held by Yahoo Japan, which is puttable to the Company in certain conditions, none of which were met at December 31, 2020, including material breach of the JVA by the Company or the bankruptcy or liquidation of the Company. The redeemable noncontrolling interest is presented outside of the permanent equity on the Company’s consolidated balance sheets as the put right is outside of the Company’s control.

The table below presents the reconciliation of changes in redeemable noncontrolling interest (in thousands):


	2020		2019		2018
Beginning balance	$	28	$	(245)	$	726
Allocation of net (income) loss		820		273		(971)
Ending balance	$	848	$	28	$	(245)

Stockholders' Equity

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

12.

Stockholders’ Equity

Common Stock

Stock Option Plan

A summary of the share activity under the Company’s stock option plan is presented below (in thousands, except per share amounts):


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Remaining	Intrinsic
	Shares	Price		Term	Value
Balance as of December 31, 2020	32,127	$	1.96	5.01	$	19,248
Granted	2,028		2.79
Exercised	(798)		0.73
Forfeited	(7,738)		2.97
Expired	(1,603)		2.78
Balance as of September 30, 2021	24,016	$	1.69	2.59	$	25,699
Expected to vest at September 30, 2021	2,357	$	2.74	9.35		—
Exercisable at September 30, 2021	24,016	$	1.69	2.59	$	25,699

The Company currently uses authorized and unissued shares to satisfy share award exercises.

Restricted Stock Units

A summary of the restricted stock unit activity is presented below (in thousands, except per share amounts):


		Weighted Average
		Grant-Date Fair
	Shares	Value
Outstanding as of December 31, 2020	8,268	$	2.61
Granted	9,260		2.81
Vested	—		—
Forfeited	(359)		2.70
Outstanding as of September 30, 2021	17,169	$	2.71

As of September 30, 2021, there was approximately $46.6 million of unrecognized compensation costs related to restricted stock units.

Stock-Based Compensation Expense

The following table summarizes stock-based compensation cost included in the condensed consolidated statements of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cost of revenue, excluding depreciation and amortization	$	388	$	54	$	543	$	61
Sales and marketing		37		28		98		31
General and administrative		59		221		160		872
Research and development		19		24		49		24
	$	503	$	327	$	850	$	988

10.

Stockholders’ Equity

Common Stock

Stock Option Plan

Options are generally granted for a term of 10 years from the date of grant. Options granted under the plans may be exercised prior to vesting. Stock options generally vest over four years.

The fair value of stock option awards is estimated on the date of grant using the Black-Scholes option-pricing model based upon the following range of assumptions:


	2020	2019	2018
Exercise price	$2.29 – $2.55	$2.54 – $2.55	$2.96 – $3.07
Expected dividend yield	0%	0%	0%
Expected volatility	41% – 46%	38% – 39%	37% – 39%
Expected term (years)	5.55 – 6.07	5.80 – 6.09	5.65 – 6.25
Risk free interest rate	0.26% – 1.17%	1.58% – 2.35%	2.47% – 3.04%


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Remaining	Intrinsic
	Shares	Price		Term	Value
Balance as of December 31, 2019	35,016	$	2.00	5.03	$	24,634
Granted	335		2.46	—		—
Exercised	(230)		0.62	—		—
Forfeited	(1,700)		2.86	—		—
Expired	(1,294)		2.22	—		—
Balance as of December 31, 2020	32,127	$	1.96	5.01	$	19,248
Expected to vest at December 31, 2020	8,427	$	2.94	7.98		—
Exercisable at December 31, 2020	24,611	$	1.65	4.12	$	19,248

The Company currently uses authorized and unissued shares to satisfy share award exercises.

Restricted Stock Units

A summary of the restricted stock unit activity is presented below (in thousands, except per share amounts):


		Weighted Average
		Grant-Date Fair
	Shares	Value
Outstanding as of December 31, 2019	8,433	$	2.63
Granted	1,003		2.38
Vested	—		—
Forfeited	(1,168)		2.67
Outstanding as of December 31, 2020	8,268	$	2.61

As of December 31, 2020, there was approximately $21.6 million of unrecognized compensation costs related to restricted stock units.

Earnings (Loss) Per Share

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Earnings (Loss) Per Share

13.

Earnings (Loss) Per Share

Earnings (loss) per share is computed using the two-class method. Basic earnings (loss) per share is computed using the weighted average number of shares of common stock outstanding for the period. Diluted earnings (loss) per share reflects the effect of the assumed exercise of stock options, the vesting of restricted stock units, and the conversion of convertible preferred stock only in the periods in which such effect would have been dilutive.

Undistributed earnings are allocated to convertible preferred stock and shares of Class A common stock, Class B common stock, and Class C common stock based on the contractual participation rights of each as if earnings for the year had been distributed. Holders of convertible preferred stock are entitled to noncumulative annual dividends at a rate of 8% of the applicable original issue price when, as and if declared by the Company’s board of directors and prior to and in preference of payment of dividends on the Company’s common stock. Thereafter, dividends are distributed among holders of Class A common stock, Class B common stock, Class C common stock, and convertible preferred stock on a proportionate basis, based on the number of shares of common stock that would be held by each holder if all shares of convertible preferred stock were converted to Class B common stock at the then effective conversion rate.

Holders of convertible preferred stock do not participate in losses and, accordingly, losses for the three and nine months ended September 30, 2021 and 2020 were allocated entirely to holders of Class A, Class B, and Class C common stock. For the three and nine months ended September 30, 2021 and 2020, net loss per share amounts were the same for Class A, Class B, and Class C common stock because the holders of each class are entitled to equal per share dividends.

The table below presents the computation of basic and diluted loss per share (in thousands, except for per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(3,582)	$	(2,130)	$	(15,696)	$	(21,141)
Net income attributable to the redeemable noncontrolling interest		67		62		212		768
Net income (loss) attributable to noncontrolling interests		137		—		(173)		—
Allocation of net loss to convertible preferred stock		—		—		—		—
Net loss attributable to holders of Class A, Class B, and Class C common stock	$	(3,786)	$	(2,192)	$	(15,735)	$	(21,909)
Denominator:
Weighted average common shares outstanding, basic and diluted		60,840		39,043		57,072		39,009
Net loss per common share, basic and diluted	$	(0.06)	$	(0.06)	$	(0.28)	$	(0.56)

The table below presents the details of securities that were excluded from the calculation of diluted loss per share as the effect would have been anti-dilutive (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Stock options	24,016	33,396	24,016	33,396
Convertible preferred stock	29,626	29,626	29,626	29,626

Additionally, the calculation of diluted loss per share excluded 17,169 and 8,280 restricted stock units at September 30, 2021 and 2020, respectively, for which the related liquidity condition had not been met.

11.

Earnings (Loss) Per Share

Undistributed earnings are allocated to convertible preferred stock and shares of Class A common stock and Class B common stock based on the contractual participation rights of each as if earnings for the year had been distributed. Holders of convertible preferred stock are entitled to noncumulative annual dividends at a rate of 8% of the applicable original issue price when, as and if declared by the Company’s board of directors and prior to and in preference of payment of dividends on the Company’s common stock. Thereafter, dividends are distributed among holders of Class A common stock, Class B common stock and convertible preferred stock on a proportionate basis, based on the number of shares of common stock that would be held by each holder if all shares of convertible preferred stock were converted to Class B common stock at the then effective conversion rate.

During the year ended December 31, 2020 all undistributed earnings were allocated to holders of convertible preferred stock based on their contractual participation rights and, accordingly, no undistributed earnings were allocated to holders of Class A or Class B common stock. Holders of convertible preferred stock do not participate in losses and, accordingly, losses for the years ended December 31, 2019 and 2018 were allocated entirely to holders of Class A and Class B common stock. For the years ended December 31, 2020, 2019, and 2018 net income (loss) per share amounts were the same for Class A and Class B common stock because the holders of each class are entitled to equal per share dividends.

The table below presents the computation of basic and diluted loss per share (in thousands, except for per share amounts):


	Year ended December 31,
	2020		2019		2018
Numerator:
Net loss	$	11,156	$	(36,919)	$	(78,506)
Net (loss) income attributable to the redeemable noncontrolling interest		820		273		(971)
Allocation of undistributed earnings to convertible preferred stock		10,336		—		—
Net income (loss) attributable to holders of Class A common stock and Class B common stock	$	—	$	(37,192)	$	(77,535)
Denominator:
Weighted average common shares outstanding, basic and diluted		39,027		38,571		37,856
Net loss per common share, basic and diluted	$	0.00	$	(0.96)	$	(2.05)

The table below presents the details of securities that were excluded from the calculation of diluted loss per share as the effect would have been anti-dilutive (in thousands):


	2020	2019	2018
Stock options	32,127	35,016	42,131
Convertible preferred stock	29,626	29,626	29,626

Additionally, the calculation of diluted loss per share excluded 8,268, 8,433, and 2,424 restricted stock units at December 31, 2020, 2019, and 2018, respectively, for which the related liquidity condition had not been met.

Income Taxes

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

14.

Income Taxes

The Company’s tax provision or benefit from income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. Each quarter the Company updates its estimate of the annual effective tax rate and makes a year-to-date adjustment to the provision.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Income tax benefit	(353)		(12)		(5,011)		(797)
Effective tax rate	9.0	%	0.6	%	24.2	%	3.6	%

For the three months ended September 30, 2021 and 2020, the Company’s effective tax rate differed from the U.S. federal statutory income tax rates of 21% primarily due to a valuation allowance against net deferred tax assets that were not realizable on a more-likely-than-not basis and the discrete tax benefits.

The Company’s income tax benefit for the nine months ended September 30, 2021 includes a discrete income tax benefit of $4.3 million related to the release of a portion of the Company’s previously established valuation allowance to offset deferred tax liabilities arising from the HuffPost Acquisition and finalization of state tax filings during the quarter ended September 30, 2021.

For the nine months ended September 30, 2021 and 2020, the Company’s effective tax rate differed from the U.S. federal statutory income tax rates of 21% primarily due to a valuation allowance against net deferred tax assets that were not realizable on a more-likely-than-not basis and the discrete tax benefits.

As of September 30, 2021, the Company had no uncertain tax positions.

12.

Income Taxes

The domestic and foreign components of income (loss) before provision for income taxes were as follows (in thousands):


	2020		2019		2018
Domestic	$	12,837	$	(29,247)	$	(65,466)
Foreign		(740)		(8,030)		(12,138)
Total income (loss) before income taxes	$	12,097	$	(37,277)	$	(77,604)

The provision (benefit) for income taxes consisted of the following (in thousands):


	Year Ended December 31,
	2020		2019		2018
Current (benefit) / provision
Federal	$	(16)	$	(7)	$	(1)
State		188		20		(1)
Foreign		657		(370)		1,024
Total current (benefit) / provision		829	$	(357)	$	1,022
Deferred (benefit) / provision
Federal	$	7	$	1	$	1
State		4		7		2
Foreign		101		(9)		(123)
Total deferred (benefit) / provision		112	$	(1)	$	(120)
Total (benefit) / provision
Federal	$	(9)	$	(6)	$	—
State		192		27		1
Foreign		758		(379)		901
Total (benefit) / provision	$	941	$	(358)	$	902

A reconciliation of the U.S. federal statutory income tax rate of 21% for the years ended December 31, 2020, 2019 and 2018 to the Company’s effective tax rate is as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Income tax provision (benefit) at the U.S. federal statutory rate	$	2,540	$	(7,828)	$	(16,297)
State income taxes		323		(543)		(1,434)
Permanent differences		(53)		521		637
Change in valuation allowance		(3,720)		6,258		18,816
Effect of foreign operations		325		373		584
Stock-based compensation		198		478		649
Effect of change in tax rates		(253)		(320)		9
Sale of foreign subsidiary		1,323		—		—
Foreign investment basis differences		190		49		(218)
Research & development tax credits		(253)		(922)		(1,786)
Foreign currency translation & transactions		144		33		88
Prior period adjustments		230		1,210		—
Other		(53)		333		(146)
Total provision (benefit) for income taxes	$	941	$	(358)	$	902

For the years ended December 31, 2020, 2019 and 2018, the Company’s effective tax rate was 7.8%, 1.0% and (1.2)% respectively. For the years ended December 31, 2020, 2019 and 2018, the Company’s effective tax rate differed from the U.S. federal statutory income tax rates of 21% primarily due to a valuation allowance against net deferred tax assets that were not realizable on a more-likely-than-not basis.

On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The CARES Act included several measures to assist companies including temporary changes to income and non-income based tax laws. Several significant tax-related provisions of the CARES Act included (1) allowing net operating loss (NOL) carryforwards originating in 2018, 2019 or 2020 to be carried back to the prior five tax years, (2) eliminating the 80% taxable income limitation by allowing corporate entities to fully utilize NOL carryforwards to offset taxable income in 2018, 2019 or 2020, (3) increasing the net interest expense deduction limitation to 50% of adjusted taxable income from 30% for the 2019 and 2020 tax years, (4) allowing taxpayers with alternative minimum tax credits to claim a refund in 2020 for the entire amount of the credit instead of recovering the credit through refunds over a period of years and (5) allowing companies to deduct more of their cash charitable contributions paid during calendar year 2020 by increasing the taxable income limitation to 25% from 10%. The income tax provisions of the CARES Act had limited applicability to the Company and did not have a material impact on the Company’s consolidated financial statements.

During the year ended December 31, 2018, the Company finalized the accounting for the tax effects of the Tax Cuts and Jobs Act (“TCJA”) with no material changes to the provisional estimate recorded in prior year. The Company made a policy election to treat the income tax due on U.S. inclusion of the new global intangible low taxed income (“GILTI”) provisions as a period expense when incurred.

Significant components of deferred tax assets and liabilities as of were as follows (in thousands):


	Years Ended December 31,
	2020		2019
Deferred tax assets
Net operating loss carryforwards	$	79,475	$	83,120
Accruals		2,879		1,464
Stock-based compensation		2,841		2,853
Bad debt		262		168
Deferred rent		5,043		5,412
Other		1,185		1,532
Total deferred tax asset	$	91,685	$	94,549
Valuation allowance		(83,978)		(87,698)
Net deferred tax asset	$	7,707	$	6,851

Deferred tax liabilities
Deferred state income tax		(2,087)		(2,158)
Depreciation and amortization		(1,720)		(835)
Intangible assets		(3,905)		(3,751)
Total deferred tax liability	$	(7,712)	$	(6,744)
Net deferred tax asset (liability)	$	(5)	$	107

Net deferred tax assets are included within prepaid and other assets and net deferred tax liabilities are included within other liabilities on the Company’s consolidated balance sheets.

In assessing the realizability of its deferred tax assets, the Company considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible and net operating loss carryforwards can be utilized. The Company considered all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, historical earnings, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Based upon the weight of available evidence including a three-year cumulative loss position, the Company concluded it could not realize its deferred tax assets on a more likely than not basis, except for some deferred tax assets for certain of its international operations. The Company’s valuation allowance decreased by approximately $3.7 million in 2020, increased by approximately $6.3 million in 2019 and increased by approximately $18.8 million in 2018.

As of December 31, 2020, the Company has U.S. federal net operating losses of approximately $277 million, of which $198 million expire in tax year beginning in 2037 through 2039 if not utilized and $79 million that has an indefinite lived carryforward period. The U.S. federal net operating losses of $198 million are available to offset 100% of future taxable income. The $79 million of U.S. federal net operating loss carryforwards are only available to offset 80% of future taxable income.

As of December 31, 2020, the Company has state net operating losses of approximately $8.9 million, which expire in tax years beginning in 2025 to 2040 if not utilized. As of December 31, 2020, the Company had federal research and development tax credits of approximately $7.6 million, which expire in tax years beginning 2032 to 2040.

The Company intends to reinvest its foreign earnings indefinitely outside the U.S. If these future earnings are repatriated to the U.S., or if the Company determines that such earnings will be remitted in the foreseeable future, the Company may be required to accrue U.S. deferred taxes (if any) and applicable withholding taxes. It is not practicable to estimate the tax impact of the reversal of the outside basis difference, or the repatriation of cash due to the complexity of its hypothetical calculation.

The Company applies the applicable authoritative guidance which prescribes a comprehensive model in which a company should recognize, measure, present and disclose in its financial statements all material uncertain tax positions that the Company has taken or expects to take on a tax return. The Company recognizes interest and penalties related to income tax positions taken on the Company’s tax returns in income tax expense in the consolidated statements of operations. As of December 31, 2020, 2019 and 2018, the Company had no uncertain tax positions.

The Company, or one of its subsidiaries, files its tax returns in the U.S. and certain state and foreign income tax jurisdictions with varying statute of limitations. The earliest years’ tax returns filed by the Company that are still subject to examination by the tax authorities in the major jurisdictions are as follows:


		Year
United States		2016
United Kingdom		2019

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Restructuring Costs

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Restructuring Costs

Restructuring Costs

15.

Restructuring Costs

On March 9, 2021, the Company announced a restructuring of HuffPost, including employee terminations, in order to efficiently integrate the HuffPost Acquisition and establish an efficient cost structure. The Company incurred approximately $3.6 million in severance costs related to the restructuring, of which $3.2 million were included in cost of revenue, excluding depreciation and amortization, $0.3 million were included in sales and marketing, and $0.1 million were included in research and development. No severance costs remained unpaid as of September 30, 2021.

13.

Restructuring Costs

For the year ended December 31, 2019, the Company incurred $9.6 million in restructuring costs. The costs solely relate to involuntary terminations of employees in various roles and levels in an effort for the Company to improve its ability to execute on its strategy. These restructuring costs are included in the consolidated statements of operations as follows: cost of revenue, excluding depreciation and amortization ($4.4 million), general and administrative ($2.2 million), sales and marketing ($1.6 million), and research and development ($1.4 million).

At December 31, 2020 and 2019, there were no liabilities related to restructuring.

Commitments and Contingencies

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Commitments & Contingencies

Cash and Cash Equivalents and Restricted Cash

16.

Commitments and Contingencies

Commitments

Guarantees

Legal Matters

14.

