0001410578-22-001690 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	May 12, 2022
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-39877
Entity Registrant Name	BuzzFeed, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3022075
Entity Address State Or Province	NY
Entity Address, Address Line One	111 East 18th Street
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10003
City Area Code	646
Local Phone Number	589-8592
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001828972
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Amendment Flag	false
Class A common stock
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	BZFD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		116,688,959
Class B Common Stock
Entity Common Stock, Shares Outstanding		12,293,614
Class C common stock
Entity Common Stock, Shares Outstanding		6,478,031
Redeemable warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share
Trading Symbol	BZFDW
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 74,540	$ 79,733
Accounts receivable (net of allowance for doubtful accounts of $1,668 as at March 31, 2022 and $1,094 as at December 31, 2021)	98,092	142,909
Prepaid and other current assets	26,768	29,017
Total current assets	199,400	251,659
Property and equipment, net	23,065	23,052
Right-of-use assets	73,103
Capitalized software costs, net	17,902	16,554
Intangible assets, net	132,717	136,513
Goodwill	194,050	194,881
Prepaid and other assets	15,538	14,555
Total assets	655,775	637,214
Current liabilities
Accounts payable	14,673	16,025
Accrued expenses	23,584	31,386
Deferred rent		4,894
Deferred revenue	3,142	1,676
Accrued compensation	26,935	37,434
Current lease liabilities	24,258
Other current liabilities	2,706	2,731
Total current liabilities	95,298	94,146
Deferred rent		12,504
Noncurrent lease liabilities	66,174
Debt	143,032	141,878
Derivative liability	6,450	4,875
Warrant liabilities	8,354	4,938
Other liabilities	1,956	3,992
Total liabilities	321,264	262,333
Commitments and contingencies
Redeemable noncontrolling interest	2,458	2,294
Stockholders' equity
Additional paid-in capital	700,167	695,869
Accumulated deficit	(367,000)	(322,106)
Accumulated other comprehensive loss	(3,336)	(3,233)
Total BuzzFeed, Inc. stockholders' equity	329,845	370,543
Noncontrolling interests	2,208	2,044
Total stockholders' equity	332,053	372,587
Total liabilities and equity	655,775	637,214
Class A common stock
Stockholders' equity
Common stock	12	11
Class B Common Stock
Stockholders' equity
Common stock	1	1
Class C common stock
Stockholders' equity
Common stock	$ 1	$ 1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts receivable allowance	$ 1,668	$ 1,094
Class A common stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock ,shares authorized	700,000,000	700,000,000
Common stock, shares issued	116,689,000	116,175,000
Common stock shares outstanding	116,689,000	116,175,000
Class B Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock ,shares authorized	20,000,000	20,000,000
Common stock, shares issued	12,294,000	12,397,000
Common stock shares outstanding	12,294,000	12,397,000
Class C common stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock ,shares authorized	10,000,000	10,000,000
Common stock, shares issued	6,478,000	6,478,000
Common stock shares outstanding	6,478,000	6,478,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 91,558	$ 72,648
Costs and Expenses
Cost of revenue, excluding depreciation and amortization	60,818	42,123
Sales and marketing	17,803	11,378
General and administrative	32,562	23,702
Research and development	7,192	6,699
Depreciation and amortization	8,481	5,269
Total costs and expenses	126,856	89,171
Loss from operations	(35,298)	(16,523)
Other income, net	862	660
Interest expense, net	(4,789)	(278)
Change in fair value of warrant liabilities	(3,416)
Change in fair value of derivative liability	(1,575)
Loss before income taxes	(44,216)	(16,141)
Income tax provision (benefit)	350	(4,816)
Net loss	(44,566)	(11,325)
Net income attributable to the redeemable noncontrolling interest	164	60
Net income (loss) attributable to noncontrolling interests	164	(18)
Net loss attributable to BuzzFeed, Inc.	$ (44,894)	$ (11,367)
Net loss per Class A, Class B and Class C common share - Basic	$ (0.33)	$ (0.75)
Net loss per Class A, Class B and Class C common share - Diluted	$ (0.33)	$ (0.75)
Basic weighted average common shares outstanding	136,425	15,188
Diluted weighted average common shares outstanding	136,425	15,188

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (44,566)	$ (11,325)
Other comprehensive income (loss)
Foreign currency translation adjustment	(103)	(329)
Other comprehensive loss	(103)	(329)
Comprehensive loss	(44,669)	(11,654)
Comprehensive income attributable to the redeemable noncontrolling interest	164	60
Comprehensive income (loss) attributable to noncontrolling interests	164	(18)
Comprehensive loss attributable to BuzzFeed, Inc.	$ (44,997)	$ (11,696)

- Definition

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.

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- Definition

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.