Commitments and Contingencies

Commitments

Future minimum lease payments under leases having initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2020 are as follows (in thousands):


Year	Amount
2021	$	27,094
2022		27,945
2023		26,032
2024		18,033
2025		18,209
Thereafter		10,993
	$	128,306


Year	Amount
2021	$	6,722
2022		6,504
2023		3,482
2024		3,519
2025		3,556
Thereafter		1,193
	$	24,976

Guarantees

In September 2018, at the time of its equity investment in a private company, the Company agreed to guarantee the lease of the investee’s premises in New York. In October 2020, the investee renewed its lease agreement, and the Company’s prior guarantee was replaced with a new guarantee of up to $5.4 million. The amount of the guarantee is reduced as the investee makes payments under the lease. As of December 31, 2020, the maximum amount of the guarantee was $4.2 million, and no liability was recognized with respect to the guarantee.

Legal Matters

The Company is party to various lawsuits and claims in the ordinary course of business. Although the outcome of such matters cannot be predicted with certainty and the impact that the final resolution of such matters will ultimately have on the Company’s consolidated financial statements is not known, we do not believe that the resolution of these matters will have a material adverse effect on the Company’s future results of operations or cash flows.

Cash and Cash Equivalents and Restricted Cash

9 Months Ended

Sep. 30, 2021

Cash and Cash Equivalents and Restricted Cash

17.

Cash and Cash Equivalents and Restricted Cash

The following table summarizes cash and cash equivalent and restricted cash in the condensed consolidated balance sheets (in thousands):


	September 30, 2021		December 31, 2020
Cash and cash equivalents	$	145,597	$	90,626
Restricted		—		15,500
	$	145,597	$	106,126

Related party Transactions

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Related Party Transactions

18.

Related Party Transactions

17.

Related Party Transactions

Subsequent Events

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Subsequent Events

Schedule of fair value of business acquisition consideration

19.

Subsequent Events

18.

Subsequent Events

The Company evaluated subsequent events through July 30, 2021, the date the financial statements were available to be issued.

Summary of Significant Accounting Policies (Polices)	9 Months Ended	12 Months Ended
Summary of Significant Accounting Policies (Polices)	Sep. 30, 2021	Dec. 31, 2020
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Financial Statements and Principles of Consolidation	Basis of Financial Statements and Principles of Consolidation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the Company’s consolidated financial statements and related notes as of December 31, 2020 and 2019, and for the years ended December 31, 2020, 2019, and 2018. The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date but does not include all disclosures including notes required by GAAP. The condensed consolidated financial statements include all normal recurring adjustments that, in the opinion of management, are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2021. The condensed consolidated financial statements include the accounts of BuzzFeed, Inc., and its wholly-owned and majority-owned subsidiaries, and any variable interest entities for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year figures have been reclassified to conform to current period presentation.	Basis of Financial Statements and Principles of Consolidation The accompanying consolidated financial statements include the accounts of BuzzFeed, Inc., and its wholly-owned and majority-owned subsidiaries. The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. Certain prior year figures have been reclassified to conform to current period presentation. The Company evaluates its relationships with other entities to identify whether they are variable interest entities (“VIE”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation. In August 2015, the Company signed a Joint Venture Agreement (“JVA”) with Yahoo Japan to establish and develop operations in Japan. BuzzFeed Japan will carry out the core BuzzFeed business in the Japanese language for the Japanese market. BuzzFeed Japan is a joint venture owned 51% by the Company, through its wholly-owned subsidiaries, BuzzFeed UK Limited, and The Huffington Post Holdings LLC and 24.5% by Z Holdings Corporation and 24.5% by Asahi Shimbun Company. BuzzFeed Japan is included as a consolidated subsidiary in the consolidated financial statements. During 2020 the Company established Ganked Film Inc., a production company created solely for the purpose of producing a single film, which is considered a VIE. The Company is the primary beneficiary of Ganked Film Inc. as it has the ability to direct the activities that most significantly impact the economic performance of the entity, the obligation to absorb losses, and the right to receive benefits from the entity. As a result, Ganked Film Inc. is included as a consolidated subsidiary in the consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported results of operations during the reporting period. Due to the use of estimates inherent in the financial reporting process actual results could differ from those estimates. Key estimates and assumptions relate primarily to revenue recognition, valuation allowances for deferred income tax assets, allowance for doubtful accounts, fair values used for stock-based compensation, fair values of acquired intangible assets, and useful lives of long-lived assets.	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported results of operations during the reporting period. Due to the use of estimates inherent in the financial reporting process actual results could differ from those estimates. Key estimates and assumptions relate primarily to revenue recognition, valuation allowances for deferred income tax assets, allowance for doubtful accounts, fair values used for stock-based compensation, useful lives of fixed assets and capitalized software costs.
Business Combinations	Business Combinations Acquisitions are accounted for in accordance with ASC Topic 805, Business Combinations (“ASC 805”). Accordingly, we make an initial allocation of the purchase price at the date of acquisition based upon our understanding of the fair value of the acquired assets and assumed liabilities. We obtain this information during due diligence and through other sources. In the months after closing, as we obtain additional information about these assets and liabilities, including through asset appraisals, we are able to refine estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment to the purchase price allocation. We will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements On January 1, 2020, we adopted ASU 2018-13, Fair Value Measurement (Topic 820) — Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, an accounting standard that improved the effectiveness of fair value measurement disclosures and modified the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in Financial Accounting Standards Board (“FASB”) Concepts Statement, Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The adoption of this ASU did not have material impact on the condensed consolidated financial statements. On January 1, 2021, we adopted the amended guidance in ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials, which aligns the accounting for capitalizing production costs of episodic television series with the guidance for films. As a result, the capitalization of costs incurred to produce episodic television series is no longer limited to the amount of revenue contracted in the initial market until persuasive evidence of a secondary market exists. In addition, under this guidance we test our film costs for impairment on a title-by-title basis or together with other films and series as part of a group, based on the predominant monetization strategy of the film or series. Further, for film costs monetized in a film group, the guidance requires any change to the estimated life of the film or television series to be accounted for prospectively. The guidance eliminates existing balance sheet classification guidance and adds new disclosure requirements relating to costs for acquired and produced films and television series. The adoption of this guidance did not have a material impact on the condensed consolidated financial statements.	Recently Adopted Accounting Pronouncements On January 1, 2020, we adopted ASU 2018-13, Fair Value Measurement (Topic 820) — Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, an accounting standard that improved the effectiveness of fair value measurement disclosures and modified the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in Financial Accounting Standards Board (“FASB”) Concepts Statement, Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The adoption of this ASU did not have material impact on the consolidated financial statements. On January 1, 2019, we adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (ASC) Topic 605, Revenue Recognition (Topic 605), using the modified retrospective transition method applied to those contracts that were not completed as of January 1, 2019. The impact of adopting the new revenue standard was not material to our consolidated financial statements and there was no adjustment to beginning retained earnings on January 1, 2019.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes existing guidance on accounting for leases in Leases (Topic 840) and generally requires leased assets and lease liabilities to be recognized on the balance sheet. The ASU is effective for the Company for annual periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the impact of adopting ASU 2016-02 on the Company’s condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), which changes the impairment model for most financial assets, including accounts receivable, and replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The guidance is effective for the Company for interim and annual periods beginning after December 15, 2022, with early adoption permitted. The Company is currently assessing the timing and impact of adopting ASU 2016-13 on the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 is effective for the Company for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. Early adoption of this guidance is permitted and the amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company plans to adopt this guidance for the year ending December 31, 2021 and is currently evaluating the impact of the adoption of this guidance on the condensed consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes. The amendments also improve consistent application and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The guidance is effective for the Company for annual periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the timing and impact of adopting the new guidance on the Company’s condensed consolidated financial statements.	Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes existing guidance on accounting for leases in Leases (Topic 840) and generally requires leased assets and lease liabilities to be recognized on the balance sheet. The ASU is effective for the Company for annual periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the timing and impact of adopting ASU 2016-02 on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), which changes the impairment model for most financial assets, including accounts receivable, and replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The guidance is effective for the Company for interim and annual periods beginning after December 15, 2022, with early adoption permitted. The Company is currently assessing the timing and impact of adopting ASU 2016-13 on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 is effective for the Company for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. Early adoption of this guidance is permitted and the amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company plans to adopt this guidance for the year ending December 31, 2021 and is currently evaluating the impact of the adoption of this guidance on the consolidated financial statements. In March 2019, the FASB issued ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials, which aligns the accounting for capitalizing production costs of episodic television series with the guidance for films. As a result, the capitalization of costs incurred to produce episodic television series will no longer be limited to the amount of revenue contracted in the initial market until persuasive evidence of a secondary market exists. In addition, this guidance requires an entity to test for impairment of films or television series on a title-by-title basis or together with other films and series as part of a group, based on the predominant monetization strategy of the film or series. Further, this guidance requires that an entity reassess estimates of the use of a film or series in a film group and account for changes, if any, prospectively. In addition, this guidance eliminates existing balance sheet classification guidance and adds new disclosure requirements relating to costs for acquired and produced films and television series. The ASU is effective for the Company for annual and interim periods beginning after December 15, 2020. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on the consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes. The amendments also improve consistent application and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The guidance is effective for the Company for annual periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the timing and impact of adopting the new guidance on the Company’s consolidated financial statements.

Acquisition and Disposition (Tables)

9 Months Ended

Sep. 30, 2021

Acquisition and Disposition


Fair value of common stock issued⁽¹⁾	$	24,064
Working capital adjustments		(490)
Total consideration	$	23,574

Schedule of fair value of identifiable assets acquired and liabilities


Cash and cash equivalents	$	5,513
Accounts receivable		3,383
Prepaid and other current assets		611
Deferred tax assets		116
Property and equipment		620
Intangible assets		19,500
Goodwill		5,927
Accounts payable		(1,410)
Accrued expenses and other current liabilities		(4,249)
Deferred tax liabilities		(4,251)
Other liabilities		(63)
Noncontrolling interests		(2,123)
Total consideration for HuffPost	$	23,574

Revenue Recognition (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of disaggregation of revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Advertising	$	50,240	$	36,051	$	136,693	$	94,105
Content		26,483		27,476		70,261		74,947
Commerce		13,373		11,716		44,894		29,245
	$	90,096	$	75,243	$	251,848	$	198,297

The following table presents the Company’s revenue disaggregated by geography (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue:
United States	$	79,074	$	67,668	$	224,854	$	179,689
International		11,022		7,575		26,994		18,608
Total	$	90,096	$	75,243	$	251,848	$	198,297


	December 31,
	2020		2019		2018
Advertising	$	149,704	$	128,438	$	106,280
Content		119,846		150,876		177,055
Commerce and other		51,774		38,609		23,916
	$	321,324	$	317,923	$	307,251

Fair Value Measurements (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of fair value measurements


	September 30, 2021		December 31, 2020
Cash equivalents:
Money market funds	$	24,461	$	24,460
	$	24,461	$	24,460

The Company measures its cash equivalents at amortized cost, which approximates fair value. Money market funds categorized as Level 1 as of December 31, 2020 and 2019 are as follows (in thousands):


	2020		2019
Cash equivalents:
Money market funds	$	24,460	$	24,379
	$	24,460	$	24,379

Property and Equipment, net (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Summary of property and equipment, net

Property and equipment, net consisted of the following (in thousands):


	September 30, 2021		December 31, 2020
Leasehold improvements	$	50,528	$	49,074
Furniture and fixtures		8,281		8,027
Computer equipment		6,602		5,625
Video equipment		713		643
		66,124		63,369
Less: Accumulated Depreciation		(43,249)		(37,824)
	$	22,875	$	25,545

Property and equipment, net consisted of the following (in thousands):


	2020		2019
Leasehold improvements	$	49,074	$	46,865
Furniture and fixtures		8,027		7,470
Computer equipment		5,625		12,950
Video equipment		643		599
	$	63,369	$	67,884
Less: Accumulated depreciation		(37,824)		(38,341)
	$	25,545	$	29,543

Capitalized Software Costs, net (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of capitalized software costs

Capitalized software costs, net consisted of the following (in thousands):


	September 30, 2021		December 31, 2020
Website and internal-use software	$	79,629	$	72,574
Less: Accumulated Depreciation		(63,043)		(56,014)
	$	16,586	$	16,560


	2020		2019
Website and internal-use software	$	72,574	$	62,744
Less: Accumulated amortization		(56,014)		(46,871)
	$	16,560	$	15,873

Capitalized software costs, net consisted of the following (in thousands):

Goodwill and Intangible Assets, net (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets, net

Schedule of goodwill activities

The following table presents the goodwill activities for the periods presented (in thousands):


Balance as of December 31, 2020	$	—
HuffPost Acquisition		5,927
Balance as of September 30, 2021	$	5,927

Schedule of intangible assets and the weighted average remaining useful lives

The following table presents the detail of intangible assets for the periods presented (in thousands) and the weighted average remaining useful lives:


	Weighted-
	Average
	Remaining	September 30, 2021						December 31, 2020
	Useful	Gross						Gross
	Lives (in	Carrying		Accumulated		Net Carrying		Carrying		Accumulated		Net Carrying
	years)	Value		Amortization		Value		Value		Amortization		Value
Acquired Technology	3 years	$	5,500	$	1,146	$	4,354	$	—	$	—	$	—
Trademarks and Trade Names	15 years		14,000		583		13,417		—		—		—
Trademarks and Trade Names	Indefinite		1,368		—		1,368		1,368		—		1,368
Total		$	20,868	$	1,729	$	19,139	$	1,368	$	—	$	1,368

Schedule of Estimated future amortization expense

Estimated future amortization expense as of September 30, 2021 is as follows (in thousands):


Remainder of 2021	$	692
2022		2,767
2023		2,767
2024		1,163
2025		933
Thereafter		9,449
Total	$	17,771

Convertible Preferred Stock (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of convertible preferred stock


As of September 30, 2021 and December 31, 2020
			Shares
	Year	Shares	Issued and			Liquidation
Series	Issued	Authorized	Outstanding	Issue Price		Value
Series A	2008	3,500,000	3,500,000	$	1.0000	$	3,500,000
Series A-1	2008	3,800,515	3,800,515	$	0.1579		600,101
Series B	2010	4,401,242	4,401,242	$	1.8177		8,000,138
Series C	2011	5,024,637	5,024,637	$	3.0848		15,500,000
Series D	2012	2,412,718	2,412,718	$	8.0283		19,370,024
Series E	2014	1,605,982	1,605,982	$	31.1336		50,000,001
Series F	2015	4,440,498	4,440,498	$	45.0400		200,000,030
Series G	2016	4,440,498	4,440,498	$	45.0400		200,000,030
		29,626,090	29,626,090			$	496,970,324


			Shares
	Year	Shares	Issued and	Issue		Liquidation
Series	Issued	Authorized	Outstanding	Price		Value
Series A	2008	3,500,000	3,500,000	$	1.0000	$	3,500,000
Series A-1	2008	3,800,515	3,800,515	$	0.1579		600,101
Series B	2010	4,401,242	4,401,242	$	1.8177		8,000,138
Series C	2011	5,024,637	5,024,637	$	3.0848		15,500,000
Series D	2012	2,412,718	2,412,718	$	8.0283		19,370,024
Series E	2014	1,605,982	1,605,982	$	31.1336		50,000,001
Series F	2015	4,440,498	4,440,498	$	45.0400		200,000,030
Series G	2016	4,440,498	4,440,498	$	45.0400		200,000,030
		29,626,090	29,626,090			$	496,970,324

Redeemable Noncontrolling Interest (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of redeemable non controlling interest


	2021		2020
Balance as of January 1	$	848	$	28
Allocation of net income for the three months ended March 31		60		383
Balance as of March 31		908		411
Merger of BuzzFeed Japan and HuffPost Japan		510		—
Allocation of net income for the three months ended June 30		85		323
Balance as of June 30		1,503		734
Allocation of net income for the three months ended September 30		67		62
Ending balance as of September 30	$	1,570	$	796

The table below presents the reconciliation of changes in redeemable noncontrolling interest (in thousands):


	2020		2019		2018
Beginning balance	$	28	$	(245)	$	726
Allocation of net (income) loss		820		273		(971)
Ending balance	$	848	$	28	$	(245)

Stockholders' Equity (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of stock options activity


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Remaining	Intrinsic
	Shares	Price		Term	Value
Balance as of December 31, 2020	32,127	$	1.96	5.01	$	19,248
Granted	2,028		2.79
Exercised	(798)		0.73
Forfeited	(7,738)		2.97
Expired	(1,603)		2.78
Balance as of September 30, 2021	24,016	$	1.69	2.59	$	25,699
Expected to vest at September 30, 2021	2,357	$	2.74	9.35		—
Exercisable at September 30, 2021	24,016	$	1.69	2.59	$	25,699


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Remaining	Intrinsic
	Shares	Price		Term	Value
Balance as of December 31, 2019	35,016	$	2.00	5.03	$	24,634
Granted	335		2.46	—		—
Exercised	(230)		0.62	—		—
Forfeited	(1,700)		2.86	—		—
Expired	(1,294)		2.22	—		—
Balance as of December 31, 2020	32,127	$	1.96	5.01	$	19,248
Expected to vest at December 31, 2020	8,427	$	2.94	7.98		—
Exercisable at December 31, 2020	24,611	$	1.65	4.12	$	19,248

Schedule of the restricted stock unit activity


		Weighted Average
		Grant-Date Fair
	Shares	Value
Outstanding as of December 31, 2020	8,268	$	2.61
Granted	9,260		2.81
Vested	—		—
Forfeited	(359)		2.70
Outstanding as of September 30, 2021	17,169	$	2.71

A summary of the restricted stock unit activity is presented below (in thousands, except per share amounts):


		Weighted Average
		Grant-Date Fair
	Shares	Value
Outstanding as of December 31, 2019	8,433	$	2.63
Granted	1,003		2.38
Vested	—		—
Forfeited	(1,168)		2.67
Outstanding as of December 31, 2020	8,268	$	2.61

Schedule of share based compensation expense


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cost of revenue, excluding depreciation and amortization	$	388	$	54	$	543	$	61
Sales and marketing		37		28		98		31
General and administrative		59		221		160		872
Research and development		19		24		49		24
	$	503	$	327	$	850	$	988

Earnings (Loss) Per Share (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Summary of computation of basic and diluted income (loss) per share

The table below presents the computation of basic and diluted loss per share (in thousands, except for per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(3,582)	$	(2,130)	$	(15,696)	$	(21,141)
Net income attributable to the redeemable noncontrolling interest		67		62		212		768
Net income (loss) attributable to noncontrolling interests		137		—		(173)		—
Allocation of net loss to convertible preferred stock		—		—		—		—
Net loss attributable to holders of Class A, Class B, and Class C common stock	$	(3,786)	$	(2,192)	$	(15,735)	$	(21,909)
Denominator:
Weighted average common shares outstanding, basic and diluted		60,840		39,043		57,072		39,009
Net loss per common share, basic and diluted	$	(0.06)	$	(0.06)	$	(0.28)	$	(0.56)

The table below presents the computation of basic and diluted loss per share (in thousands, except for per share amounts):


	Year ended December 31,
	2020		2019		2018
Numerator:
Net loss	$	11,156	$	(36,919)	$	(78,506)
Net (loss) income attributable to the redeemable noncontrolling interest		820		273		(971)
Allocation of undistributed earnings to convertible preferred stock		10,336		—		—
Net income (loss) attributable to holders of Class A common stock and Class B common stock	$	—	$	(37,192)	$	(77,535)
Denominator:
Weighted average common shares outstanding, basic and diluted		39,027		38,571		37,856
Net loss per common share, basic and diluted	$	0.00	$	(0.96)	$	(2.05)

Summary of shares excluded from the computation of diluted loss per share

The table below presents the details of securities that were excluded from the calculation of diluted loss per share as the effect would have been anti-dilutive (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Stock options	24,016	33,396	24,016	33,396
Convertible preferred stock	29,626	29,626	29,626	29,626

The table below presents the details of securities that were excluded from the calculation of diluted loss per share as the effect would have been anti-dilutive (in thousands):


	2020	2019	2018
Stock options	32,127	35,016	42,131
Convertible preferred stock	29,626	29,626	29,626

Income Taxes (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Cash and Cash Equivalents and Restricted Cash

Income tax provision


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Income tax benefit	(353)		(12)		(5,011)		(797)
Effective tax rate	9.0	%	0.6	%	24.2	%	3.6	%

The provision (benefit) for income taxes consisted of the following (in thousands):


	Year Ended December 31,
	2020		2019		2018
Current (benefit) / provision
Federal	$	(16)	$	(7)	$	(1)
State		188		20		(1)
Foreign		657		(370)		1,024
Total current (benefit) / provision		829	$	(357)	$	1,022
Deferred (benefit) / provision
Federal	$	7	$	1	$	1
State		4		7		2
Foreign		101		(9)		(123)
Total deferred (benefit) / provision		112	$	(1)	$	(120)
Total (benefit) / provision
Federal	$	(9)	$	(6)	$	—
State		192		27		1
Foreign		758		(379)		901
Total (benefit) / provision	$	941	$	(358)	$	902

Cash and Cash Equivalents and Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of cash and cash equivalent and restricted cash


	September 30, 2021		December 31, 2020
Cash and cash equivalents	$	145,597	$	90,626
Restricted		—		15,500
	$	145,597	$	106,126

Description of the Business (Details) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended		12 Months Ended
	Jun. 24, 2021	Mar. 27, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 16, 2021
Cash and cash equivalents			$ 145,597		$ 90,626	$ 58,524
Cash inflow from operations			10,898	$ 27,832	27,553	(20,243)	$ (72,743)
Accumulated deficit			362,553		$ 346,818	$ 357,154
Escrow Agreement
Escrow Shares	1,200,000				1,200,000
Share price	$ 12.50				$ 12.50
Minimum amount endeavor to spend to promote any commerce initiatives	$ 5,600
Commercial Agreement
Minimum editorial promotion expense agreed to provide in each year			1,000		$ 1,000
Minimum amount endeavor to spend to promote any commerce initiatives					$ 1,000
Term of Commercial Agreement					3 years
Value of NBCU Base Shares					$ 400,000
Complex Networks
Percentage of interest acquired		100.00%
Performance deposit		$ 5,000
Cash consideration		$ 200,000	$ 200,000
Shares of the post-merger company to be issued as consideration		10,000,000	10,000,000
HuffPost Acquisition
Percentage of interest acquired								100.00%
HuffPost Acquisition \| Commercial Agreement
Minimum editorial promotion expense agreed to provide in each year			$ 1,000
Impression Per Year			$ 200,000
Term of Commercial Agreement			3 years
Value of NBCU Base Shares			$ 400,000

Acquisition and Disposition - Fair Value Of Consideration (Details) - HuffPost Acquisition $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Business Acquisition [Line Items]
Fair value of common stock issued	$ 24,064
Working capital adjustments	(490)
Total consideration for HuffPost	$ 23,574

Acquisition and Disposition - Fair Value Of Identifiable Assets Acquired And Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 5,927
HuffPost Acquisition
Business Acquisition [Line Items]
Cash and cash equivalents	5,513
Accounts receivable	3,383
Prepaid and other current assets	611
Deferred tax assets	116
Property and equipment	620
Intangible assets	19,500
Goodwill	5,927	$ 0
Accounts payable	(1,410)
Accrued expenses and other current liabilities	(4,249)
Deferred tax liabilities	(4,251)
Other liabilities	(63)
Noncontrolling interests	(2,123)
Total consideration for HuffPost	$ 23,574

Acquisition and Disposition - Additional information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 28, 2021	Feb. 16, 2021
Business Acquisition [Line Items]
Revenue		$ 90,096	$ 75,243	$ 251,848	$ 198,297	$ 321,324	$ 317,923	$ 307,251
Goodwill		5,927		$ 5,927
Trade names
Business Acquisition [Line Items]
Useful lives of assets acquired				3 years
Trade marks
Business Acquisition [Line Items]
Useful lives of assets acquired				15 years
HuffPost Acquisition
Business Acquisition [Line Items]
Percentage of interest acquired										100.00%
Number of shares issued				8,625,234
HuffPost Acquisition (in shares)				8,625,234
Shares Issued in Exchange for Concurrent Cash Investment				12,544,803
Cash investment		$ 35,000		$ 35,000
Business acquisition price		$ 2.79		$ 2.79
Revenue		$ 9,200		$ 19,100
Ownership interest	51.00%
Loss of disposition	$ 600
Goodwill		$ 5,927		$ 5,927		$ 0
Verizon
Business Acquisition [Line Items]
Number of shares issued				21,170,037
Cash investment									$ 35,000

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 90,096	$ 75,243	$ 251,848	$ 198,297	$ 321,324	$ 317,923	$ 307,251
United States
Disaggregation of Revenue [Line Items]
Revenue	79,074	67,668	224,854	179,689
International
Disaggregation of Revenue [Line Items]
Revenue	11,022	7,575	26,994	18,608
Advertising
Disaggregation of Revenue [Line Items]
Revenue	50,240	36,051	136,693	94,105	149,704	128,438	106,280
Content
Disaggregation of Revenue [Line Items]
Revenue	26,483	27,476	70,261	74,947	119,846	150,876	177,055
Commerce
Disaggregation of Revenue [Line Items]
Revenue	$ 13,373	$ 11,716	$ 44,894	$ 29,245	$ 51,774	$ 38,609	$ 23,916

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Revenue Recognition (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 7,500	$ 2,800	$ 6,200
Deferred revenue	1,503	2,432	$ 1,473	$ 4,000
Deferred revenue balance	1,300
Transaction price allocated to the remaining performance obligations	$ 5,700	$ 11,200
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected recognized period (in years)	3 years	3 years

Fair Value Measurements - Money Market Funds (Details) - Level 1 - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 24,461	$ 24,460	$ 24,379
Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 24,461	$ 24,460	$ 24,379

Property and Equipment, net (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	$ 66,124		$ 63,369	$ 67,884
Less: Accumulated depreciation	(43,249)		(37,824)	(38,341)
Property and equipment, net	22,875		25,545	29,543
Depreciation	5,600	$ 6,200	8,100	8,700	$ 9,200
Leasehold improvements
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	50,528		49,074	46,865
Furniture and fixtures
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	8,281		8,027	7,470
Computer equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	6,602		5,625	12,950
Video equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	$ 713		$ 643	$ 599

Capitalized Software Costs, net (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Capitalized Computer Software, Net.
Website and internal-use software	$ 79,629		$ 72,574	$ 62,744
Less: Accumulated amortization	(63,043)		(56,014)	(46,871)
Capitalized Computer Software, Net	16,586		16,560	15,873
Amount of capitalized software	7,600	$ 8,000	9,800	8,200	$ 11,900
Depreciation and amortization expense	$ 7,700	$ 7,400	$ 9,400	$ 10,800	$ 12,600

Goodwill and Intangible Assets, net - Goodwill Activities (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 5,927
Balance as of September 30, 2021	5,927
HuffPost Acquisition
Finite-Lived Intangible Assets [Line Items]
Balance as of December 31, 2020	0
Goodwill	5,927
Balance as of September 30, 2021	$ 5,927

Goodwill and Intangible Assets, net - Intangible Assets and weighted average remaining useful lives (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 20,868	$ 1,368
Accumulated amortization	1,729	0
Net Carrying Value	$ 19,139	1,368
Acquired Technology
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Useful Lives	3 years
Gross Carrying Value	$ 5,500	0
Accumulated amortization	1,146	0
Net Carrying Value	$ 4,354	0
Trademarks and Trade Names
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Useful Lives	15 years
Gross Carrying Value	$ 14,000	0
Accumulated amortization	583	0
Net Carrying Value	13,417	0
Trademarks and Trade Names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,368	1,368
Accumulated amortization	0	0
Net Carrying Value	$ 1,368	$ 1,368

Goodwill and Intangible Assets, net - Estimated Future Amortization (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2021	$ 692
2022	2,767
2023	2,767
2024	1,163
2025	933
Thereafter	9,449
Total	$ 17,771

Goodwill and Intangible Assets, net (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets, net
Amortization	$ 1.7	$ 0.0

Debt (Details) - USD ($)			3 Months Ended	9 Months Ended	12 Months Ended
Debt (Details) - USD ($)	Dec. 30, 2020	May 20, 2020	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 17, 2014
Debt Instrument [Line Items]
Loss on extinguishment of debt					$ (600,000)
Issuance of letter of credit					19,896,000
Restricted Cash					15,500,000
Outstanding borrowings				$ 19,504,000	20,396,000
Debt issuance cost				$ 400,000	500,000	$ 0
Revolving line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000.0				50,000,000.0			$ 25,000,000
Letter of credit outstanding	$ 15,500,000				15,500,000
Letter of credit cash collateral			$ 15,500,000		$ 15,500,000	$ 15,500,000
Debt instrument term	3 years				3 years
Percentage of qualifying investment grade accounts receivable	95.00%				95.00%
Percentage of qualifying Non-investment grade accounts receivable	90.00%				90.00%
Unrestricted cash	$ 25,000,000.0				$ 25,000,000.0
Percentage of utilization of credit facility				4.75%
Outstanding borrowings				$ 19,500,000	20,400,000
Unused borrowing capacity				$ 11,500,000	$ 29,600,000
Revolving line of credit \| Minimum
Debt Instrument [Line Items]
Debt instrument margin rate				3.75%	3.75%
Percentage of unused commitment fee				0.375%
Revolving line of credit \| Maximum
Debt Instrument [Line Items]
Debt instrument margin rate				4.25%	4.25%
Revolving line of credit \| LIBOR
Debt Instrument [Line Items]
Debt Instrument Floor Rate 1				0.75%	0.75%
Percentage of utilization of credit facility					5.00%
Percentage of unused commitment fee					0.375%
Revolving line of credit \| LIBOR \| Minimum
Debt Instrument [Line Items]
Minimum monthly average utilization of debt				$ 15,000,000.0	$ 15,000,000.0
Secured Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 20,000,000.0
Debt instrument term		2 years
Percentage of limitation of qualifying accounts receivable		80.00%
Loss on extinguishment of debt					$ 600,000
Secured Facility \| Minimum
Debt Instrument [Line Items]
Minimum monthly average utilization of debt		$ 10,000,000.0
Secured Facility \| LIBOR
Debt Instrument [Line Items]
Spread on variable rate		7.25%
Debt Instrument Floor Rate 1		1.50%
Letter of credit
Debt Instrument [Line Items]
Letter of credit outstanding							$ 15,500,000
Issuance of letter of credit			$ 15,500,000

Convertible Preferred Stock (Details)	1 Months Ended	12 Months Ended
Convertible Preferred Stock (Details)	Jan. 31, 2015	Dec. 31, 2020 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized		29,626,090	29,626,090
Preferred stock, shares issued		29,626,090	29,626,090
Preferred stock, shares outstanding		29,626,090	29,626,090
Liquidation Value \| $		$ 496,970,324,000	$ 496,970,324,000
Proceeds received from initial public offering, gross \| $		$ 100,000,000
Stock spilt ratio	10
Series A
Class of Stock [Line Items]
Preferred stock, shares authorized		3,500,000	3,500,000
Preferred stock, shares issued		3,500,000	3,500,000
Preferred stock, shares outstanding		3,500,000	3,500,000
Issue Price \| $ / shares		$ 1.0000	$ 1.0000
Liquidation Value \| $		$ 3,500,000	$ 3,500,000
Conversion price \| $ / shares		$ 0.10
Series A-1
Class of Stock [Line Items]
Preferred stock, shares authorized		3,800,515	3,800,515
Preferred stock, shares issued		3,800,515	3,800,515
Preferred stock, shares outstanding		3,800,515	3,800,515
Issue Price \| $ / shares		$ 0.1579	$ 0.1579
Liquidation Value \| $		$ 600,101	$ 600,101
Conversion price \| $ / shares		$ 0.02
Series B
Class of Stock [Line Items]
Preferred stock, shares authorized		4,401,242	4,401,242
Preferred stock, shares issued		4,401,242	4,401,242
Preferred stock, shares outstanding		4,401,242	4,401,242
Issue Price \| $ / shares		$ 1.8177	$ 1.8177
Liquidation Value \| $		$ 8,000,138	$ 8,000,138
Conversion price \| $ / shares		$ 0.18
Series C
Class of Stock [Line Items]
Preferred stock, shares authorized		5,024,637	5,024,637
Preferred stock, shares issued		5,024,637	5,024,637
Preferred stock, shares outstanding		5,024,637	5,024,637
Issue Price \| $ / shares		$ 3.0848	$ 3.0848
Liquidation Value \| $		$ 15,500,000	$ 15,500,000
Conversion price \| $ / shares		$ 0.31
Series D
Class of Stock [Line Items]
Preferred stock, shares authorized		2,412,718	2,412,718
Preferred stock, shares issued		2,412,718	2,412,718
Preferred stock, shares outstanding		2,412,718	2,412,718
Issue Price \| $ / shares		$ 8.0283	$ 8.0283
Liquidation Value \| $		$ 19,370,024	$ 19,370,024
Conversion price \| $ / shares		$ 0.80
Series E
Class of Stock [Line Items]
Preferred stock, shares authorized		1,605,982	1,605,982
Preferred stock, shares issued		1,605,982	1,605,982
Preferred stock, shares outstanding		1,605,982	1,605,982
Issue Price \| $ / shares		$ 31.1336	$ 31.1336
Liquidation Value \| $		$ 50,000,001	$ 50,000,001
Conversion price \| $ / shares		$ 3.11
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized		4,440,498	4,440,498
Preferred stock, shares issued		4,440,498	4,440,498
Preferred stock, shares outstanding		4,440,498	4,440,498
Issue Price \| $ / shares		$ 45.0400	$ 45.0400
Liquidation Value \| $		$ 200,000,030	$ 200,000,030
Conversion price \| $ / shares		$ 4.50
Convertible ratio		1
Series F-1
Class of Stock [Line Items]
Conversion price \| $ / shares		$ 4.50
Series G
Class of Stock [Line Items]
Preferred stock, shares authorized		4,440,498	4,440,498
Preferred stock, shares issued		4,440,498	4,440,498
Preferred stock, shares outstanding		4,440,498	4,440,498
Issue Price \| $ / shares		$ 45.0400	$ 45.0400
Liquidation Value \| $		$ 200,000,030	$ 200,000,030
Conversion price \| $ / shares		$ 4.50
Convertible ratio		1
Series G-1
Class of Stock [Line Items]
Conversion price \| $ / shares		$ 4.50

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Redeemable Noncontrolling Interest
Beginning balance	$ 1,503	$ 908	$ 848	$ 734	$ 411	$ 28	$ 848	$ 28	$ 28
Allocation of net (income) loss	67	85	60	62	323	383	212	768	820	$ 273	$ (971)
Merger of BuzzFeed Japan and HuffPost Japan		(510)
Ending balance	$ 1,570	$ 1,503	908	$ 796	$ 734	411	1,570	796	$ 848	28
BuzzFeed Japan
Redeemable Noncontrolling Interest [Line Items]
Ownership (In percentage)									49.00%
Redeemable Noncontrolling Interest
Beginning balance			$ 848			$ 28	$ 848	$ 28	$ 28	(245)	726
Allocation of net (income) loss									820	273	(971)
Ending balance									$ 848	$ 28	$ (245)

Stockholders' Equity - Summary of the share activity under the 2015 Plan (Details) - Stock option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of shares
Outstanding at the beginning	32,127	35,016
Granted	2,028	335
Exercised	(798)	(230)
Forfeited	(7,738)	(1,700)
Expired	(1,603)	(1,294)
Outstanding at the end	24,016	32,127	35,016
Expected to vest	2,357	8,427
Exercisable	24,016	24,611
Weighted Average Exercise Price
Outstanding at the beginning (in dollars per share)	$ 1.96	$ 2.00
Granted (in dollars per share)	2.79	2.46
Exercised (in dollars per share)	0.73	0.62
Forfeited (in dollars per share)	2.97	2.86
Expired (in dollars per share)	2.78	2.22
Outstanding at the end (in dollars per share)	1.69	1.96	$ 2.00
Expected to vest (in dollars per share)	2.74	2.94
Exercisable (in dollars per share)	$ 1.69	$ 1.65
Weighted Average Remaining Contractual Term
Weighted Average Remaining Term (in years)	2 years 7 months 2 days	5 years 3 days	5 years 10 days
Vested and expected to vest (in years)	9 years 4 months 6 days	7 years 11 months 23 days
Exercisable (in years)	2 years 7 months 2 days	4 years 1 month 13 days
Aggregate Intrinsic Value
Outstanding	$ 25,699	$ 19,248	$ 24,634
Expected to vest		$ 19,248
Exercisable	$ 25,699