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- Definition

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

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Common Stock Class A common stock Previously reported balance	Common Stock Class A common stock Retroactive application of the exchange ratio	Common Stock Class A common stock	Common Stock Class B Common Stock Previously reported balance	Common Stock Class B Common Stock Retroactive application of the exchange ratio	Common Stock Class B Common Stock	Common Stock Class C common stock Previously reported balance	Common Stock Class C common stock Retroactive application of the exchange ratio	Common Stock Class C common stock HuffPost	Common Stock Class C common stock	Additional paid-in capital Previously reported balance	Additional paid-in capital Retroactive application of the exchange ratio	Additional paid-in capital HuffPost	Additional paid-in capital	Accumulated deficit Previously reported balance	Accumulated deficit Retroactive application of the exchange ratio	Accumulated deficit	Accumulated other comprehensive (loss) income Previously reported balance	Accumulated other comprehensive (loss) income Retroactive application of the exchange ratio	Accumulated other comprehensive (loss) income	Parent [Member] Previously reported balance	Parent [Member] Retroactive application of the exchange ratio	Parent [Member] HuffPost	Parent [Member]	Noncontrolling Interest [Member] Previously reported balance	Noncontrolling Interest [Member] Retroactive application of the exchange ratio	Noncontrolling Interest [Member] HuffPost	Noncontrolling Interest [Member]	Class A common stock	Class B Common Stock	Class C common stock	Previously reported balance	Retroactive application of the exchange ratio	HuffPost	Total
Balance at beginning at Dec. 31, 2020						$ 1								$ 36,373			$ (346,818)			$ (3,359)				$ (313,803)											$ (313,803)
Balance at beginning (in shares) at Dec. 31, 2020			1,540			10,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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			6			49
Other comprehensive income																				(329)				(329)											(329)
Net loss																	(11,367)							(11,367)				$ (18)							(11,385)
Issuance of common stock										$ 1				34,999										35,000											35,000
Issuance of common stock (in shares)										3,839
Noncontrolling Interest, Increase from Business Combination													$ 24,064										$ 24,064				$ 2,122							$ 26,186
Noncontrolling Interest, Increase from Business Combination (in shares)									2,639
Balance at end at Mar. 31, 2021						$ 1				$ 1				95,716			(358,185)			(3,688)				(266,155)				2,104							(264,051)
Balance at end (in shares) at Mar. 31, 2021			1,546			10,488				6,478
Balance at beginning at Dec. 31, 2021	$ 11			$ 1			$ 1				$ 695,869				$ (322,106)			$ (3,233)			$ 370,543				$ 2,044							$ 372,587			372,587
Balance at beginning (in shares) at Dec. 31, 2021	116,175			12,397			6,478																						116,175	12,397	6,478
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation														3,940										3,940											3,940
Other comprehensive income																				$ (103)				(103)											(103)
Net loss																	$ (44,894)							(44,894)				$ 164							(44,730)
Issuance of common stock in connection with share-based plans			$ 1											$ 358										$ 359											359
Issuance of common stock in connection with share-based plans (in shares)			411
Conversion of Class B common stock to Class A common stock (in shares)			103			(103)
Balance at end at Mar. 31, 2022		$ 12			$ 1			$ 1				$ 700,167				$ (367,000)			$ (3,336)			$ 329,845				$ 2,208							$ 332,053		$ 332,053
Balance at end (in shares) at Mar. 31, 2022		116,689			12,294			6,478																					116,689	12,294	6,478

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net loss	$ (44,566)	$ (11,325)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	8,481	5,269
Unrealized loss (gain) on foreign currency	142	(180)
Stock based compensation	3,940	138
Change in fair value of warrants	3,416
Change in fair value of derivative liability	1,575
Amortization of debt discount and deferred issuance costs	1,154
Deferred income tax	507	(4,318)
Unrealized gain on investment	(1,260)
Noncash Lease Expense	4,690
Changes in operating assets and liabilities:
Accounts receivable	44,227	37,076
Prepaid expenses and other current assets and prepaid expenses and other assets	2,864	(9,073)
Accounts payable	(5,741)	(2,004)
Deferred rent		(2,498)
Accrued compensation	(10,117)	(1,083)
Accrued expenses, other current liabilities and other liabilities	(4,688)	(1,685)
Lease liabilities, net of right-of-use assets	(5,517)
Deferred revenue	1,461	(284)
Unrealized Gain (Loss) on Investments	1,260
Provision for doubtful accounts	574	(515)
Cash provided by operating activities	1,142	9,518
Investing activities:
Capital expenditures	(2,369)	(907)
Capitalization of internal-use software	(3,553)	(1,335)
Cash from acquired business, net		5,200
Cash (used in) provided by investing activities	(5,922)	2,958
Financing activities:
Proceeds from issuance of common stock		35,000
Proceeds from exercise of stock options	358	142
Deferred reverse recapitalization costs	(585)
Cash (used in) provided by financing activities	(227)	35,142
Effect of currency translation on cash and cash equivalents	(186)	(534)
Net (decrease) increase in cash, cash equivalents and restricted cash	(5,193)	47,084
Cash and cash equivalents and restricted cash at beginning of period	79,733	106,126
Cash and cash equivalents and restricted cash at end of period	$ 74,540	$ 153,210

Description of the Business

3 Months Ended

Mar. 31, 2022

Description of the Business

Description of the Business

1. Description of the Business

BuzzFeed, Inc. (referred to herein, collectively with its subsidiaries, as “BuzzFeed” or the “Company”) 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 brands and the social web to its global audience. BuzzFeed derives its revenue primarily from content, advertising and commerce sold to leading brands. The Company has one reportable segment.

On December 3, 2021 (the “Closing Date”), the Company consummated the previously announced business combinations in connection with (i) that certain Agreement and Plan of Merger, dated June 24, 2021 (as amended, the “Merger Agreement”), by and among 890 5th Avenue Partners, Inc., a Delaware corporation (“890”), Bolt Merger Sub I, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of 890 (“Merger Sub I”), Bolt Merger Sub II, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of 890 (“Merger Sub II”), and BuzzFeed, Inc., a Delaware corporation (“ Legacy BuzzFeed”), pursuant to which (a) Merger Sub I merged with and into Legacy BuzzFeed (the “First Merger”), with Legacy BuzzFeed surviving the First Merger as a wholly-owned subsidiary of 890 and (b) immediately following the First Merger, Legacy BuzzFeed merged with and into Merger Sub II (the “Second Merger” and, together with the First Merger, the “Two-Step Merger”), with Merger Sub II surviving the Second Merger as a wholly-owned subsidiary of 890; and (ii) the Membership Interest Purchase Agreement, dated as of March 27, 2021 (as amended, the “C Acquisition Purchase Agreement”), by and among Legacy BuzzFeed, CM Partners, LLC, Complex Media, Inc., Verizon CMP Holdings LLC and HDS II, Inc., pursuant to which the surviving entity acquired 100% of the membership interests of CM Partners, LLC. CM Partners, LLC, together with Complex Media, Inc., is referred to herein as “Complex Networks.” The Two-Step Merger and the other transactions contemplated by the Merger Agreement, including the acquisition by the surviving entity of Complex Networks, are hereinafter referred to as the “Business Combination.” In connection with the consummation of the Business Combination, 890 was renamed “BuzzFeed, Inc.”