Stockholders' Equity - Summary of the restricted stock unit activity (Details) - Restricted stock - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Number of shares
Outstanding at the beginning	8,268	8,433
Granted	9,260	1,003
Forfeited	(359)	(1,168)
Outstanding at the end	17,169	8,268
Weighted Average Grant-Date Fair Value
Outstanding at the beginning	$ 2.61	$ 2.63
Granted	2.81	2.38
Forfeited	2.70	2.67
Outstanding at the end	$ 2.71	$ 2.61
Unrecognized compensation costs	$ 46.6	$ 21.6

Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs	$ 503	$ 327	$ 850	$ 988	$ 1,189	$ 2,813	$ 5,020
Cost of revenue, excluding depreciation and amortization
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs	388	54	543	61	109	353	1,436
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs	37	28	98	31	60	658	1,442
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs	59	221	160	872	977	1,446	1,505
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs	$ 19	$ 24	$ 49	$ 24	$ 43	$ 356	$ 637

Stockholders' Equity - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Stockholders' Equity - (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 28, 2021	Oct. 16, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted term					10 years
Share-based compensation costs	$ 503	$ 327	$ 850	$ 988	$ 1,189	$ 2,813	$ 5,020
Income tax provision (benefit)	$ 0	$ 0	$ 0	$ 0
Sale of transaction
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liquidity of Shares	8,043,830		8,043,830
Other events
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental stock-based compensation expense			$ 13,500
Liquidity of Shares	9,124,000		9,124,000
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					4 years
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares, shares issued (in shares)	12,803,162		12,803,162		5,034,459	5,014,300
Common shares, shares authorized (in shares)	500,000,000		500,000,000		500,000,000	500,000,000
Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares, shares issued (in shares)	27,391,338		27,391,338		34,362,554	34,152,328
Common shares, shares authorized (in shares)	500,000,000		500,000,000		500,000,000	500,000,000
Class C Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares, shares issued (in shares)	21,170,037		21,170,037		0	0
Common shares, shares authorized (in shares)	25,000,000		25,000,000		25,000,000	25,000,000
Verizon
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash investment								$ 35,000
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs			$ 2,600		$ 10,500
Weighted-average remaining requisite service period			3 years		2 months 12 days
Intrinsic value of stock options exercised					$ 400	$ 1,600	$ 2,000
Stock option \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant					16,895,765
Number of shares available for future issuance					17,327,629	14,266,318	14,000,528		15,700,000

Earnings (Loss) Per Share - Computation of basic and diluted loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net loss	$ (3,582)			$ (2,130)			$ (15,696)	$ (21,141)	$ 11,156	$ (36,919)	$ (78,506)
Net income attributable to the redeemable noncontrolling interest	67	$ 85	$ 60	62	$ 323	$ 383	212	768	820	273	(971)
Net income attributable to noncontrolling interests	137						(173)
Allocation of undistributed earnings to convertible preferred stock									$ 10,336
Adjusted net loss	$ (3,786)			$ (2,192)			$ (15,735)	$ (21,909)		$ (37,192)	$ (77,535)
Denominator:
Weighted-average shares - basic	60,840			39,043			57,072	39,009	39,027	38,571	37,856
Weighted-average shares - diluted	60,840			39,043			57,072	39,009	39,027	38,571	37,856
Net loss per common share - basic	$ (0.06)			$ (0.06)			$ (0.28)	$ (0.56)	$ 0.00	$ (0.96)	$ (2.05)
Net loss per common share - diluted	$ (0.06)			$ (0.06)			$ (0.28)	$ (0.56)	$ 0.00	$ (0.96)	$ (2.05)

Earnings (Loss) Per Share - Calculation of diluted loss per share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted loss per share, as their effect would be anti-dilutive	24,016	33,396	24,016	33,396	32,127	35,016	42,131
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted loss per share, as their effect would be anti-dilutive	29,626	29,626	29,626	29,626	29,626	29,626	29,626

Earnings (Loss) Per Share - Additional information (Details) - shares shares in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock dividend rate	8.00%		8.00%
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted loss per share, as their effect would be anti-dilutive	17,169	8,280	8,268	8,433	2,424

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Income tax provision (benefit)	$ (353)	$ (12)	$ (5,011)	$ (797)	$ 941	$ (358)	$ 902
Effective tax rate	9.00%	0.60%	24.20%	3.60%	7.80%	1.00%	(1.20%)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statutory tax rate (as a percent)	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%
Discrete tax benefit	$ (353,000)	$ (12,000)	$ (5,011,000)	$ (797,000)	$ 941,000	$ (358,000)	$ 902,000
Unrecognized tax position	$ 0		0		$ 0	$ 0
HuffPost Acquisition
Discrete tax benefit			$ 4,300,000

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Income Taxes - Reconciliation of the U.S. federal statutory income tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Income tax provision (benefit) at the U.S. federal statutory rate					$ 2,540	$ (7,828)	$ (16,297)
State income taxes					323	(543)	(1,434)
Permanent differences					(53)	521	637
Change in valuation allowance					(3,720)	6,258	18,816
Effect of foreign operations					325	373	584
Stock-based compensation					198	478	649
Effect of change in tax rates					(253)	(320)	9
Sale of foreign subsidiary					1,323
Foreign investment basis differences					190	49	(218)
Research & development tax credits					253	922	1,786
Foreign currency translation & transactions					144	33	88
Prior period adjustments					230	1,210
Other					(53)	333	(146)
Total provision (benefit) for income taxes	$ (353)	$ (12)	$ (5,011)	$ (797)	$ 941	$ (358)	$ 902

Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Net operating loss carryforwards	$ 79,475	$ 83,120
Accruals	2,879	1,464
Stock-based compensation	2,841	2,853
Bad debt	262	168
Deferred rent	5,043	5,412
Other	1,185	1,532
Total deferred tax assets	91,685	94,549
Valuation allowance	(83,978)	(87,698)
Net deferred tax asset	7,707	6,851
Deferred tax liabilities
Deferred state income tax	(2,087)	(2,158)
Depreciation and amortization	(1,720)	(835)
Intangible assets	(3,905)	(3,751)
Total deferred tax liability	(7,712)	(6,744)
Net deferred tax asset (liability)	$ 5	$ 107

Restructuring Costs (Details) - USD ($) $ in Thousands		12 Months Ended
Restructuring Costs (Details) - USD ($) $ in Thousands	Mar. 09, 2021	Dec. 31, 2019	Sep. 30, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring cost	$ 3,600	$ 9,600
Restructuring Cost Liabilities		0		$ 0
Restructuring costs remained unpaid			$ 0
Cost of revenue, excluding depreciation and amortization
Restructuring Cost and Reserve [Line Items]
Restructuring cost	3,200	4,400
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring cost	300	1,600
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring cost	$ 100	$ 1,400

Commitments and Contingencies - (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2020	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Commitments & Contingencies
Rent expense			$ 25.7	$ 24.8	$ 28.0
Sublease income			6.1	$ 2.7	$ 1.9
Maximum amount of new guarantee under lease agreement	$ 5.4	$ 3.1	$ 4.2

Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents	$ 145,597	$ 90,626		$ 58,524
Restricted		15,500
Total	$ 145,597	$ 106,126	$ 106,676	$ 74,024	$ 77,445	$ 42,741

Related party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Revenue from related parties		$ 90,096	$ 75,243	$ 251,848	$ 198,297	$ 321,324	$ 317,923	$ 307,251
NBCUniversal Media, LLC [Member]
Defined Benefit Plan Disclosure [Line Items]
Revenue from related parties		800	700	1,300	2,500	3,600	9,900	$ 13,500
Related party transaction expenses		300		700	100	800	700
Outstanding payable		100		100
Outstanding receivable		0		0		0	500
Investee
Defined Benefit Plan Disclosure [Line Items]
Revenue from related parties		100	$ 0	500	$ 2,300	1,400
Related party transaction expenses						200	2,000
Outstanding receivable		$ 900		$ 900		$ 900
Related party transaction investment in equity	$ 1,800
Related party transaction consultancy charges							$ 400

Aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due after one year (or one business cycle).

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Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions					9 Months Ended	12 Months Ended
	Jun. 24, 2021	Mar. 27, 2021	Mar. 09, 2021	Feb. 16, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Severance costs related to the restructuring			$ 3.6				$ 9.6
Performance deposit		$ 5.0
Escrow Agreement
Subsequent Event [Line Items]
Escrow Shares	1,200,000					1,200,000
Share price	$ 12.50					$ 12.50
Minimum amount endeavor to spend to promote any commerce initiatives	$ 5.6
Commercial Agreement
Subsequent Event [Line Items]
Minimum editorial promotion expense agreed to provide in each year					$ 1.0	$ 1.0
Minimum amount endeavor to spend to promote any commerce initiatives						$ 1.0
Impressions per year						200.0
Term of Commercial Agreement						3 years
Value of NBCU Base Shares						$ 400.0
Verizon Communications Inc
Subsequent Event [Line Items]
Number of shares issued in exchange for concurrent cash investment				12,544,803
Cash investment by an affiliate of Verizon				$ 35.0
HuffPost Acquisition
Subsequent Event [Line Items]
Percentage of interest acquired				100.00%
Number of shares issued in exchange for concurrent cash investment					12,544,803
Severance costs related to the restructuring			$ 3.6
HuffPost Acquisition \| Commercial Agreement
Subsequent Event [Line Items]
Minimum editorial promotion expense agreed to provide in each year					$ 1.0
Term of Commercial Agreement					3 years
Value of NBCU Base Shares					$ 400.0
HuffPost Acquisition \| Class C Common stock \| Verizon Communications Inc
Subsequent Event [Line Items]
Number of shares issued				21,170,037
Number of shares issued in exchange for the acquisition				8,625,234
Complex Networks
Subsequent Event [Line Items]
Percentage of interest acquired		100.00%
Cash consideration		$ 200.0			$ 200.0
Shares of the post-merger company to be issued as consideration		10,000,000			10,000,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 145,597	$ 90,626	$ 58,524
Accounts receivable (net of allowance for doubtful accounts of $1,387 and $1,122 as at December 31, 2020 and 2019)	77,351	106,251	99,501
Prepaid and other current assets	23,851	11,644	12,297
Total current assets	246,799	208,521	170,322
Restricted		15,500	15,500
Property and equipment, net	22,875	25,545	29,543
Capitalized software costs, net	16,586	16,560	15,873
Prepaid and other assets	18,506	11,698	13,891
Total Assets	329,832	279,192	245,129
Current liabilities
Accounts payable	12,587	8,413	9,954
Accrued expenses	20,188	20,638	18,540
Deferred rent	4,252	3,903	2,153
Deferred revenue	1,503	2,432	1,473
Accrued compensation	23,749	19,724	18,452
Other current liabilities	1,312	2,118	1,090
Total current liabilities	63,591	57,228	51,662
Deferred rent	13,634	18,053	19,373
Debt	19,504	20,396
Other liabilities	3,781	1,633	2,600
Total Liabilities	100,510	97,310	73,635
Commitments and Contingencies (Note 5)
Redeemable noncontrolling interest	1,570	848	28
Stockholder's Equity
Additional paid-in capital	97,683	37,190	35,842
Accumulated other comprehensive loss	(3,098)	(3,359)	(1,243)
Accumulated deficit	(362,553)	(346,818)	(357,154)
Treasury stock, 248,227 shares and 248,227 shares at December 31, 2020 and 2019, respectively	(820)	(820)	(820)
Total stockholder's equity (deficit)	(268,782)	(313,803)	(323,371)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit)	329,832	279,192	245,129
Series A, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	3,001	3,001	3,001
Series A1, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	4	4	4
Series B, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	7,904	7,904	7,904
Series C, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	15,434	15,434	15,434
Series D, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	19,311	19,311	19,311
Series E, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	49,646	49,646	49,646
Series F, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	199,856	199,856	199,856
Series G, convertible preferred stock
Current liabilities
Class A common stock, $0.0001 par value; shares subject to possible redemption	199,681	199,681	199,681
Class A Common Stock
Stockholder's Equity
Class F common stock, $0.0001 par value; 25,000,000 shares authorized; 7,187,500 shares issued and outstanding(1)	1	1	1
Class B Common Stock
Stockholder's Equity
Class F common stock, $0.0001 par value; 25,000,000 shares authorized; 7,187,500 shares issued and outstanding(1)	3	$ 3	$ 3
Class C Common stock
Stockholder's Equity
Class F common stock, $0.0001 par value; 25,000,000 shares authorized; 7,187,500 shares issued and outstanding(1)	$ 2

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts receivable allowance	$ 699	$ 1,387	$ 1,122
Treasury stock, shares		248,227	248,227
Series A, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	3,500,000	3,500,000	3,500,000
Convertible preferred stock, shares issued	3,500,000	3,500,000	3,500,000
Temporary equity, shares outstanding	3,500,000	3,500,000	3,500,000
Series A1, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	3,800,515	3,800,515	3,800,515
Convertible preferred stock, shares issued	3,800,515	3,800,515	3,800,515
Temporary equity, shares outstanding	3,800,515	3,800,515	3,800,515
Series B, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	4,401,242	4,401,242	4,401,242
Convertible preferred stock, shares issued	4,401,242	4,401,242	4,401,242
Temporary equity, shares outstanding	4,401,242	4,401,242	4,401,242
Series C, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	5,024,637	5,024,637	5,024,637
Convertible preferred stock, shares issued	5,024,637	5,024,637	5,024,637
Temporary equity, shares outstanding	5,024,637	5,024,637	5,024,637
Series D, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	2,412,718	2,412,718	2,412,718
Convertible preferred stock, shares issued	2,412,718	2,412,718	2,412,718
Temporary equity, shares outstanding	2,412,718	2,412,718	2,412,718
Series E, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	1,605,982	1,605,982	1,605,982
Convertible preferred stock, shares issued	1,605,982	1,605,982	1,605,982
Temporary equity, shares outstanding	1,605,982	1,605,982	1,605,982
Series F, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	4,440,498	4,440,498	4,440,498
Convertible preferred stock, shares issued	4,440,498	4,440,498	4,440,498
Temporary equity, shares outstanding	4,440,498	4,440,498	4,440,498
Series G, convertible preferred stock
Convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	4,440,498	4,440,498	4,440,498
Convertible preferred stock, shares issued	4,440,498	4,440,498	4,440,498
Temporary equity, shares outstanding	4,440,498	4,440,498	4,440,498
Class A Common Stock
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Common shares, shares authorized	500,000,000	500,000,000	500,000,000
Common shares, shares issued	12,803,162	5,034,459	5,014,300
Common shares, shares outstanding	5,081,771	5,034,459	5,014,300
Class B Common Stock
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Common shares, shares authorized	500,000,000	500,000,000	500,000,000
Common shares, shares issued	27,391,338	34,362,554	34,152,328
Common shares, shares outstanding	27,143,111	34,114,327	33,904,101
Treasury stock, shares	248,227	248,227
Class C Common stock
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Common shares, shares authorized	25,000,000	25,000,000	25,000,000
Common shares, shares issued	21,170,037	0	0
Common shares, shares outstanding	21,170,037	0	0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 90,096			$ 75,243			$ 251,848	$ 198,297	$ 321,324	$ 317,923	$ 307,251
Costs and Expenses.
Cost of revenue, excluding depreciation and amortization	48,837			33,390			135,903	93,702	140,290	150,350	169,631
Sales and marketing	11,218			11,995			34,170	39,063	50,680	79,845	81,251
General and administrative	19,829			22,305			65,274	61,304	83,061	87,417	88,104
Research and development	5,686			5,079			19,285	13,084	17,669	21,129	26,516
Depreciation and amortization	5,407			4,358			15,033	13,508	17,486	19,450	21,827
Total costs and expenses	90,977			77,127			269,665	220,661	309,186	358,191	387,329
Income (loss) from operations	(881)			(1,884)			(17,817)	(22,364)	12,138	(40,268)	(80,078)
Other income, net	(2,442)			(258)			(2,278)	426	670	2,991	2,474
Loss on disposition of subsidiary	(612)						(612)		(711)
Income (loss) before income taxes	(3,935)			(2,142)			(20,707)	(21,938)	12,097	(37,277)	(77,604)
Income tax provision (benefit)	(353)			(12)			(5,011)	(797)	941	(358)	902
Net loss	(3,582)			(2,130)			(15,696)	(21,141)	11,156	(36,919)	(78,506)
Net income attributable to the redeemable noncontrolling interest	67	$ 85	$ 60	62	$ 323	$ 383	212	768	820	273	(971)
Net loss	(3,786)			(2,192)	$ (6,093)	$ (13,624)	(15,735)	(21,909)	$ 10,336	(37,192)	(77,535)
Allocation of net loss - basic	$ (3,786)			$ (2,192)			$ (15,735)	$ (21,909)		$ (37,192)	$ (77,535)
Basic net loss per share	$ (0.06)			$ (0.06)			$ (0.28)	$ (0.56)	$ 0.00	$ (0.96)	$ (2.05)
Diluted net loss per share	$ (0.06)			$ (0.06)			$ (0.28)	$ (0.56)	$ 0.00	$ (0.96)	$ (2.05)
Weighted-average shares - basic	60,840			39,043			57,072	39,009	39,027	38,571	37,856
Weighted-average shares - diluted	60,840			39,043			57,072	39,009	39,027	38,571	37,856

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ 11,156	$ (36,919)	$ (78,506)
Other comprehensive income (loss)
Unrealized (loss) gain on marketable securities		(1)	29
Foreign currency translation adjustment	(2,116)	864	(1,245)
Other comprehensive income (loss)	(2,116)	863	(1,216)
Comprehensive income (loss)	9,040	(36,056)	(79,722)
Comprehensive income (loss) attributable to the redeemable noncontrolling interest	820	273	(971)
Comprehensive loss attributable to BuzzFeed, Inc.	$ 8,220	$ (36,329)	$ (78,751)

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax and reclassification adjustments of other comprehensive income (loss).

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

CONSOLIDATED STATEMENTS OF STOCKHOLDER'S DEFICIT - USD ($) $ in Thousands	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Stock Class C Common stock	Additional Paid-In Capital	Accumulated Deficit	Treasury stock	Accumulated other comprehensive income (loss)	Class A Common Stock	Class B Common Stock	Class C Common stock	Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares, shares outstanding	4,947,685	32,310,230
Common shares, shares outstanding (in shares)	4,947,685	32,310,230
Balance at Dec. 31, 2017	$ 1	$ 3		$ 27,174	$ (242,427)	$ (820)	$ (890)				$ (216,959)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss					(77,535)						(77,535)
Stock-based compensation				5,020							5,020
Issuance of common stock upon exercise of stock options				640							640
Issuance of common stock upon exercise of stock options	46,664	901,325
Other comprehensive loss							(1,216)				(1,216)
Balance at Dec. 31, 2018	$ 1	$ 3		32,834	(319,962)	(820)	(2,106)				(290,050)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares, shares outstanding	4,994,349	33,211,555
Common shares, shares outstanding (in shares)	4,994,349	33,211,555
Net loss					(37,192)						(37,192)
Stock-based compensation				2,813							2,813
Issuance of common stock upon exercise of stock options				195							195
Issuance of common stock upon exercise of stock options	19,951	692,546
Other comprehensive loss							863				863
Balance at Dec. 31, 2019	$ 1	$ 3		35,842	(357,154)	(820)	(1,243)				(323,371)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares, shares outstanding	5,014,300	33,904,101						5,014,300	33,904,101	0
Common shares, shares outstanding (in shares)	5,014,300	33,904,101						5,014,300	33,904,101	0
Net loss					(13,624)						(13,624)
Stock-based compensation				390							390
Issuance of common stock upon exercise of stock options				38							38
Issuance of common stock upon exercise of stock options	3,000	53,000
Other comprehensive loss							(3,805)				(3,805)
Balance at Dec. 31, 2019	$ 1	$ 3		35,842	(357,154)	(820)	(1,243)				(323,371)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss											(21,909)
Other comprehensive loss											(2,838)
Balance at Dec. 31, 2019	$ 1	$ 3		35,842	(357,154)	(820)	(1,243)				(323,371)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss					10,336						10,336
Stock-based compensation				1,189							1,189
Issuance of common stock upon exercise of stock options				159							159
Issuance of common stock upon exercise of stock options	20,159	210,226
Other comprehensive loss							(2,116)				(2,116)
Balance at Dec. 31, 2020	$ 1	$ 3		37,190	(346,818)	(820)	(3,359)				(313,803)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares, shares outstanding	5,017,000	33,957,000
Common shares, shares outstanding (in shares)	5,017,000	33,957,000
Net loss					(6,093)						(6,093)
Stock-based compensation				384							384
Issuance of common stock upon exercise of stock options				14							14
Issuance of common stock upon exercise of stock options	5,000	20,000
Other comprehensive loss							(23)				(23)
Common shares, shares outstanding	5,022,000	33,977,000
Common shares, shares outstanding (in shares)	5,022,000	33,977,000
Net loss					(2,192)						(2,192)
Stock-based compensation				327							327
Issuance of common stock upon exercise of stock options				44							44
Issuance of common stock upon exercise of stock options	3,000	105,000
Other comprehensive loss							990				990
Balance at Dec. 31, 2020	$ 1	$ 3		37,190	(346,818)	(820)	(3,359)				(313,803)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares, shares outstanding	5,025,000	34,082,000
Common shares, shares outstanding (in shares)	5,025,000	34,082,000
Common shares, shares outstanding	5,034,459	34,114,327						5,034,459	34,114,327	0
Common shares, shares outstanding (in shares)	5,034,459	34,114,327						5,034,459	34,114,327	0
Stock-based compensation				138							138
Issuance of common stock upon exercise of stock options				142							142
Issuance of common stock upon exercise of stock options	19,000	161,000
Other comprehensive loss							(329)				(329)
Balance at Dec. 31, 2020	$ 1	$ 3		37,190	(346,818)	(820)	(3,359)				(313,803)
Balance at Dec. 31, 2020	$ 1	$ 3		37,190	$ (346,818)	$ (820)	(3,359)				(313,803)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss											(15,735)
Other comprehensive loss											262
Balance at Sep. 30, 2021											(268,782)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares, shares outstanding	5,053,000	34,275,000	21,170,000
Common shares, shares outstanding (in shares)	5,053,000	34,275,000	21,170,000
Stock-based compensation				209							209
Issuance of common stock upon exercise of stock options				145							145
Issuance of common stock upon exercise of stock options	29,000	180,000
Other comprehensive loss							105				105
Common shares, shares outstanding	5,082,000	34,455,000	21,170,000
Common shares, shares outstanding (in shares)	5,082,000	34,455,000	21,170,000
Net loss											(3,786)
Stock-based compensation				503							503
Issuance of common stock upon exercise of stock options				$ 294							294
Issuance of common stock upon exercise of stock options	43,000	366,000
Other comprehensive loss							$ 485				485
Balance at Sep. 30, 2021											$ (268,782)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares, shares outstanding	12,803,000	27,143,000	21,170,000					5,081,771	27,143,111	21,170,037
Common shares, shares outstanding (in shares)	12,803,000	27,143,000	21,170,000					5,081,771	27,143,111	21,170,037

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Description of Organization and Business Operations

Amount after tax and reclassification adjustments of other comprehensive income (loss).

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities:
Net loss	$ (21,141)	$ 11,156	$ (36,919)	$ (78,506)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	13,508	17,486	19,450	21,827
Unrealized gain (loss) on foreign currency	(1,471)	(2,623)	209	(528)
Stock based compensation	988	1,189	2,813	5,020
Deferred income tax	(94)	112	(1)	(55)
Loss on disposition of subsidiary		711
Loss (gain) on disposition of assets	250	254	(1,007)
Loss on extinguishment of debt		600
Unrealized gain from investments held in Trust Account	(500)	(500)
Provision for doubtful accounts	350	322	67	415
Changes in operating assets and liabilities:
Accounts receivable	33,483	(7,086)	4,397	(18,264)
Prepaid expenses and other current assets and prepaid expenses and other assets	4,723	2,537	(6,395)	3,875
Accounts payable	(1,731)	(1,521)	(4,603)	(10,011)
Deferred rent	(1,361)	397	(2,507)	(842)
Accrued compensation	4,353	1,429	488	1,455
Accrued expenses and other liabilities	(6,394)	2,086	6,309	879
Deferred revenue	2,869	1,004	(2,544)	1,992
Net cash used in operating activities	27,832	27,553	(20,243)	(72,743)
Investing activities:
Capital expenditures	(3,755)	(4,708)	(423)	(5,959)
Capitalization of internal-use software	(7,987)	(9,830)	(8,166)	(11,906)
Purchases of marketable securities			(48)	(124,950)
Proceeds from sales and maturities of marketable securities			25,000	250,000
Cash of disposed subsidiary, less proceeds on disposition		(265)
Net cash used in investing activities	(11,742)	(14,803)	16,363	107,185
Financing activities:
Proceeds from exercise of stock options	96	159	195	640
Borrowings from revolving credit facility		19,896
Borrowings from secured borrowing facility	137,609	217,382
Repayments on secured borrowing facility	(120,511)	(217,982)
Net cash provided by financing activities	17,194	19,455	195	640
Effect of currency translation on cash and cash equivalents	(632)	(103)	264	(378)
Net change in cash	32,652	32,102	(3,421)	34,704
Cash - beginning of the period	74,024	74,024	77,445	42,741
Cash - end of the period	106,676	106,126	74,024	77,445
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net	177	83	415	1,117
Cash paid for interest	208	1,096	270	271
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment	$ 112	$ 129	$ 187	$ 191

Description of the Business

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Description of the Business

1.	Description of the Business

Proposed Merger with 890 5^th Avenue Partners

On March 27, 2021, BuzzFeed entered into an agreement to acquire 100% of the members’ interests of CM Partners, LLC (“Complex Networks”), a publisher of online media content targeting Millennial and Gen Z consumers (the “C Acquisition”). The closing of the C Acquisition is contingent on BuzzFeed merging with 890 5^th Avenue Partners, Inc. (“890”), a special purpose acquisition company. BuzzFeed has provided a performance deposit of $5 million that will be forfeited in the event the C Acquisition is terminated. This performance deposit is included in prepaid and other current assets in the condensed consolidated balance sheet at September 30, 2021 and included within cashflows from operations in the condensed consolidated statement of cash flows for the nine months ended September 30, 2021. Consideration for Complex Networks will consist of approximately $200 million of cash and 10,000,000 shares of the post-merger company.

Under the Commercial Agreement, which will become effective on the closing of the Two-Step Merger: (1) NBCU will continue to be entitled to marketing services on BuzzFeed platforms at certain discounted rates; (2) BuzzFeed will provide editorial promotion of at least $1.0 million in marketing value during each year of the term of the Commercial Agreement across BuzzFeed’s digital properties at no cost to NBCU, its affiliates and joint ventures and their respective brands; (3) BuzzFeed will provide licensed content to NBCU to be made available on an applicable NBCU entity streaming service under certain exclusivity terms during the remainder of the term of the Commercial Agreement; (4) NBCU shall be the exclusive sales representative for all BuzzFeed inventory, including HuffPost inventory, on Apple News, and BuzzFeed shall endeavor to spend at least $1.0 million during the first year of the term of the Commercial Agreement to promote any of its commerce initiatives; and (5) BuzzFeed will provide 200 million impressions per year of the term of the Commercial Agreement to drive traffic from BuzzFeed platforms and third-party social media platforms to NBCU news properties. The Commercial Agreement shall continue to be in effect for a period of three years, unless earlier terminated by either party in accordance with its terms and conditions, or until terminated by BuzzFeed as of the date that NBCU realized $400.0 million or more in value for the NBCU Base Shares (as defined in the Escrow Agreement).

1.	Description of the Business

In March 2020, the World Health Organization declared the viral strain of a coronavirus (“COVID-19”) a global pandemic and recommended containment and mitigation measures worldwide. The spread of COVID-19 and the resulting economic contraction has resulted in increased business uncertainty and a significant impact on revenue in the month of March and the second quarter of 2020, followed by a recovery in the third quarter of 2020. The Company continues to be impacted by significant uncertainty in the macroeconomic conditions which may cause business slowdowns, depress demand for our advertising business and adversely impact the Company’s operations. The consequences of a prolonged economic decline could include, but not limited to, reduced sales and increased instances of uncollectible customer receivables. The Company cannot reasonably estimate the length or severity of this pandemic, or the extent to which the disruption may materially impact on the financial results and condition of the Company.

Summary of Significant Accounting Policies

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Basis of Presentation and Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Basis of Financial Statements and Principles of Consolidation

Certain prior year figures have been reclassified to conform to current period presentation.

Use of Estimates

Business Combinations

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

plans to adopt this guidance for the year ending December 31, 2021 and is currently evaluating the impact of the adoption of this guidance on the condensed consolidated financial statements.

2.	Summary of Significant Accounting Policies

Basis of Financial Statements and Principles of Consolidation

Use of Estimates

Key estimates and assumptions relate primarily to revenue recognition, valuation allowances for deferred income tax assets, allowance for doubtful accounts, fair values used for stock-based compensation, useful lives of fixed assets and capitalized software costs.

Fair Value Measurements

The fair value framework under the applicable authoritative guidance requires the categorization of assets and liabilities into three levels:

●

Level 1 — inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities

●

Level 3 — inputs are generally unobservable inputs and typically reflect management’s best estimate of assumptions that market participants would use in pricing the asset or liability.

Cash and Cash Equivalents and Restricted Cash

The following table summarizes cash and cash equivalent and restricted cash in the consolidated balance sheets (in thousands):


	2020		2019
Cash and cash equivalents	$	90,626	$	58,524
Restricted		15,500		15,500
	$	106,126	$	74,024

Accounts Receivable and Allowance for Doubtful Accounts

The change in the Company’s allowance for doubtful accounts was as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018
Beginning balance	$	1,122	$	1,055	$	640
Additions		1,208		449		482
Write-offs, net of recoveries		(943)		(382)		(67)
Ending balance	$	1,387	$	1,122	$	1,055

Film Costs

Property and Equipment

Capitalized Software Costs

Investments

increased $0.5 million during the year ended December 31, 2020 as the result of observable price changes in orderly transactions for a similar investment in the same issuer.

Evaluation of Long-Lived Assets and Impairment

Revenue Recognition

Advertising

Content

Commerce

Cost of Revenue

Sales and Marketing

General and Administrative

Research and Development

Income Taxes

Stock-Based Compensation

The following table summarizes stock-based compensation cost included in the consolidated statements of operations (in thousands):


	Years Ended December 31,
	2020		2019		2018
Cost of revenue, excluding depreciation and amortization	$	109	$	353	$	1,436
Sales and marketing		60		658		1,442
General and administrative		977		1,446		1,505
Research and development		43		356		637
	$	1,189	$	2,813	$	5,020

The Company recognized no income tax benefit in the consolidated statements of operations for stock-based compensation arrangements in 2020, 2019 or 2018.

Comprehensive Income (Loss)

Foreign Currency

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes existing guidance on accounting for leases in Leases (Topic 840) and generally requires leased assets and lease liabilities to be recognized on the balance sheet. The ASU is effective for the Company for annual periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the timing and impact of adopting ASU 2016-02 on the Company’s consolidated financial statements.

Revenue Recognition

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Revenue Recognition

4.	Revenue Recognition

Disaggregated Revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Advertising	$	50,240	$	36,051	$	136,693	$	94,105
Content		26,483		27,476		70,261		74,947
Commerce		13,373		11,716		44,894		29,245
	$	90,096	$	75,243	$	251,848	$	198,297

The following table presents the Company’s revenue disaggregated by geography (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue:
United States	$	79,074	$	67,668	$	224,854	$	179,689
International		11,022		7,575		26,994		18,608
Total	$	90,096	$	75,243	$	251,848	$	198,297

Contract Balances

The amount of revenue recognized during the nine months ended September 30, 2021 that was included in the deferred revenue balance as of December 31, 2020 was $1.3 million.

Transaction Price Allocated to Remaining Performance Obligations

3.	Revenue Recognition

Disaggregated Revenue


	December 31,
	2020		2019		2018
Advertising	$	149,704	$	128,438	$	106,280
Content		119,846		150,876		177,055
Commerce and other		51,774		38,609		23,916
	$	321,324	$	317,923	$	307,251

Contract Balances

Transaction Price Allocated to Remaining Performance Obligations

Fair Value Measurements

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

5.	Fair Value Measurements


	September 30, 2021		December 31, 2020
Cash equivalents:
Money market funds	$	24,461	$	24,460
	$	24,461	$	24,460

4.	Fair Value Measurements

The Company measures its cash equivalents at amortized cost, which approximates fair value. Money market funds categorized as Level 1 as of December 31, 2020 and 2019 are as follows (in thousands):


	2020		2019
Cash equivalents:
Money market funds	$	24,460	$	24,379
	$	24,460	$	24,379

Property and Equipment, net

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Property and Equipment, net

6.	Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


	September 30, 2021		December 31, 2020
Leasehold improvements	$	50,528	$	49,074
Furniture and fixtures		8,281		8,027
Computer equipment		6,602		5,625
Video equipment		713		643
		66,124		63,369
Less: Accumulated Depreciation		(43,249)		(37,824)
	$	22,875	$	25,545

Depreciation totaled $5.6 million and $6.2 million for the nine months ended September 30, 2021 and 2020, respectively, included in Depreciation and amortization expense.

5.	Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


	2020		2019
Leasehold improvements	$	49,074	$	46,865
Furniture and fixtures		8,027		7,470
Computer equipment		5,625		12,950
Video equipment		643		599
	$	63,369	$	67,884
Less: Accumulated depreciation		(37,824)		(38,341)
	$	25,545	$	29,543

Depreciation totaled $8.1 million, $8.7 million and $9.2 million for the years ended December 31, 2020, 2019 and 2018, respectively, included in depreciation and amortization expense.

Capitalized Software Costs, net

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Capitalized Software Costs, net

7.	Capitalized Software Costs, net

Capitalized software costs, net consisted of the following (in thousands):


	September 30, 2021		December 31, 2020
Website and internal-use software	$	79,629	$	72,574
Less: Accumulated Depreciation		(63,043)		(56,014)
	$	16,586	$	16,560

6.	Capitalized Software Costs, net


	2020		2019
Website and internal-use software	$	72,574	$	62,744
Less: Accumulated amortization		(56,014)		(46,871)
	$	16,560	$	15,873

Capitalized software costs, net consisted of the following (in thousands):

Debt

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Debt

Debt

Debt

The Company had $0.4 million and $0.5 million of costs in connection with the issuance of debt included in Prepaid and other assets as of September 30, 2021 and December 31, 2020, respectively.

Debt

Borrowings under the Revolving Credit Facility bear interest at LIBOR, subject to a floor rate of 0.75%, plus a margin of 3.75% to 4.25%, depending on the level of the Company’s utilization of the facility (5.00% at December 31, 2020), and subject to a monthly minimum utilization of $15.0 million. The facility also includes an unused commitment fee of 0.375%.

Convertible Preferred Stock

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Convertible Preferred Stock

10.

Convertible Preferred Stock


As of September 30, 2021 and December 31, 2020
			Shares
	Year	Shares	Issued and			Liquidation
Series	Issued	Authorized	Outstanding	Issue Price		Value
Series A	2008	3,500,000	3,500,000	$	1.0000	$	3,500,000
Series A-1	2008	3,800,515	3,800,515	$	0.1579		600,101
Series B	2010	4,401,242	4,401,242	$	1.8177		8,000,138
Series C	2011	5,024,637	5,024,637	$	3.0848		15,500,000
Series D	2012	2,412,718	2,412,718	$	8.0283		19,370,024
Series E	2014	1,605,982	1,605,982	$	31.1336		50,000,001
Series F	2015	4,440,498	4,440,498	$	45.0400		200,000,030
Series G	2016	4,440,498	4,440,498	$	45.0400		200,000,030
		29,626,090	29,626,090			$	496,970,324

There were no movements in the balances of convertible preferred stock during for the nine months ended September 30, 2021 and 2020.