Liquidity

As of and for the three months ended March 31, 2022, the Company had cash and cash equivalents of $74.5 million and positive operating cash inflows. However, the Company has a history of losses, and had an accumulated deficit of $367.0 million as of March 31, 2022. 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 become due within one year from the date these condensed consolidated financial statements are issued.

The Business Combination

On the Closing Date: (i) each issued and outstanding share of Class A common stock, par value $0.0001 per share (the “890 Class A common stock”), and Class F common stock, par value $0.0001 per share (the “890 Class F common stock”), of 890 became one share of BuzzFeed Class A common stock, par value $0.0001 per share (the “BuzzFeed Class A common stock”); (ii) each issued and outstanding whole warrant to purchase shares of 890 Class A common stock became a warrant to acquire one share of BuzzFeed Class A common stock at an exercise price of $11.50 per share (each a “BuzzFeed warrant”); and (iii) each issued and outstanding unit of 890 that had not been previously separated into the underlying share of 890 Class A common stock and the underlying warrants of 890 upon the request of the holder thereof was cancelled and entitled the holder thereof to one share of BuzzFeed Class A common stock and one-third of one BuzzFeed warrant.

In addition, on the Closing Date (i) each share of Legacy BuzzFeed Class A common stock and Legacy BuzzFeed preferred stock (other than Series F Preferred Stock and Series G Preferred Stock, any cancelled shares or dissenting shares) issued and outstanding was cancelled and automatically converted into the right to receive 0.306 shares of BuzzFeed Class A Common Stock; (ii) all of the shares of Series F Preferred Stock and Series G Preferred Stock issued and outstanding were cancelled and automatically converted into the right to receive 30,880,000 shares of BuzzFeed Class A Common Stock; (iii) each share of Class B Common Stock of Legacy BuzzFeed issued and outstanding (other than any cancelled shares or dissenting shares) was cancelled and automatically converted into the right to receive 0.306 shares of BuzzFeed Class B Common Stock; and (iv) each share of Class C Common Stock of Legacy BuzzFeed issued and outstanding was cancelled and automatically converted into the right to receive 0.306 shares of BuzzFeed Class C Common Stock, in each case in accordance with the applicable provisions of the Merger Agreement. As a result, shares of BuzzFeed capital stock no longer represent an ownership interest in Legacy BuzzFeed, but instead represent an ownership interest in BuzzFeed.

In addition, pursuant to subscription agreements entered into in connection with the Merger Agreement, the Company issued, and certain investors purchased, $150.0 million aggregate principal amount of unsecured convertible notes due 2026 concurrently with the closing of the Business Combination (the “Notes”).

Holders of 27,133,519 shares of 890 Class A common stock sold in 890’s initial public offering (the “Public Shares”) properly exercised their right to have their public shares redeemed for a full pro rata portion of the trust account holding the proceeds from 890’s initial public offering, calculated as of two business days prior to the Closing, which was approximately $10.00 per share, or $271.3 million in the aggregate. Approximately $16.2 million remained in 890’s trust account and was used to partially fund the Business Combination.

The following table summarizes the proceeds raised and issuance costs incurred related to the Business Combination. The total net proceeds from the reverse recapitalization were paid in December 2021, except for $0.6 million which was paid in the first quarter of 2022.


Cash from reverse recapitalization	$	16,167
890 reverse recapitalization costs		(13,795)
BuzzFeed reverse recapitalization costs		(14,609)
Net proceeds from reverse recapitalization	$	(12,237)

Proceeds from Notes	$	150,000
Issuance costs		(6,757)
Issuance costs settled in stock		563
Proceeds from issuance of Notes, net of issuance costs	$	143,806

After giving effect to the Business Combination (including the issuance of 10,000,000 shares of BuzzFeed Class A common stock pursuant to the C Acquisition Purchase Agreement), the redemption of Public Shares as described above and the separation of the former 890 units, as of the Closing Date, there were 110,789,875 shares of BuzzFeed Class A common stock issued and outstanding, 15,872,459 shares of BuzzFeed Class B common stock issued and outstanding and 6,478,031 shares of BuzzFeed Class C common stock issued and outstanding.

The Two-Step Merger was accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded (the “Reverse Recapitalization”). Under this method of accounting, 890 was treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Reverse Recapitalization was treated as the equivalent of Legacy BuzzFeed issuing stock for the net assets of 890, accompanied by a recapitalization. The net assets of 890 were stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Reverse Recapitalization are those of Legacy BuzzFeed.

The determination of Legacy BuzzFeed being the accounting acquirer for the Two-Step Merger was primarily based on evaluation of the following facts and circumstances: (i) Legacy BuzzFeed’s existing stockholders own the majority of the shares and have the majority of the voting interests in BuzzFeed with more than 97% of the voting interests; (ii) Legacy BuzzFeed appointed the majority of the directors on BuzzFeed’s Board; (iii) Legacy BuzzFeed’s existing management comprises the majority of the management of BuzzFeed; (iv) Legacy BuzzFeed is the larger entity based on historical revenues and business operations and comprises the majority of the ongoing operations of BuzzFeed; and (v) Legacy BuzzFeed assumed BuzzFeed’s name.