8.	Convertible Preferred Stock


			Shares
	Year	Shares	Issued and	Issue		Liquidation
Series	Issued	Authorized	Outstanding	Price		Value
Series A	2008	3,500,000	3,500,000	$	1.0000	$	3,500,000
Series A-1	2008	3,800,515	3,800,515	$	0.1579		600,101
Series B	2010	4,401,242	4,401,242	$	1.8177		8,000,138
Series C	2011	5,024,637	5,024,637	$	3.0848		15,500,000
Series D	2012	2,412,718	2,412,718	$	8.0283		19,370,024
Series E	2014	1,605,982	1,605,982	$	31.1336		50,000,001
Series F	2015	4,440,498	4,440,498	$	45.0400		200,000,030
Series G	2016	4,440,498	4,440,498	$	45.0400		200,000,030
		29,626,090	29,626,090			$	496,970,324

There were no movements in the balances of convertible preferred stock during the years ended December 31, 2020, 2019, and 2018.

Voting Rights

Each share of the Company’s preferred stock is entitled to the number of votes equal to the number of shares of Class B Common Stock into which such share of preferred stock could be converted.

Dividends

Conversion

Each share of preferred stock will be automatically converted based on its conversion ratio into shares of Class B common stock upon the earlier of the occurrence of the following:

●

Liquidation Preference

Redemption

The preferred stock is not redeemable and any redemption rights under the previous agreements for Series A, B, C and D preferred stock have been canceled.

Redeemable Noncontrolling Interest

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Redeemable Noncontrolling Interest

11.

Redeemable Noncontrolling Interest

The table below presents the reconciliation of changes in redeemable noncontrolling interests (in thousands):


	2021		2020
Balance as of January 1	$	848	$	28
Allocation of net income for the three months ended March 31		60		383
Balance as of March 31		908		411
Merger of BuzzFeed Japan and HuffPost Japan		510		—
Allocation of net income for the three months ended June 30		85		323
Balance as of June 30		1,503		734
Allocation of net income for the three months ended September 30		67		62
Ending balance as of September 30	$	1,570	$	796

9.	Redeemable Noncontrolling Interest

The table below presents the reconciliation of changes in redeemable noncontrolling interest (in thousands):


	2020		2019		2018
Beginning balance	$	28	$	(245)	$	726
Allocation of net (income) loss		820		273		(971)
Ending balance	$	848	$	28	$	(245)

Stockholders' Equity

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

12.

Stockholders’ Equity

Common Stock

Stock Option Plan

A summary of the share activity under the Company’s stock option plan is presented below (in thousands, except per share amounts):


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Remaining	Intrinsic
	Shares	Price		Term	Value
Balance as of December 31, 2020	32,127	$	1.96	5.01	$	19,248
Granted	2,028		2.79
Exercised	(798)		0.73
Forfeited	(7,738)		2.97
Expired	(1,603)		2.78
Balance as of September 30, 2021	24,016	$	1.69	2.59	$	25,699
Expected to vest at September 30, 2021	2,357	$	2.74	9.35		—
Exercisable at September 30, 2021	24,016	$	1.69	2.59	$	25,699

The Company currently uses authorized and unissued shares to satisfy share award exercises.

Restricted Stock Units

A summary of the restricted stock unit activity is presented below (in thousands, except per share amounts):


		Weighted Average
		Grant-Date Fair
	Shares	Value
Outstanding as of December 31, 2020	8,268	$	2.61
Granted	9,260		2.81
Vested	—		—
Forfeited	(359)		2.70
Outstanding as of September 30, 2021	17,169	$	2.71

As of September 30, 2021, there was approximately $46.6 million of unrecognized compensation costs related to restricted stock units.

Stock-Based Compensation Expense

The following table summarizes stock-based compensation cost included in the condensed consolidated statements of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cost of revenue, excluding depreciation and amortization	$	388	$	54	$	543	$	61
Sales and marketing		37		28		98		31
General and administrative		59		221		160		872
Research and development		19		24		49		24
	$	503	$	327	$	850	$	988

10.

Stockholders’ Equity

Common Stock

Stock Option Plan

Options are generally granted for a term of 10 years from the date of grant. Options granted under the plans may be exercised prior to vesting. Stock options generally vest over four years.

The fair value of stock option awards is estimated on the date of grant using the Black-Scholes option-pricing model based upon the following range of assumptions:


	2020	2019	2018
Exercise price	$2.29 – $2.55	$2.54 – $2.55	$2.96 – $3.07
Expected dividend yield	0%	0%	0%
Expected volatility	41% – 46%	38% – 39%	37% – 39%
Expected term (years)	5.55 – 6.07	5.80 – 6.09	5.65 – 6.25
Risk free interest rate	0.26% – 1.17%	1.58% – 2.35%	2.47% – 3.04%


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Remaining	Intrinsic
	Shares	Price		Term	Value
Balance as of December 31, 2019	35,016	$	2.00	5.03	$	24,634
Granted	335		2.46	—		—
Exercised	(230)		0.62	—		—
Forfeited	(1,700)		2.86	—		—
Expired	(1,294)		2.22	—		—
Balance as of December 31, 2020	32,127	$	1.96	5.01	$	19,248
Expected to vest at December 31, 2020	8,427	$	2.94	7.98		—
Exercisable at December 31, 2020	24,611	$	1.65	4.12	$	19,248

The Company currently uses authorized and unissued shares to satisfy share award exercises.

Restricted Stock Units

A summary of the restricted stock unit activity is presented below (in thousands, except per share amounts):


		Weighted Average
		Grant-Date Fair
	Shares	Value
Outstanding as of December 31, 2019	8,433	$	2.63
Granted	1,003		2.38
Vested	—		—
Forfeited	(1,168)		2.67
Outstanding as of December 31, 2020	8,268	$	2.61

As of December 31, 2020, there was approximately $21.6 million of unrecognized compensation costs related to restricted stock units.

Earnings (Loss) Per Share

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Earnings (Loss) Per Share

13.

Earnings (Loss) Per Share

The table below presents the computation of basic and diluted loss per share (in thousands, except for per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(3,582)	$	(2,130)	$	(15,696)	$	(21,141)
Net income attributable to the redeemable noncontrolling interest		67		62		212		768
Net income (loss) attributable to noncontrolling interests		137		—		(173)		—
Allocation of net loss to convertible preferred stock		—		—		—		—
Net loss attributable to holders of Class A, Class B, and Class C common stock	$	(3,786)	$	(2,192)	$	(15,735)	$	(21,909)
Denominator:
Weighted average common shares outstanding, basic and diluted		60,840		39,043		57,072		39,009
Net loss per common share, basic and diluted	$	(0.06)	$	(0.06)	$	(0.28)	$	(0.56)

The table below presents the details of securities that were excluded from the calculation of diluted loss per share as the effect would have been anti-dilutive (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Stock options	24,016	33,396	24,016	33,396
Convertible preferred stock	29,626	29,626	29,626	29,626

11.

Earnings (Loss) Per Share

The table below presents the computation of basic and diluted loss per share (in thousands, except for per share amounts):


	Year ended December 31,
	2020		2019		2018
Numerator:
Net loss	$	11,156	$	(36,919)	$	(78,506)
Net (loss) income attributable to the redeemable noncontrolling interest		820		273		(971)
Allocation of undistributed earnings to convertible preferred stock		10,336		—		—
Net income (loss) attributable to holders of Class A common stock and Class B common stock	$	—	$	(37,192)	$	(77,535)
Denominator:
Weighted average common shares outstanding, basic and diluted		39,027		38,571		37,856
Net loss per common share, basic and diluted	$	0.00	$	(0.96)	$	(2.05)

The table below presents the details of securities that were excluded from the calculation of diluted loss per share as the effect would have been anti-dilutive (in thousands):


	2020	2019	2018
Stock options	32,127	35,016	42,131
Convertible preferred stock	29,626	29,626	29,626

Income Taxes

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

14.

Income Taxes


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Income tax benefit	(353)		(12)		(5,011)		(797)
Effective tax rate	9.0	%	0.6	%	24.2	%	3.6	%

As of September 30, 2021, the Company had no uncertain tax positions.

12.

Income Taxes

The domestic and foreign components of income (loss) before provision for income taxes were as follows (in thousands):


	2020		2019		2018
Domestic	$	12,837	$	(29,247)	$	(65,466)
Foreign		(740)		(8,030)		(12,138)
Total income (loss) before income taxes	$	12,097	$	(37,277)	$	(77,604)

The provision (benefit) for income taxes consisted of the following (in thousands):


	Year Ended December 31,
	2020		2019		2018
Current (benefit) / provision
Federal	$	(16)	$	(7)	$	(1)
State		188		20		(1)
Foreign		657		(370)		1,024
Total current (benefit) / provision		829	$	(357)	$	1,022
Deferred (benefit) / provision
Federal	$	7	$	1	$	1
State		4		7		2
Foreign		101		(9)		(123)
Total deferred (benefit) / provision		112	$	(1)	$	(120)
Total (benefit) / provision
Federal	$	(9)	$	(6)	$	—
State		192		27		1
Foreign		758		(379)		901
Total (benefit) / provision	$	941	$	(358)	$	902

A reconciliation of the U.S. federal statutory income tax rate of 21% for the years ended December 31, 2020, 2019 and 2018 to the Company’s effective tax rate is as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Income tax provision (benefit) at the U.S. federal statutory rate	$	2,540	$	(7,828)	$	(16,297)
State income taxes		323		(543)		(1,434)
Permanent differences		(53)		521		637
Change in valuation allowance		(3,720)		6,258		18,816
Effect of foreign operations		325		373		584
Stock-based compensation		198		478		649
Effect of change in tax rates		(253)		(320)		9
Sale of foreign subsidiary		1,323		—		—
Foreign investment basis differences		190		49		(218)
Research & development tax credits		(253)		(922)		(1,786)
Foreign currency translation & transactions		144		33		88
Prior period adjustments		230		1,210		—
Other		(53)		333		(146)
Total provision (benefit) for income taxes	$	941	$	(358)	$	902

Significant components of deferred tax assets and liabilities as of were as follows (in thousands):


	Years Ended December 31,
	2020		2019
Deferred tax assets
Net operating loss carryforwards	$	79,475	$	83,120
Accruals		2,879		1,464
Stock-based compensation		2,841		2,853
Bad debt		262		168
Deferred rent		5,043		5,412
Other		1,185		1,532
Total deferred tax asset	$	91,685	$	94,549
Valuation allowance		(83,978)		(87,698)
Net deferred tax asset	$	7,707	$	6,851

Deferred tax liabilities
Deferred state income tax		(2,087)		(2,158)
Depreciation and amortization		(1,720)		(835)
Intangible assets		(3,905)		(3,751)
Total deferred tax liability	$	(7,712)	$	(6,744)
Net deferred tax asset (liability)	$	(5)	$	107

Net deferred tax assets are included within prepaid and other assets and net deferred tax liabilities are included within other liabilities on the Company’s consolidated balance sheets.


		Year
United States		2016
United Kingdom		2019

Restructuring Costs

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Restructuring Costs

Restructuring Costs

15.

Restructuring Costs

13.

Restructuring Costs

At December 31, 2020 and 2019, there were no liabilities related to restructuring.

Commitments and Contingencies

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Commitments & Contingencies

16.

Commitments and Contingencies

Commitments

Guarantees

Legal Matters

14.

Commitments and Contingencies

Commitments

Future minimum lease payments under leases having initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2020 are as follows (in thousands):


Year	Amount
2021	$	27,094
2022		27,945
2023		26,032
2024		18,033
2025		18,209
Thereafter		10,993
	$	128,306


Year	Amount
2021	$	6,722
2022		6,504
2023		3,482
2024		3,519
2025		3,556
Thereafter		1,193
	$	24,976

Guarantees

In September 2018, at the time of its equity investment in a private company, the Company agreed to guarantee the lease of the investee’s premises in New York. In October 2020, the investee renewed its lease agreement, and the Company’s prior guarantee was replaced with a new guarantee of up to $5.4 million. The amount of the guarantee is reduced as the investee makes payments under the lease. As of December 31, 2020, the maximum amount of the guarantee was $4.2 million, and no liability was recognized with respect to the guarantee.

Legal Matters

The Company is party to various lawsuits and claims in the ordinary course of business. Although the outcome of such matters cannot be predicted with certainty and the impact that the final resolution of such matters will ultimately have on the Company’s consolidated financial statements is not known, we do not believe that the resolution of these matters will have a material adverse effect on the Company’s future results of operations or cash flows.

Disposition

12 Months Ended

Dec. 31, 2020

Disposition

Disposition

15.

Disposition

In October 2020 the Company completed the sale of 100% ownership of BuzzFeed do Brasil Internet Ltda. (“BuzzFeed Brazil”) for nominal consideration and recognized a loss on disposition of $0.7 million. The impact of BuzzFeed Brazil on the Company’s net income (loss) was a loss of $1.8 million for the year ended December 31, 2020. The Company has a long-term content and trademark license agreement with BuzzFeed Brazil under which the Company will earn royalties.

Segment Information

12 Months Ended

Dec. 31, 2020

Segment Information

Segment Information

16.

Segment Information

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and in assessing performance.

The Company has determined that its chief executive officer (“CEO”) is its CODM who makes resource allocation decisions and assesses performance based upon financial information at the consolidated level. The Company manages its operations as a single segment for the purpose of assessing and making operating decisions. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements.

The following table presents the Company’s revenue disaggregated by geography:


	December 31,
	2020		2019		2018
Revenue:
United States	$	292,107	$	287,723	$	274,391
International		29,217		30,200		32,860
Total	$	321,324	$	317,923	$	307,251

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

Related party Transactions

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Related Party Transactions

18.

Related Party Transactions

17.

Related Party Transactions

Subsequent Events

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Subsequent Events

Basis of Presentation and Summary of Significant Accounting Policies

19.

Subsequent Events

18.

Subsequent Events

The Company evaluated subsequent events through July 30, 2021, the date the financial statements were available to be issued.

Summary of Significant Accounting Policies (Polices)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Basis of Financial Statements and Principles of Consolidation

Basis of Financial Statements and Principles of Consolidation

Certain prior year figures have been reclassified to conform to current period presentation.

Basis of Financial Statements and Principles of Consolidation

Use of Estimates

Key estimates and assumptions relate primarily to revenue recognition, valuation allowances for deferred income tax assets, allowance for doubtful accounts, fair values used for stock-based compensation, useful lives of fixed assets and capitalized software costs.

Cash and Cash Equivalents and Restricted Cash

Fair Value Measurements

The fair value framework under the applicable authoritative guidance requires the categorization of assets and liabilities into three levels:

●

Level 1 — inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities

●

Level 3 — inputs are generally unobservable inputs and typically reflect management’s best estimate of assumptions that market participants would use in pricing the asset or liability.

Cash and Cash Equivalents and Restricted Cash

The following table summarizes cash and cash equivalent and restricted cash in the consolidated balance sheets (in thousands):


	2020		2019
Cash and cash equivalents	$	90,626	$	58,524
Restricted		15,500		15,500
	$	106,126	$	74,024

Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Doubtful Accounts

The change in the Company’s allowance for doubtful accounts was as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018
Beginning balance	$	1,122	$	1,055	$	640
Additions		1,208		449		482
Write-offs, net of recoveries		(943)		(382)		(67)
Ending balance	$	1,387	$	1,122	$	1,055

Film Costs

Film Costs

Property and Equipment

Property and Equipment

Capitalized Software Costs

Capitalized Software Costs

Investments

Investments

increased $0.5 million during the year ended December 31, 2020 as the result of observable price changes in orderly transactions for a similar investment in the same issuer.

Evaluation of Long-Lived Assets and Impairment

Evaluation of Long-Lived Assets and Impairment

Revenue Recognition

Revenue Recognition

Advertising

Content

Commerce

Cost of Revenue

Cost of Revenue

Sales and Marketing

Sales and Marketing

General and Administrative

General and Administrative

Research and Development

Research and Development

Comprehensive Income (Loss)

Income Taxes

Stock-Based Compensation

Stock-Based Compensation

The following table summarizes stock-based compensation cost included in the consolidated statements of operations (in thousands):


	Years Ended December 31,
	2020		2019		2018
Cost of revenue, excluding depreciation and amortization	$	109	$	353	$	1,436
Sales and marketing		60		658		1,442
General and administrative		977		1,446		1,505
Research and development		43		356		637
	$	1,189	$	2,813	$	5,020

The Company recognized no income tax benefit in the consolidated statements of operations for stock-based compensation arrangements in 2020, 2019 or 2018.

Comprehensive Income (Loss)

Foreign Currency

Foreign Currency

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements Not Yet Adopted

plans to adopt this guidance for the year ending December 31, 2021 and is currently evaluating the impact of the adoption of this guidance on the condensed consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes existing guidance on accounting for leases in Leases (Topic 840) and generally requires leased assets and lease liabilities to be recognized on the balance sheet. The ASU is effective for the Company for annual periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the timing and impact of adopting ASU 2016-02 on the Company’s consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Basis of Presentation and Summary of Significant Accounting Policies

Schedule of cash and cash equivalent and restricted cash

The following table summarizes cash and cash equivalent and restricted cash in the consolidated balance sheets (in thousands):


	2020		2019
Cash and cash equivalents	$	90,626	$	58,524
Restricted		15,500		15,500
	$	106,126	$	74,024

Schedule of allowance for doubtful accounts

The change in the Company’s allowance for doubtful accounts was as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018
Beginning balance	$	1,122	$	1,055	$	640
Additions		1,208		449		482
Write-offs, net of recoveries		(943)		(382)		(67)
Ending balance	$	1,387	$	1,122	$	1,055

Schedule of stock-based compensation

The following table summarizes stock-based compensation cost included in the consolidated statements of operations (in thousands):


	Years Ended December 31,
	2020		2019		2018
Cost of revenue, excluding depreciation and amortization	$	109	$	353	$	1,436
Sales and marketing		60		658		1,442
General and administrative		977		1,446		1,505
Research and development		43		356		637
	$	1,189	$	2,813	$	5,020

Revenue Recognition (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of disaggregation of revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Advertising	$	50,240	$	36,051	$	136,693	$	94,105
Content		26,483		27,476		70,261		74,947
Commerce		13,373		11,716		44,894		29,245
	$	90,096	$	75,243	$	251,848	$	198,297

The following table presents the Company’s revenue disaggregated by geography (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue:
United States	$	79,074	$	67,668	$	224,854	$	179,689
International		11,022		7,575		26,994		18,608
Total	$	90,096	$	75,243	$	251,848	$	198,297


	December 31,
	2020		2019		2018
Advertising	$	149,704	$	128,438	$	106,280
Content		119,846		150,876		177,055
Commerce and other		51,774		38,609		23,916
	$	321,324	$	317,923	$	307,251

Fair Value Measurements (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of fair value measurements


	September 30, 2021		December 31, 2020
Cash equivalents:
Money market funds	$	24,461	$	24,460
	$	24,461	$	24,460

The Company measures its cash equivalents at amortized cost, which approximates fair value. Money market funds categorized as Level 1 as of December 31, 2020 and 2019 are as follows (in thousands):


	2020		2019
Cash equivalents:
Money market funds	$	24,460	$	24,379
	$	24,460	$	24,379

Property and Equipment, net (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Summary of property and equipment, net

Property and equipment, net consisted of the following (in thousands):


	September 30, 2021		December 31, 2020
Leasehold improvements	$	50,528	$	49,074
Furniture and fixtures		8,281		8,027
Computer equipment		6,602		5,625
Video equipment		713		643
		66,124		63,369
Less: Accumulated Depreciation		(43,249)		(37,824)
	$	22,875	$	25,545

Property and equipment, net consisted of the following (in thousands):


	2020		2019
Leasehold improvements	$	49,074	$	46,865
Furniture and fixtures		8,027		7,470
Computer equipment		5,625		12,950
Video equipment		643		599
	$	63,369	$	67,884
Less: Accumulated depreciation		(37,824)		(38,341)
	$	25,545	$	29,543

Capitalized Software Costs, net (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of capitalized software costs

Capitalized software costs, net consisted of the following (in thousands):


	September 30, 2021		December 31, 2020
Website and internal-use software	$	79,629	$	72,574
Less: Accumulated Depreciation		(63,043)		(56,014)
	$	16,586	$	16,560


	2020		2019
Website and internal-use software	$	72,574	$	62,744
Less: Accumulated amortization		(56,014)		(46,871)
	$	16,560	$	15,873

Capitalized software costs, net consisted of the following (in thousands):

Convertible Preferred Stock (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of convertible preferred stock


As of September 30, 2021 and December 31, 2020
			Shares
	Year	Shares	Issued and			Liquidation
Series	Issued	Authorized	Outstanding	Issue Price		Value
Series A	2008	3,500,000	3,500,000	$	1.0000	$	3,500,000
Series A-1	2008	3,800,515	3,800,515	$	0.1579		600,101
Series B	2010	4,401,242	4,401,242	$	1.8177		8,000,138
Series C	2011	5,024,637	5,024,637	$	3.0848		15,500,000
Series D	2012	2,412,718	2,412,718	$	8.0283		19,370,024
Series E	2014	1,605,982	1,605,982	$	31.1336		50,000,001
Series F	2015	4,440,498	4,440,498	$	45.0400		200,000,030
Series G	2016	4,440,498	4,440,498	$	45.0400		200,000,030
		29,626,090	29,626,090			$	496,970,324


			Shares
	Year	Shares	Issued and	Issue		Liquidation
Series	Issued	Authorized	Outstanding	Price		Value
Series A	2008	3,500,000	3,500,000	$	1.0000	$	3,500,000
Series A-1	2008	3,800,515	3,800,515	$	0.1579		600,101
Series B	2010	4,401,242	4,401,242	$	1.8177		8,000,138
Series C	2011	5,024,637	5,024,637	$	3.0848		15,500,000
Series D	2012	2,412,718	2,412,718	$	8.0283		19,370,024
Series E	2014	1,605,982	1,605,982	$	31.1336		50,000,001
Series F	2015	4,440,498	4,440,498	$	45.0400		200,000,030
Series G	2016	4,440,498	4,440,498	$	45.0400		200,000,030
		29,626,090	29,626,090			$	496,970,324

Redeemable Noncontrolling Interest (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of redeemable non controlling interest


	2021		2020
Balance as of January 1	$	848	$	28
Allocation of net income for the three months ended March 31		60		383
Balance as of March 31		908		411
Merger of BuzzFeed Japan and HuffPost Japan		510		—
Allocation of net income for the three months ended June 30		85		323
Balance as of June 30		1,503		734
Allocation of net income for the three months ended September 30		67		62
Ending balance as of September 30	$	1,570	$	796

The table below presents the reconciliation of changes in redeemable noncontrolling interest (in thousands):


	2020		2019		2018
Beginning balance	$	28	$	(245)	$	726
Allocation of net (income) loss		820		273		(971)
Ending balance	$	848	$	28	$	(245)

Stockholders' Equity (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of fair value of stock option awards valuation assumptions


	2020	2019	2018
Exercise price	$2.29 – $2.55	$2.54 – $2.55	$2.96 – $3.07
Expected dividend yield	0%	0%	0%
Expected volatility	41% – 46%	38% – 39%	37% – 39%
Expected term (years)	5.55 – 6.07	5.80 – 6.09	5.65 – 6.25
Risk free interest rate	0.26% – 1.17%	1.58% – 2.35%	2.47% – 3.04%

Schedule of stock options activity


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Remaining	Intrinsic
	Shares	Price		Term	Value
Balance as of December 31, 2020	32,127	$	1.96	5.01	$	19,248
Granted	2,028		2.79
Exercised	(798)		0.73
Forfeited	(7,738)		2.97
Expired	(1,603)		2.78
Balance as of September 30, 2021	24,016	$	1.69	2.59	$	25,699
Expected to vest at September 30, 2021	2,357	$	2.74	9.35		—
Exercisable at September 30, 2021	24,016	$	1.69	2.59	$	25,699


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Remaining	Intrinsic
	Shares	Price		Term	Value
Balance as of December 31, 2019	35,016	$	2.00	5.03	$	24,634
Granted	335		2.46	—		—
Exercised	(230)		0.62	—		—
Forfeited	(1,700)		2.86	—		—
Expired	(1,294)		2.22	—		—
Balance as of December 31, 2020	32,127	$	1.96	5.01	$	19,248
Expected to vest at December 31, 2020	8,427	$	2.94	7.98		—
Exercisable at December 31, 2020	24,611	$	1.65	4.12	$	19,248

Schedule of the restricted stock unit activity


		Weighted Average
		Grant-Date Fair
	Shares	Value
Outstanding as of December 31, 2020	8,268	$	2.61
Granted	9,260		2.81
Vested	—		—
Forfeited	(359)		2.70
Outstanding as of September 30, 2021	17,169	$	2.71

A summary of the restricted stock unit activity is presented below (in thousands, except per share amounts):


		Weighted Average
		Grant-Date Fair
	Shares	Value
Outstanding as of December 31, 2019	8,433	$	2.63
Granted	1,003		2.38
Vested	—		—
Forfeited	(1,168)		2.67
Outstanding as of December 31, 2020	8,268	$	2.61

Earnings (Loss) Per Share (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Summary of computation of basic and diluted income (loss) per share

The table below presents the computation of basic and diluted loss per share (in thousands, except for per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(3,582)	$	(2,130)	$	(15,696)	$	(21,141)
Net income attributable to the redeemable noncontrolling interest		67		62		212		768
Net income (loss) attributable to noncontrolling interests		137		—		(173)		—
Allocation of net loss to convertible preferred stock		—		—		—		—
Net loss attributable to holders of Class A, Class B, and Class C common stock	$	(3,786)	$	(2,192)	$	(15,735)	$	(21,909)
Denominator:
Weighted average common shares outstanding, basic and diluted		60,840		39,043		57,072		39,009
Net loss per common share, basic and diluted	$	(0.06)	$	(0.06)	$	(0.28)	$	(0.56)

The table below presents the computation of basic and diluted loss per share (in thousands, except for per share amounts):


	Year ended December 31,
	2020		2019		2018
Numerator:
Net loss	$	11,156	$	(36,919)	$	(78,506)
Net (loss) income attributable to the redeemable noncontrolling interest		820		273		(971)
Allocation of undistributed earnings to convertible preferred stock		10,336		—		—
Net income (loss) attributable to holders of Class A common stock and Class B common stock	$	—	$	(37,192)	$	(77,535)
Denominator:
Weighted average common shares outstanding, basic and diluted		39,027		38,571		37,856
Net loss per common share, basic and diluted	$	0.00	$	(0.96)	$	(2.05)

Summary of shares excluded from the computation of diluted loss per share

The table below presents the details of securities that were excluded from the calculation of diluted loss per share as the effect would have been anti-dilutive (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Stock options	24,016	33,396	24,016	33,396
Convertible preferred stock	29,626	29,626	29,626	29,626

The table below presents the details of securities that were excluded from the calculation of diluted loss per share as the effect would have been anti-dilutive (in thousands):


	2020	2019	2018
Stock options	32,127	35,016	42,131
Convertible preferred stock	29,626	29,626	29,626

Income Taxes (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Summary of income (loss) before income taxes

The domestic and foreign components of income (loss) before provision for income taxes were as follows (in thousands):


	2020		2019		2018
Domestic	$	12,837	$	(29,247)	$	(65,466)
Foreign		(740)		(8,030)		(12,138)
Total income (loss) before income taxes	$	12,097	$	(37,277)	$	(77,604)

Schedule of provision (benefit) for income taxes


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Income tax benefit	(353)		(12)		(5,011)		(797)
Effective tax rate	9.0	%	0.6	%	24.2	%	3.6	%

The provision (benefit) for income taxes consisted of the following (in thousands):


	Year Ended December 31,
	2020		2019		2018
Current (benefit) / provision
Federal	$	(16)	$	(7)	$	(1)
State		188		20		(1)
Foreign		657		(370)		1,024
Total current (benefit) / provision		829	$	(357)	$	1,022
Deferred (benefit) / provision
Federal	$	7	$	1	$	1
State		4		7		2
Foreign		101		(9)		(123)
Total deferred (benefit) / provision		112	$	(1)	$	(120)
Total (benefit) / provision
Federal	$	(9)	$	(6)	$	—
State		192		27		1
Foreign		758		(379)		901
Total (benefit) / provision	$	941	$	(358)	$	902

Summary of reconciliation of the U.S. statutory income tax rate to the Company's effective tax rate

A reconciliation of the U.S. federal statutory income tax rate of 21% for the years ended December 31, 2020, 2019 and 2018 to the Company’s effective tax rate is as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Income tax provision (benefit) at the U.S. federal statutory rate	$	2,540	$	(7,828)	$	(16,297)
State income taxes		323		(543)		(1,434)
Permanent differences		(53)		521		637
Change in valuation allowance		(3,720)		6,258		18,816
Effect of foreign operations		325		373		584
Stock-based compensation		198		478		649
Effect of change in tax rates		(253)		(320)		9
Sale of foreign subsidiary		1,323		—		—
Foreign investment basis differences		190		49		(218)
Research & development tax credits		(253)		(922)		(1,786)
Foreign currency translation & transactions		144		33		88
Prior period adjustments		230		1,210		—
Other		(53)		333		(146)
Total provision (benefit) for income taxes	$	941	$	(358)	$	902

Summary of tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities

Significant components of deferred tax assets and liabilities as of were as follows (in thousands):


	Years Ended December 31,
	2020		2019
Deferred tax assets
Net operating loss carryforwards	$	79,475	$	83,120
Accruals		2,879		1,464
Stock-based compensation		2,841		2,853
Bad debt		262		168
Deferred rent		5,043		5,412
Other		1,185		1,532
Total deferred tax asset	$	91,685	$	94,549
Valuation allowance		(83,978)		(87,698)
Net deferred tax asset	$	7,707	$	6,851

Deferred tax liabilities
Deferred state income tax		(2,087)		(2,158)
Depreciation and amortization		(1,720)		(835)
Intangible assets		(3,905)		(3,751)
Total deferred tax liability	$	(7,712)	$	(6,744)
Net deferred tax asset (liability)	$	(5)	$	107

Schedule of income tax examinations


		Year
United States		2016
United Kingdom		2019

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments & Contingencies

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Future minimum lease payments under leases having initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2020 are as follows (in thousands):


Year	Amount
2021	$	27,094
2022		27,945
2023		26,032
2024		18,033
2025		18,209
Thereafter		10,993
	$	128,306

Summary of future minimum rental commitments under noncancelable sublease

Sublease receipts to be received in the future under noncancelable sublease as of December 31, 2020 are as follows (in thousands):


Year	Amount
2021	$	6,722
2022		6,504
2023		3,482
2024		3,519
2025		3,556
Thereafter		1,193
	$	24,976

Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Information

Disaggregation of revenue


	December 31,
	2020		2019		2018
Revenue:
United States	$	292,107	$	287,723	$	274,391
International		29,217		30,200		32,860
Total	$	321,324	$	317,923	$	307,251

Description of the Business (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Description of Organization and Business Operations
Cash and cash equivalents	$ 145,597		$ 90,626	$ 58,524
Cash inflow from operations	10,898	$ 27,832	27,553	(20,243)	$ (72,743)
Accumulated deficit	$ (362,553)		$ (346,818)	$ (357,154)

The cumulative amount of the reporting entity's undistributed earnings or deficit.

Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basis of Presentation and Summary of Significant Accounting Policies
Cash and cash equivalents	$ 145,597	$ 90,626		$ 58,524
Restricted		15,500		15,500
Total	$ 145,597	$ 106,126	$ 106,676	$ 74,024	$ 77,445	$ 42,741

Summary of Significant Accounting Policies -Allowance for doubtful accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basis of Presentation and Summary of Significant Accounting Policies
Beginning balance	$ 1,122	$ 1,055	$ 640
Additions	1,208	449	482
Write-offs, net of recoveries	(943)	(382)	(67)
Ending balance	$ 1,387	$ 1,122	$ 1,055

Summary of Significant Accounting Policies - Stock-based compensation cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	$ 503	$ 327	$ 850	$ 988	$ 1,189	$ 2,813	$ 5,020
Cost of revenue, excluding depreciation and amortization
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	388	54	543	61	109	353	1,436
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	37	28	98	31	60	658	1,442
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	59	221	160	872	977	1,446	1,505
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	$ 19	$ 24	$ 49	$ 24	$ 43	$ 356	$ 637

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2020 USD ($) customer letter	Dec. 31, 2019 USD ($) customer letter	Dec. 31, 2018 USD ($) customer	Sep. 30, 2021 USD ($)	Aug. 31, 2015
Collateral amount	$ 15,500,000	$ 15,500,000
Number of letters of credit \| letter	2	2
Number of customers \| customer	2	2
Film costs	$ 2,100,000
Amortization of film costs	0	$ 0	$ 0
Impairment charges related to film costs	0	0	0
Equity investment without a readily determinable fair value	2,300,000	1,800,000
Increase in fair value of investment	500,000
Impairment of long-lived assets	0	0	0
Unrecognized tax benefits	0	0		$ 0
Income tax benefit for stock- based compensation arrangements	$ 0	$ 0	$ 0
Minimum
Useful life of enhancements	1 year
Maximum
Useful life of enhancements	3 years
Furniture and fixtures
Useful lives of property and equipment (in years)	5 years
Leasehold improvements. \| Minimum
Useful lives of property and equipment (in years)	7 years
Leasehold improvements. \| Maximum
Useful lives of property and equipment (in years)	11 years
Computer equipment
Useful lives of property and equipment (in years)	3 years
Video equipment
Useful lives of property and equipment (in years)	3 years
Customers
Number of customers \| customer	4	2	3
Accounts receivable \| Customers
Concentration risk (in percent)	13.00%	11.00%
Accounts receivable \| Customers \| Four customers
Concentration risk (in percent)	10.00%
Accounts receivable \| Customers \| Two customers
Concentration risk (in percent)	13.00%	10.00%
Accounts receivable \| Customers \| Three customers
Concentration risk (in percent)	12.00%
Revenue \| Customers
Concentration risk (in percent)	13.00%	12.00%	12.00%
Revenue \| Customers \| Two customers
Concentration risk (in percent)	10.00%	10.00%	10.00%
Revenue \| Customers \| Three customers
Concentration risk (in percent)			10.00%
BuzzFeed Japan
Ownership interest (in percent)					51.00%
Ownership interest (in percent)	49.00%
BuzzFeed Japan \| Z Holdings Corporation
Ownership interest (in percent)					24.50%
BuzzFeed Japan \| Asahi Shimbun Company
Ownership interest (in percent)					24.50%

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 90,096	$ 75,243	$ 251,848	$ 198,297	$ 321,324	$ 317,923	$ 307,251
Advertising
Disaggregation of Revenue [Line Items]
Revenue	50,240	36,051	136,693	94,105	149,704	128,438	106,280
Content
Disaggregation of Revenue [Line Items]
Revenue	26,483	27,476	70,261	74,947	119,846	150,876	177,055
Commerce
Disaggregation of Revenue [Line Items]
Revenue	$ 13,373	$ 11,716	$ 44,894	$ 29,245	$ 51,774	$ 38,609	$ 23,916

Revenue Recognition (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 7,500	$ 2,800	$ 6,200
Deferred revenue	1,503	2,432	$ 1,473	$ 4,000
Transaction price allocated to the remaining performance obligations	$ 5,700	$ 11,200
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected recognized period (in years)	3 years	3 years

Fair Value Measurements - Money Market Funds (Details) - Level 1 - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 24,461	$ 24,460	$ 24,379
Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 24,461	$ 24,460	$ 24,379

Property and Equipment, net (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	$ 66,124		$ 63,369	$ 67,884
Less: Accumulated depreciation	(43,249)		(37,824)	(38,341)
Property and equipment, net	22,875		25,545	29,543
Depreciation	5,600	$ 6,200	8,100	8,700	$ 9,200
Leasehold improvements
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	50,528		49,074	46,865
Furniture and fixtures
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	8,281		8,027	7,470
Computer equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	6,602		5,625	12,950
Video equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	$ 713		$ 643	$ 599

Capitalized Software Costs, net (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Capitalized Computer Software, Net.
Website and internal-use software	$ 79,629		$ 72,574	$ 62,744
Less: Accumulated amortization	(63,043)		(56,014)	(46,871)
Capitalized Computer Software, Net	16,586		16,560	15,873
Amount of capitalized software	7,600	$ 8,000	9,800	8,200	$ 11,900
Amortization expense	$ 7,700	$ 7,400	$ 9,400	$ 10,800	$ 12,600