In accordance with guidance applicable to these circumstances, the equity structure has been recast in all comparative periods up to the Closing Date to reflect the number of shares of the Company’s common stock, $0.0001 par value per share, issued to Legacy BuzzFeed’s stockholders in connection with the Business Combination. As such, the shares and corresponding capital amounts and earnings per share related to Legacy BuzzFeed redeemable convertible preferred stock (other than Series F Preferred Stock and Series G Preferred Stock) and Legacy BuzzFeed common stock prior to the Business Combination have been retroactively recast as shares reflecting the Exchange Ratio of 0.306 established in the Business Combination. Shares of Legacy BuzzFeed Series F Preferred Stock and Series G Preferred Stock have been retroactively restated based on the exchange into 30,880,000 shares of BuzzFeed Class A common stock established in the Business Combination.

BuzzFeed Class A common stock and warrants commenced trading on the Nasdaq Stock Market LLC under the symbols “BZFD” and “BZFDW,” respectively, on December 6, 2021.

COVID-19

In March 2020, the World Health Organization declared the viral strain of 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 significantly impacted our business and results of operations.

We believe that the COVID-19 pandemic drove a shift in commerce from offline to online, including an increase in online shopping, which we believe contributed to the rapid growth we experienced in our commerce revenue for fiscal 2020. However, the growth of our commerce revenue has decelerated during 2021 and continuing in the first quarter of 2022 as shelter-in-place orders were lifted, consumers returned to shopping in stores, and retailers struggled with supply chain disruptions and labor shortages.

The continued duration and severity of the COVID-19 pandemic is uncertain, rapidly changing, and difficult to predict. The degree to which COVID-19-related disruptions impact the Company’s future results will depend on future developments, which are outside of the Company’s control, including, but not limited to, the duration of the pandemic, its severity, the success of actions taken to contain or prevent the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume. Our growth rate may continue to be impacted by additional macroeconomic factors beyond our control, such as inflation, retail businesses reopening, increased consumer spending on travel and other discretionary items, and the absence of new U.S. and other government economic stimulus programs, among other things.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Financial Statements and Principles of Consolidation

The accompanying unaudited condensed consolidated 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 (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. As such, the accompanying 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 and for the year ended December 31, 2021, as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

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 ended December 31, 2022.

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.

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, fair values of intangible assets acquired in business combinations, valuation allowances for deferred income tax assets, allowance for doubtful accounts, fair value of the derivative liability, fair values used for stock-based compensation in periods prior to the Business Combination, useful lives of fixed assets, and capitalized software costs.

Recently Adopted Accounting Pronouncements

The Company, an emerging growth company, or EGC, has elected to take advantage of the benefits of the extended transition period provided for in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting standards which allows the Company to defer adoption of certain accounting standards until those standards would otherwise apply to private companies.

In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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. On January 1, 2022, the Company adopted Accounting Standards Codification (“ASC”) 842 using the modified retrospective method. Prior period amounts were not adjusted and continue to be reported in accordance with historical accounting under ASC 840. The Company elected to use the package of practical expedients permitted under the transition guidance. Accordingly, the Company did not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, or (iii) any initial direct costs for any existing leases. The Company elected to use the practical expedient to combine lease and non-lease components for all classes of assets. Additionally, the Company elected not to record on the balance sheet leases with a term of twelve months or less. Upon adoption, the Company recorded right of use assets of $77.8 million and lease liabilities of $96.0 million. The adoption of ASC 842 did not result in a material impact to the condensed consolidated statements of operations or cash flows. See Note 15 for more information about the adoption of ASC 842 and related disclosures.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other (Topic 350): Internal-Use Software (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance was effective for the Company for annual reporting periods beginning after December 15, 2020, and interim reporting periods beginning after December 15, 2021. The Company adopted ASU 2018-15 prospectively for the Company’s annual reporting period effective January 1, 2021 and for interim reporting periods beginning on January 1, 2022. The adoption did not have a significant impact on the Company’s condensed consolidated financial statements.

In October 2021, the FASB issued ASU No.2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). ASU 2021-08 requires an acquirer to account for revenue contracts acquired in a business combination in accordance with ASC 606, as if it had originated the contracts. Prior to ASU 2021-08, an acquirer generally recognized assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts, at fair value on the acquisition date. As permitted by the ASU, the Company elected to early adopt the amendments in the fourth quarter of 2021 and retrospectively applied ASU 2021-08 to its acquisitions that occurred in 2021. The adoption of ASU 2021-08 did not have a significant impact on the Company’s condensed consolidated financial statements.

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”). The ASU eliminates two of the three models in ASC 470-20 that require separating embedded conversion features from convertible instruments. As a result, only conversion features accounted for under the substantial premium model in ASC 470-20 and those that require bifurcation in accordance with ASC 815-15 will be accounted for separately. For contracts in an entity’s own equity, the new guidance eliminates some of the requirements in ASC 815-40 for equity classification. The guidance also addresses how convertible instruments are accounted for in the diluted earnings per share (EPS) calculation and requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. Early adoption is permitted for all entities for fiscal periods beginning after December 15, 2020, including interim periods within the same fiscal year. The ASU allows entities to use a modified or full retrospective transition method. The Company elected to early adopt ASU 2020-06 effective January 1, 2021. The adoption of ASU 2020-06 did not have a significant impact on the Company’s condensed consolidated financial statements.

On January 1, 2021, the Company 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.

Accounting Pronouncements Not Yet Adopted

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 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.

Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2022

Acquisitions and Dispositions

Acquisitions and Dispositions

3. Acquisitions and Dispositions

C Acquisition

On December 3, 2021, the Company completed the acquisition of 100% of the members’ interests of Complex Networks, a publisher of online media content targeting Millennial and Gen Z consumers (the “C Acquisition”).

The following table summarizes the fair value of consideration exchanged as a result of the C Acquisition:


Cash consideration⁽¹⁾	$	197,966
Share consideration⁽²⁾		96,200
Total consideration	$	294,166

(1) — Includes the cash purchase price of $200.0 million adjusted for certain closing specified liabilities as specified in the C Acquisition Purchase Agreement.