Debt (Details) - USD ($)			9 Months Ended	12 Months Ended
Debt (Details) - USD ($)	Dec. 30, 2020	May 20, 2020	Sep. 30, 2021	Dec. 31, 2020	Mar. 31, 2021	Dec. 31, 2019	Dec. 31, 2018	Jul. 17, 2014
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ (600,000)
Outstanding borrowings			$ 19,504,000	20,396,000
Debt issuance cost			$ 400,000	500,000		$ 0
Revolving line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000.0			50,000,000.0				$ 25,000,000
Letter of credit outstanding	$ 15,500,000			15,500,000
Letter of credit cash collateral				$ 15,500,000	$ 15,500,000	$ 15,500,000
Debt instrument term	3 years			3 years
Percentage of qualifying investment grade accounts receivable	95.00%			95.00%
Percentage of qualifying Non-investment grade accounts receivable	90.00%			90.00%
Unrestricted cash	$ 25,000,000.0			$ 25,000,000.0
Percentage of utilization of credit facility			4.75%
Outstanding borrowings			$ 19,500,000	20,400,000
Unused borrowing capacity			$ 11,500,000	$ 29,600,000
Revolving line of credit \| Minimum
Debt Instrument [Line Items]
Debt instrument margin rate			3.75%	3.75%
Percentage of unused commitment fee			0.375%
Revolving line of credit \| Maximum
Debt Instrument [Line Items]
Debt instrument margin rate			4.25%	4.25%
Revolving line of credit \| LIBOR
Debt Instrument [Line Items]
Debt Instrument Floor Rate 1			0.75%	0.75%
Percentage of utilization of credit facility				5.00%
Percentage of unused commitment fee				0.375%
Revolving line of credit \| LIBOR \| Minimum
Debt Instrument [Line Items]
Minimum monthly average utilization of debt			$ 15,000,000.0	$ 15,000,000.0
Secured Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 20,000,000.0
Debt instrument term		2 years
Percentage of limitation of qualifying accounts receivable		80.00%
Loss on extinguishment of debt				$ 600,000
Secured Facility \| Minimum
Debt Instrument [Line Items]
Minimum monthly average utilization of debt		$ 10,000,000.0
Secured Facility \| LIBOR
Debt Instrument [Line Items]
Spread on variable rate		7.25%
Debt Instrument Floor Rate 1		1.50%
Letter of credit
Debt Instrument [Line Items]
Letter of credit outstanding							$ 15,500,000

Convertible Preferred Stock (Details)	1 Months Ended	9 Months Ended	12 Months Ended
Convertible Preferred Stock (Details)	Jan. 31, 2015	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized		29,626,090	29,626,090
Preferred stock, shares outstanding		29,626,090	29,626,090
Preferred stock, shares issued		29,626,090	29,626,090
Liquidation Value \| $		$ 496,970,324,000	$ 496,970,324,000
Preferred stock dividend rate		8.00%	8.00%
Proceeds received from initial public offering, gross \| $			$ 100,000,000
Stock spilt ratio	10
Series A
Class of Stock [Line Items]
Preferred stock, shares authorized		3,500,000	3,500,000
Preferred stock, shares outstanding		3,500,000	3,500,000
Preferred stock, shares issued		3,500,000	3,500,000
Issue Price \| $ / shares		$ 1.0000	$ 1.0000
Liquidation Value \| $		$ 3,500,000	$ 3,500,000
Conversion price \| $ / shares			$ 0.10
Series A-1
Class of Stock [Line Items]
Preferred stock, shares authorized		3,800,515	3,800,515
Preferred stock, shares outstanding		3,800,515	3,800,515
Preferred stock, shares issued		3,800,515	3,800,515
Issue Price \| $ / shares		$ 0.1579	$ 0.1579
Liquidation Value \| $		$ 600,101	$ 600,101
Conversion price \| $ / shares			$ 0.02
Series B
Class of Stock [Line Items]
Preferred stock, shares authorized		4,401,242	4,401,242
Preferred stock, shares outstanding		4,401,242	4,401,242
Preferred stock, shares issued		4,401,242	4,401,242
Issue Price \| $ / shares		$ 1.8177	$ 1.8177
Liquidation Value \| $		$ 8,000,138	$ 8,000,138
Conversion price \| $ / shares			$ 0.18
Series C
Class of Stock [Line Items]
Preferred stock, shares authorized		5,024,637	5,024,637
Preferred stock, shares outstanding		5,024,637	5,024,637
Preferred stock, shares issued		5,024,637	5,024,637
Issue Price \| $ / shares		$ 3.0848	$ 3.0848
Liquidation Value \| $		$ 15,500,000	$ 15,500,000
Conversion price \| $ / shares			$ 0.31
Series D
Class of Stock [Line Items]
Preferred stock, shares authorized		2,412,718	2,412,718
Preferred stock, shares outstanding		2,412,718	2,412,718
Preferred stock, shares issued		2,412,718	2,412,718
Issue Price \| $ / shares		$ 8.0283	$ 8.0283
Liquidation Value \| $		$ 19,370,024	$ 19,370,024
Conversion price \| $ / shares			$ 0.80
Series E
Class of Stock [Line Items]
Preferred stock, shares authorized		1,605,982	1,605,982
Preferred stock, shares outstanding		1,605,982	1,605,982
Preferred stock, shares issued		1,605,982	1,605,982
Issue Price \| $ / shares		$ 31.1336	$ 31.1336
Liquidation Value \| $		$ 50,000,001	$ 50,000,001
Conversion price \| $ / shares			$ 3.11
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized		4,440,498	4,440,498
Preferred stock, shares outstanding		4,440,498	4,440,498
Preferred stock, shares issued		4,440,498	4,440,498
Issue Price \| $ / shares		$ 45.0400	$ 45.0400
Liquidation Value \| $		$ 200,000,030	$ 200,000,030
Conversion price \| $ / shares			$ 4.50
Convertible ratio			1
Series F-1
Class of Stock [Line Items]
Conversion price \| $ / shares			$ 4.50
Series G
Class of Stock [Line Items]
Preferred stock, shares authorized		4,440,498	4,440,498
Preferred stock, shares outstanding		4,440,498	4,440,498
Preferred stock, shares issued		4,440,498	4,440,498
Issue Price \| $ / shares		$ 45.0400	$ 45.0400
Liquidation Value \| $		$ 200,000,030	$ 200,000,030
Conversion price \| $ / shares			$ 4.50
Convertible ratio			1
Series G-1
Class of Stock [Line Items]
Conversion price \| $ / shares			$ 4.50

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Redeemable Noncontrolling Interest
Beginning balance	$ 1,503	$ 908	$ 848	$ 734	$ 411	$ 28	$ 848	$ 28	$ 28
Allocation of net (income) loss	67	85	60	62	323	383	212	768	820	$ 273	$ (971)
Ending balance	$ 1,570	$ 1,503	908	$ 796	$ 734	411	1,570	796	$ 848	28
BuzzFeed Japan
Redeemable Noncontrolling Interest [Line Items]
Ownership (In percentage)									49.00%
Redeemable Noncontrolling Interest
Beginning balance			$ 848			$ 28	$ 848	$ 28	$ 28	(245)	726
Allocation of net (income) loss									820	273	(971)
Ending balance									$ 848	$ 28	$ (245)

Stockholders' Equity - Option pricing model (Details) - Stock option - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price	$ 2.29	$ 2.54	$ 2.96
Expected volatility	41.00%	38.00%	37.00%
Expected term (years)	5 years 6 months 18 days	5 years 9 months 18 days	5 years 7 months 24 days
Risk free interest rate	0.26%	1.58%	2.47%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price	$ 2.55	$ 2.55	$ 3.07
Expected volatility	46.00%	39.00%	39.00%
Expected term (years)	6 years 25 days	6 years 1 month 2 days	6 years 3 months
Risk free interest rate	1.17%	2.35%	3.04%

Stockholders' Equity - Summary of the share activity under the 2015 Plan (Details) - Stock option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of shares
Outstanding at the beginning	32,127	35,016
Granted	2,028	335
Exercised	(798)	(230)
Forfeited	(7,738)	(1,700)
Expired	(1,603)	(1,294)
Outstanding at the end	24,016	32,127	35,016
Expected to vest	2,357	8,427
Exercisable	24,016	24,611
Weighted Average Exercise Price
Outstanding at the beginning (in dollars per share)	$ 1.96	$ 2.00
Granted (in dollars per share)	2.79	2.46
Exercised (in dollars per share)	0.73	0.62
Forfeited (in dollars per share)	2.97	2.86
Expired (in dollars per share)	2.78	2.22
Outstanding at the end (in dollars per share)	1.69	1.96	$ 2.00
Expected to vest (in dollars per share)	2.74	2.94
Exercisable (in dollars per share)	$ 1.69	$ 1.65
Weighted Average Remaining Contractual Term
Weighted Average Remaining Term (in years)	2 years 7 months 2 days	5 years 3 days	5 years 10 days
Vested and expected to vest (in years)	9 years 4 months 6 days	7 years 11 months 23 days
Exercisable (in years)	2 years 7 months 2 days	4 years 1 month 13 days
Aggregate Intrinsic Value
Outstanding	$ 25,699	$ 19,248	$ 24,634
Exercisable		$ 19,248

Stockholders' Equity - Summary of the restricted stock unit activity (Details) - Restricted stock - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Number of shares
Outstanding at the beginning	8,268	8,433
Granted	9,260	1,003
Forfeited	(359)	(1,168)
Outstanding at the end	17,169	8,268
Weighted Average Grant-Date Fair Value
Outstanding at the beginning	$ 2.61	$ 2.63
Granted	2.81	2.38
Forfeited	2.70	2.67
Outstanding at the end	$ 2.71	$ 2.61
Unrecognized compensation costs	$ 46.6	$ 21.6

Stockholders' Equity - (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 16, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted term					10 years
Share-based compensation costs	$ 503	$ 327	$ 850	$ 988	$ 1,189	$ 2,813	$ 5,020
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					4 years
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares, shares issued (in shares)	12,803,162		12,803,162		5,034,459	5,014,300
Common shares, shares outstanding	5,081,771		5,081,771		5,034,459	5,014,300
Common shares, shares authorized (in shares)	500,000,000		500,000,000		500,000,000	500,000,000
Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares, shares issued (in shares)	27,391,338		27,391,338		34,362,554	34,152,328
Common shares, shares outstanding	27,143,111		27,143,111		34,114,327	33,904,101
Common shares, shares authorized (in shares)	500,000,000		500,000,000		500,000,000	500,000,000
Class C Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares, shares issued (in shares)	21,170,037		21,170,037		0	0
Common shares, shares outstanding	21,170,037		21,170,037		0	0
Common shares, shares authorized (in shares)	25,000,000		25,000,000		25,000,000	25,000,000
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs			$ 2,600		$ 10,500
Weighted-average remaining requisite service period			3 years		2 months 12 days
Weighted average fair value of stock options granted					$ 1.03	$ 1.01	$ 1.26
Intrinsic value of stock options exercised					$ 400	$ 1,600	$ 2,000
Stock option \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant					16,895,765
Number of shares available for future issuance					17,327,629	14,266,318	14,000,528	15,700,000

Earnings (Loss) Per Share - Computation of basic and diluted loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net loss	$ (3,582)			$ (2,130)			$ (15,696)	$ (21,141)	$ 11,156	$ (36,919)	$ (78,506)
Net income attributable to the redeemable noncontrolling interest	67	$ 85	$ 60	62	$ 323	$ 383	212	768	820	273	(971)
Allocation of undistributed earnings to convertible preferred stock									$ 10,336
Net Income (Loss) Available to Common Stockholders, Basic, Total	$ (3,786)			$ (2,192)			$ (15,735)	$ (21,909)		$ (37,192)	$ (77,535)
Denominator:
Weighted-average shares - basic	60,840			39,043			57,072	39,009	39,027	38,571	37,856
Weighted-average shares - diluted	60,840			39,043			57,072	39,009	39,027	38,571	37,856
Net loss per common share - basic	$ (0.06)			$ (0.06)			$ (0.28)	$ (0.56)	$ 0.00	$ (0.96)	$ (2.05)
Net loss per common share - diluted	$ (0.06)			$ (0.06)			$ (0.28)	$ (0.56)	$ 0.00	$ (0.96)	$ (2.05)

Earnings (Loss) Per Share - Calculation of diluted loss per share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted loss per share, as their effect would be anti-dilutive	24,016	33,396	24,016	33,396	32,127	35,016	42,131
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted loss per share, as their effect would be anti-dilutive	29,626	29,626	29,626	29,626	29,626	29,626	29,626

Earnings (Loss) Per Share - Additional information (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock dividend rate			8.00%		8.00%
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock dividend rate					0.00%
Shares excluded from the computation of diluted loss per share, as their effect would be anti-dilutive	29,626	29,626	29,626	29,626	29,626	29,626	29,626
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted loss per share, as their effect would be anti-dilutive			17,169	8,280	8,268	8,433	2,424

Income Taxes - Domestic and foreign components of income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income (loss) before income taxes
Domestic					$ 12,837	$ (29,247)	$ (65,466)
Foreign					(740)	(8,030)	(12,138)
Total income (loss) before income taxes	$ (3,935)	$ (2,142)	$ (20,707)	$ (21,938)	$ 12,097	$ (37,277)	$ (77,604)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Income Taxes - Provision (benefit) for income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current (benefit) / provision
Federal					$ (16)	$ (7)	$ (1)
State					188	20	(1)
Foreign					657	(370)	1,024
Total current (benefit) / provision					829	(357)	1,022
Deferred (benefit) / provision
Federal					7	1	1
State					4	7	2
Foreign					101	(9)	(123)
Total deferred (benefit) / provision			$ (4,336)	$ (94)	112	(1)	(55)
Total (benefit) / provision
Total Federal					(9)	(6)
Total state					192	27	1
Total foreign					758	(379)	901
Total provision (benefit) for income taxes	$ (353)	$ (12)	$ (5,011)	$ (797)	$ 941	$ (358)	$ 902

Income Taxes - Reconciliation of the U.S. federal statutory income tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Income tax provision (benefit) at the U.S. federal statutory rate					$ 2,540	$ (7,828)	$ (16,297)
State income taxes					323	(543)	(1,434)
Permanent differences					(53)	521	637
Change in valuation allowance					(3,720)	6,258	18,816
Effect of foreign operations					325	373	584
Stock-based compensation					198	478	649
Effect of change in tax rates					(253)	(320)	9
Sale of foreign subsidiary					1,323
Foreign investment basis differences					190	49	(218)
Research & development tax credits					(253)	(922)	(1,786)
Foreign currency translation & transactions					144	33	88
Prior period adjustments					230	1,210
Other					(53)	333	(146)
Total provision (benefit) for income taxes	$ (353)	$ (12)	$ (5,011)	$ (797)	$ 941	$ (358)	$ 902

Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Net operating loss carryforwards	$ 79,475	$ 83,120
Accruals	2,879	1,464
Stock-based compensation	2,841	2,853
Bad debt	262	168
Deferred rent	5,043	5,412
Other	1,185	1,532
Total deferred tax assets	91,685	94,549
Valuation allowance	(83,978)	(87,698)
Net deferred tax asset	7,707	6,851
Deferred tax liabilities
Deferred state income tax	(2,087)	(2,158)
Depreciation and amortization	(1,720)	(835)
Intangible assets	(3,905)	(3,751)
Total deferred tax liability	(7,712)	(6,744)
Net deferred tax asset (liability)	$ 5	$ 107

Income Taxes - Additional information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Statutory tax rate (as a percent)	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%
Effective income tax rate	9.00%	0.60%	24.20%	3.60%	7.80%	1.00%	(1.20%)
Increase decrease in valuation allowance					$ 3.7	$ 6.3	$ 18.8
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses					277.0
Net operating losses subject to expiration					$ 198.0
Percentage of offset of future taxable income					100.00%
operating losses indefinite lived carryforward					$ 79.0
Percentage of offset of future taxable income for indefinite lived carryforward losses					80.00%
Operating loss carry forward period					2019
State
Operating Loss Carryforwards [Line Items]
Net operating losses					$ 8.9
Federal research and development tax credits					$ 7.6
Operating loss carry forward period					2016

Restructuring Costs (Details) - USD ($) $ in Thousands		12 Months Ended
Restructuring Costs (Details) - USD ($) $ in Thousands	Mar. 09, 2021	Dec. 31, 2019	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring cost	$ 3,600	$ 9,600
Restructuring Cost Liabilities		0	$ 0
Cost of revenue, excluding depreciation and amortization
Restructuring Cost and Reserve [Line Items]
Restructuring cost	3,200	4,400
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring cost		2,200
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring cost	300	1,600
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring cost	$ 100	$ 1,400

Commitments and Contingencies - Future minimum lease payments (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Future minimum rental commitments under non-cancelable leases with initial or remaining terms in excess of one year
2021	$ 27,094
2022	27,945
2023	26,032
2024	18,033
2025	18,209
Thereafter	10,993
Total	$ 128,306

Commitments and Contingencies - Future under noncancelable sublease (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Future minimum rental commitments under non-cancelable Subleases receipts
2021	$ 6,722
2022	6,504
2023	3,482
2024	3,519
2025	3,556
Thereafter	1,193
Total	$ 24,976

Commitments and Contingencies - Additional information (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2020	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Commitments & Contingencies
Rent expense			$ 25.7	$ 24.8	$ 28.0
Sublease income			6.1	$ 2.7	$ 1.9
Maximum amount of new guarantee under lease agreement	$ 5.4	$ 3.1	$ 4.2

Disposition (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
Disposition (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss		$ (3,582)	$ (2,130)	$ (15,696)	$ (21,141)	$ 11,156	$ (36,919)	$ (78,506)
BuzzFeed Brazil
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of sale of ownership	100.00%
Loss of disposition of ownership						700
Net loss						$ 1,800

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 321,324	$ 317,923	$ 307,251
United States
Disaggregation of Revenue [Line Items]
Revenue	292,107	287,723	274,391
International
Disaggregation of Revenue [Line Items]
Revenue	$ 29,217	$ 30,200	$ 32,860

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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