(2) — Represents 10,000,000 shares of BuzzFeed Class A common stock at a price of $9.62 per share, which is based on the Company’s closing stock price for Class A common stock on the Closing Date.

The following table summarizes the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from the C Acquisition. 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. As the Company continues to finalize the fair value of assets acquired and liabilities assumed, purchase price adjustments have been recorded and additional purchase price adjustments may

be recorded during the measurement period. The Company reflects measurement period adjustments in the period in which the adjustments occur.


			Measurement
			Period
	Preliminary		Adjustments	Updated Preliminary
Cash	$	2,881	—	$	2,881
Accounts receivable		22,581	11		22,592
Prepaid and other current assets		17,827	—		17,827
Property and equipment		332	(15)		317
Intangible assets		119,100	—		119,100
Goodwill		189,391	(831)		188,560
Accounts payable		(2,661)	—		(2,661)
Accrued expenses		(12,319)	486		(11,833)
Accrued compensation		(12,867)	349		(12,518)
Deferred revenue		(5,855)	—		(5,855)
Deferred tax liabilities		(22,776)	—		(22,776)
Other liabilities		(1,468)	—		(1,468)
Total consideration for Complex Networks	$	294,166	—	$	294,166

The table below indicates the estimated fair value of each of the identifiable intangible assets:


		Weighted Average
	Asset Fair Value	Useful Life (Years)
Trademarks & tradenames	97,000	15
Customer relationships	17,000	4
Developed technology	5,100	3

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, the fair value of customer relationships was determined using the multi-period excess earnings approach, and the fair value of acquired technology was determined using the replacement cost approach. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired resulted in $188.6 million of goodwill, which is primarily attributed to workforce and synergies, and is not deductible for tax purposes.

Pro Forma Financial Information

The following unaudited pro forma information has been presented as if the C Acquisition occurred on January 1, 2020. The information is based on the historical results of operations of Complex Networks, adjusted for:

The allocation of purchase price and related adjustments, including adjustments to amortization expense related to the fair value of intangible assets acquired;

Impacts of issuance of the Notes to partially fund the acquisition, including interest;

The movement and allocation of all acquisition-related costs incurred during the three months ended March 31, 2021 to the three months ended March 31, 2020;

Associated tax-related impacts of adjustments; and

Changes to align accounting policies.

The pro forma results do not necessarily represent what would have occurred if the C Acquisition had taken place on January 1, 2020, nor do they represent the results that may occur in the future. The pro forma adjustments were based on available information and

upon assumptions that the Company believes are reasonable to reflect the impact of this acquisition on the Company’s historical financial information on a supplemental pro forma basis. The following table presents the Company’s pro forma combined revenue and net loss.


	Three Months Ended March 31,
	2021
Revenue	$	92,662
Net loss		(18,443)

Acquisition of HuffPost and Verizon Investment

On February 16, 2021, the Company completed the acquisition of 100% of TheHuffingtonPost.com, Inc. (“HuffPost”) (the “HuffPost Acquisition”), a publisher of online news and media content, from entities controlled by Verizon Communications Inc. (“Verizon”). The Company issued 6,478,032 shares of non-voting BuzzFeed Class C common stock to an entity controlled by Verizon, of which 2,639,322 were in exchange for the acquisition of HuffPost and 3,838,710 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:


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

(1) – Represents 8,625,234 shares of Legacy 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 determination of the fair value of identifiable assets acquired and liabilities assumed from the HuffPost Acquisition. During the year ended December 31, 2021, the Company finalized the fair value of assets acquired and liabilities assumed. Measurement period adjustments were reflected in the fourth quarter of 2021, which is the period in which the adjustments occurred. The adjustments resulted from deferred income tax adjustments.


			Measurement
			Period
	Preliminary		Adjustments		Final
Cash and cash equivalents	$	5,513	$	—	$	5,513
Accounts receivable		3,383		—		3,383
Prepaid and other current assets		611		—		611
Deferred tax assets		116		15		131
Property and equipment		620		—		620
Intangible assets		19,500		—		19,500
Goodwill		5,927		(437)		5,490
Accounts payable		(1,410)		—		(1,410)
Accrued expenses		(4,249)		—		(4,249)
Deferred tax liabilities		(4,251)		422		(3,829)
Other liabilities		(63)		—		(63)
Noncontrolling interests		(2,123)		—		(2,123)
Total consideration for HuffPost	$	23,574	$	—	$	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 three years, respectively. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired resulted in $5.5 million of goodwill, which is primarily attributed to workforce and synergies, and is not deductible for tax purposes.

The HuffPost Acquisition did not have a material impact on the Company’s revenue or net loss for the three months ended March 31, 2021.

Revenue Recognition

3 Months Ended

Mar. 31, 2022

Revenue Recognition

Revenue Recognition

4. 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.


	Three Months Ended March 31,
	2022		2021
Advertising	$	48,668	$	38,649
Content		32,279		19,537
Commerce and other		10,611		14,462
Total	$	91,558	$	72,648

The following table presents the Company’s revenue disaggregated by geography:


	Three Months Ended March 31,
	2022		2021
Revenue:
United States	$	83,100	$	65,602
International		8,458		7,046
Total	$	91,558	$	72,648

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 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 $6.8 million and $13.3 million at March 31, 2022 and December 31, 2021, respectively. These amounts relate to revenue recognized during the respective year 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 and $3.1 million and $1.7 million at March 31, 2022 and December 31, 2021, respectively.

The amount of revenue recognized during the three months ended March 31, 2022 that was included in the deferred revenue balance as of December 31, 2021 was $1.0 million.

Transaction Price Allocated to Remaining Performance Obligations

We have certain licensing contracts with minimum guarantees and terms extending beyond one year. Revenue to be recognized related to the remaining performance obligations was $3.0 million at March 31, 2022 and is expected to be recognized over the next three 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Measurements

Fair Value Measurements

5. Fair Value Measurements

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis are summarized below:


	March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—
Liabilities:
Derivative liability	$	—	$	—	$	6,450	$	6,450
Other non-current liabilities:
Public Warrants		8,107		—		—		8,107
Private Warrants		—		247		—		247
Total	$	8,107	$	247	$	6,450	$	14,804


	December 31, 2021
	Level 1			Level 2		Level 3	Total
Assets:
Cash equivalents:
Money market funds	$	1	$	—	$	—	$	1
Total	$	1	$	—	$	—	$	1
Liabilities:
Derivative liability	$	—	$	—	$	4,875	$	4,875
Other non-current liabilities:
Public Warrants		4,792		—		—		4,792
Private Warrants		—		146		—		146
Total	$	4,792	$	146	$	4,875	$	9,813

The Company’s investments in money market funds are measured at amortized cost, which approximates fair value.

The Company’s warrant liability as of March 31, 2022 and December 31, 2021 includes public and private warrants that were originally issued by 890, but which were assumed by the Company as part of the Closing of the Business Combination (the “Public Warrants” and “Private Warrants”, respectively, or together, the “Public and Private Warrants”). The Public and Private Warrants are recorded on the balance sheet at fair value. The carrying amount is subject to remeasurement at each balance sheet date. With each remeasurement, the carrying amount is adjusted to fair value, with the change in fair value recognized in the Company’s condensed consolidated statements of operations and comprehensive loss.

The Public Warrants are publicly traded under the symbol “BZFDW”, and the fair value of the Public Warrants at a specific date is determined by the closing price of the Public Warrants as of that date. As such, the Public Warrants are classified within Level 1 of the fair value hierarchy. The closing price of the Public Warrants was $0.85 and $0.50 as of March 31, 2022 and December 31, 2021, respectively.

As of March 31, 2022 and December 31, 2021, Level 3 instruments consisted of the Company’s derivative liability related to the Notes. Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodologies used to determine fair value, and such changes could result in a significant increase or decrease in the fair value. To measure the fair value of the derivative liability, the Company compared the calculated value of the Notes with the indicated value of the host instrument, defined as the straight-debt component of the Notes. The difference between the value of the straight-debt host instrument and the fair value of

the Notes resulted in the value of the derivative liability. The value of the straight-debt host instrument was estimated based on a binomial lattice model, excluding the conversion option and the make-whole payment upon conversion.

The following table provides quantitative information regarding the significant unobservable inputs used by the Company related to the derivative liability:


	March 31,		December 31,
	2022		2021
Term (in years)	4.7		4.9
Risk-free rate	2.42	%	1.25	%
Volatility	35.4	%	31.5	%

The following table represents the activity of the Level 3 instruments:


	Derivative
	Liability
Balance as of December 31, 2021	$	4,875
Change in fair value of derivative liability		1,575
Balance as of March 31, 2022	$	6,450

There were no transfers between fair value measurement levels during the three months ended March 31, 2022.

Equity Investment

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 at each period end to determine whether they have been impaired.

As of March 31, 2022 and December 31, 2021, the Company had an investment in equity securities of a privately-held company without a readily determinable fair value. The total carrying value of the investment, included in prepaid and other assets on the condensed consolidated balance sheets, was $3.6 million and $2.3 million as of March 31, 2022 and December 31, 2021, respectively. The Company concluded that the fair value of the investment increased $1.3 million during the three months ended March 31, 2022 as the result of observable price changes in orderly transactions for a similar investment in the same issuer.

- Definition

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.

+ References + Details

Property and Equipment, net

3 Months Ended

Mar. 31, 2022

Property and Equipment, net

Property and Equipment, net

6. Property and Equipment, net

Property and equipment, net consisted of the following:


	March 31, 2022		December 31, 2021
Leasehold improvements	$	49,692	$	47,573
Furniture and fixtures		6,160		6,029
Computer equipment		5,343		5,134
Video equipment		648		648
Total		61,843		59,384
Less: Accumulated depreciation		(38,778)		(36,332)
Net Carrying Value	$	23,065	$	23,052

Depreciation totaled $2.5 million and $1.9 million for the three months ended March 31, 2022 and 2021, respectively, included in Depreciation and amortization expense.

Capitalized Software Costs, net

3 Months Ended

Mar. 31, 2022

Capitalized Software Costs, net

Capitalized Software Costs, net

7. Capitalized Software Costs, net

Capitalized software costs, net consisted of the following:


	March 31,2022		December 31,2021
Website and internal-use software	$	85,461	$	81,908
Less: Accumulated amortization		(67,559)		(65,354)
Net Carrying Value	$	17,902	$	16,554

During the three months ended March 31, 2022 and 2021, the Company capitalized $3.6 million and $1.3 million, respectively, included in Capitalized software costs and amortized $2.2 million and $3.0 million, respectively, included in Depreciation and amortization expense.

Intangible Assets, net

3 Months Ended

Mar. 31, 2022

Intangible Assets, net

Intangible Assets, net

8. Intangible Assets, net

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


	March 31, 2022								December 31, 2021
	Weighted-								Weighted-
	Average								Average
	Remaining		Gross						Remaining
	Useful Lives		Carrying		Accumulated		Net Carrying		Useful Lives	Gross Carrying		Accumulated
	(in years)		Value		Amortization		Value		(in years)	Value		Amortization		Net Carrying Value
Acquired Technology		2	$	10,600	$	2,628	$	7,972	3	$	10,600	$	1,745	$	8,855
Trademarks and Trade Names		15		111,000		3,206		107,794	15		111,000		1,356		109,644
Trademarks and Trade Names		Indefinite		1,368		—		1,368	Indefinite		1,368		—		1,368
Customer Relationships		4		17,000		1,417		15,583	4		17,000		354		16,646
Total			$	139,968	$	7,251	$	132,717		$	139,968	$	3,455	$	136,513

Amortization expense associated with intangible assets for the three months ended March 31, 2022 and 2021 was $3.8 million and $0.3 million, respectively, included in Depreciation and amortization expense.

Estimated future amortization expense as of March 31, 2022 is as follows (in thousands):


Remainder of 2022	$	11,387
2023		15,183
2024		13,438
2025		11,296
2026		7,400
Thereafter		72,645
Total	$	131,349

Debt

3 Months Ended

Mar. 31, 2022

Debt

Debt

9. Debt

Revolving Credit Facility

On December 30, 2020, the Company entered into a new three-year, $50.0 million, revolving loan and standby letter of credit facility agreement (the “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, and 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 March 31, 2022. 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. The Revolving Credit Facility was amended and restated in connection with the closing of the Business Combination, namely to, among other things, add the Company and certain other entities as guarantors.

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 (4.50% at March 31, 2022), and subject to a monthly minimum utilization of $15.0 million. The facility also includes an unused commitment fee of 0.375%.

The Company had outstanding borrowings of $28.5 million and outstanding letters of credit of $15.5 million under the Revolving Credit Facility at March 31, 2022 and December 31, 2021. The total unused borrowing capacity was $6.0 million and $5.4 million as of March 31, 2022 and December 31, 2021, respectively.

As of March 31, 2022 and December 31, 2021, the Company had $0.3 million of costs in connection with the issuance of debt included in prepaid and other assets in the condensed consolidated balance sheet.

Convertible Notes

In June 2021, the Company entered into subscription agreements with certain purchasers to sell $150.0 million aggregate principal amount of unsecured convertible notes due 2026. In connection with the Business Combination, the Company completed the Convertible Note Financing of $150.0 million of unsecured convertible notes. The Notes bear interest at a rate of 8.50% per annum, payable semi-annually. The Notes are convertible into shares of Class A common stock, or a combination of cash and Class A common stock, at the Company’s election, at an initial conversion price of $12.50 and mature on December 3, 2026.

The Company may, at its election, force conversion of the Notes after the third anniversary of the issuance of the Notes, subject to a holder’s prior right to convert and certain other conditions, if the volume-weighted average trading price of the BuzzFeed Class A common stock is greater than or equal to 130% of the conversion price for more than 20 trading days during a period of 30 consecutive trading days. In the event that a holder of the Notes elects to convert its Notes after the one year anniversary, and prior to the three-year anniversary, of the issuance of the Notes, the Company will be obligated to pay an amount equal to: (i) from the one year anniversary of the issuance of the Notes to the two year anniversary of the issuance of the Notes, an amount equal to 18 month’s interest declining ratably on a monthly basis to 12 month’s interest on the aggregate principal amount of the Notes so converted and (ii) from the two year anniversary of the issuance of the Notes to the three year anniversary of the issuance of the Notes, an amount equal to 12 month’s interest declining ratably on a monthly basis to zero month’s interest, in each case, on the aggregate principal amount of the Notes so converted (the “Interest Make-Whole Payment”). The Interest Make-Whole Payment will be payable in cash. Without limiting a holder’s right to convert the Notes at its option, interest will cease to accrue on the Notes during any period in which the Company would otherwise be entitled to force conversion of the Notes, but is not permitted to do so solely due to the failure of a trading volume condition specified in the indenture governing the Notes.

Each holder of a Note will have the right to cause the Company to repurchase for cash all or a portion of the Notes held by such holder (i) at any time after the third anniversary of the closing date, at a price equal to par plus accrued and unpaid interest; or (ii) at any time upon the occurrence of a fundamental change (as defined in the indenture governing the Notes), at a price equal to 101% of par plus accrued and unpaid interest.

The indenture governing the Notes includes restrictive covenants that, among other things, limit the Company’s ability to incur additional debt or liens, make restricted payments or investments, dispose of significant assets, transfer intellectual property, or enter into transactions with affiliates.

In accounting for the Notes, the Company bifurcated a derivative liability representing the conversion option, with a fair value at issuance of $31.6 million. To measure the fair value of the derivative liability, the Company compared the calculated value of the Notes with the indicated value of the host instrument, defined as the straight-debt component of the Notes. The difference between the value of the straight-debt host instrument and the fair value of the Notes resulted in the value of the derivative liability. The value of the straight-debt host instrument was estimated based on a binomial lattice model, excluding the conversion option and the make-whole payment upon conversion. The derivative liability is remeasured at each reporting date with the resulting gain or loss recorded in Change in fair value of derivative liability within the condensed consolidated statements of operations.

Interest expense on the Notes is recognized at an effective interest rate of 15% and totaled $4.3 million for the three months ended March 31, 2022, of which amortization of the debt discount and issuance costs comprised $1.2 million.

The net carrying amount of the Notes as of March 31, 2022 and December 31, 2021 was:


	March 31, 2022		December 31, 2021
Principal outstanding	$	150,000	$	150,000
Unamortized debt discount and issuance costs		(35,473)		(36,627)
Net carrying value	$	114,527	$	113,373

The fair value of the Notes was approximately $127.5 million and $126.0 million as of March 31, 2022 and December 31, 2021, respectively. The fair value of the Notes was estimated using Level 3 inputs.

- Definition

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.

+ References

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+ Details

Redeemable Noncontrolling Interest

3 Months Ended

Mar. 31, 2022

Redeemable Noncontrolling Interest

Redeemable Noncontrolling Interest

10.Redeemable Noncontrolling Interest

The redeemable noncontrolling interest represents the interests in BuzzFeed Japan held by Yahoo Japan, which is puttable to the Company in certain conditions, none of which were met at March 31, 2022, including material breach of the Joint Venture Agreement with Yahoo Japan (“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 condensed consolidated balance sheets as the put right is outside of the Company’s control. Pursuant to the terms of the original JVA, Yahoo Japan held a 49% interest in BuzzFeed Japan. On May 1, 2021, The HuffingtonPost Japan, Limited, a consolidated subsidiary, merged into BuzzFeed Japan. As a result of the merger, Yahoo Japan’s interest in the combined entity was diluted to 24.5%.

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


	2022		2021
Balance as of January 1,	$	2,294	$	848
Allocation of net (income) loss		164		60
Balance as of March 31,	$	2,458	$	908

Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Stockholders' Equity

Stockholders' Equity

11.Stockholders’ Equity

Common Stock

In connection with the closing of the Business Combination, the Company authorized the issuance of 700,000,000 shares of Class A common stock, par value $0.0001 per share, 20,000,000 shares of Class B common stock, par value $0.0001 per share, and 10,000,000 shares of Class C common stock, par value $0.0001 per share. Each share of Class A common stock is entitled to one vote and each share of Class B common stock is entitled to fifty votes. Class C common stock is non-voting.

Preferred Stock

In connection with the closing of the Business Combination, the Company authorized the issuance of 50,000,000 shares of preferred stock, par value $0.0001 per share. The board of directors is authorized, without further stockholder approval, to issue such preferred stock in one or more series, to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. There were no issued and outstanding shares of preferred stock as of March 31, 2022 or December 31, 2021.

Stock-Based Compensation

Stock Options

A summary of the stock option activity under the Company’s equity incentive plans is presented below:


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Remaining	Intrinsic
	Shares	Price		Term	Value
Balance as of December 31, 2021	4,560	$	6.29	3.07	$	2,670
Granted	593		4.33
Exercised	(308)		1.02
Forfeited	(83)		6.48
Expired	(407)		7.38
Balance as of March 31, 2022	4,355		6.29	4.03		1,766
Expected to vest at March 31, 2022	4,355		6.29	4.03		1,766
Exercisable at March 31, 2022	3,274		6.18	2.38		1,261

As of March 31, 2022, the total share-based compensation costs not yet recognized related to unvested stock options was $3.0 million, which is expected to be recognized over the weighted-average remaining requisite service period of 1.5 years.

Restricted Stock Units

A summary of Restricted Stock Unit (“RSU”) activity is presented below:


		Weighted Average Grant-
	Shares	Date Fair Value
Outstanding as of December 31, 2021	5,235	$	8.88
Granted	4,438		4.33
Vested	(167)		5.73
Forfeited	(32)		6.32
Outstanding as of March 31, 2022	9,474	$	6.82

As of March 31, 2022, there was approximately $23.3 million of unrecognized compensation costs related to RSUs. Included in the above are 2.5 million RSUs that vest based on service and upon the occurrence of a sale transaction (“Acquisition”) or the completion of an initial public offering (“Liquidity 1 RSUs”). The Two-Step Merger did not result in the satisfaction of this liquidity condition as it does not meet the definition of an Acquisition per the award agreements. Unrecognized compensation costs related to these RSUs totaled $21.2 million at March 31, 2022.

On May 12, 2022, the Board of Directors waived the liquidity condition associated with the Liquidity 1 RSUs, permitting them to vest (based on service). Refer to Note 20 of our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information with respect to the Liquidity 1 RSUs and the waiver.

Stock-Based Compensation Expense

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


	Three Months Ended March 31,
	2022		2021
Cost of revenue, excluding depreciation and amortization	$	460	$	42
Sales and marketing		722		29
General and administrative		2,598		54
Research and development		160		13
Total	$	3,940	$	138

- Definition

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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+ Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2022

Net Loss Per Share

Net Loss Per Share

12.Net Loss Per Share

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

Holders of convertible preferred stock did not participate in losses and, accordingly, losses for the three months ended March 31, 2021 were allocated entirely to holders of Class A, Class B, and Class C common stock. For the three months ended March 31, 2022 and 2021, 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 net loss per share:


	Three Months Ended March 31,
	2022		2021
Numerator:
Net loss	$	(44,566)	$	(11,325)
Net income attributable to the redeemable noncontrolling interest		164		60
Net income (loss) attributable to noncontrolling interests		164		(18)
Net loss attributable to holders of Class A, Class B, and Class C common stock	$	(44,894)	$	(11,367)
Denominator:
Weighted average common shares outstanding, basic and diluted		136,425		15,188
Net loss per common share, basic and diluted	$	(0.33)	$	(0.75)

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


	Three Months Ended March 31,
	2022	2021
Stock options	4,355	9,355
Restricted stock units	7,019	—
Warrants	9,876	—
Convertible notes	12,000	—
Convertible preferred stock	—	94,360

Additionally, the calculation of diluted loss per share excluded 2.5 million and 5.3 million RSUs at March 31, 2022 and 2021, respectively, for which the related liquidity condition had not been met.

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Taxes

Income Taxes

13.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 March 31,
	2022			2021
Income tax provision (benefit)	$	350		$	(4,816)
Effective tax rate		(0.8)	%		29.8	%

For the three months ended March 31, 2022, the Company’s effective tax rate differed from the U.S. federal statutory income tax rate of 21% primarily due to limited tax benefits provided for against its current year pre-tax operating loss as the Company maintains a full valuation allowance against its U.S. deferred tax assets that are not realizable on a more-likely-than-not basis.

For the three months ended March 31, 2021, the Company’s effective tax rate differed from the U.S. federal statutory income tax rate of 21% primarily due to a valuation allowance against net deferred tax assets that were not realizable on a more-likely-than-not

basis; however, the Company recorded a $4.3 million discrete tax benefit 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.

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 major jurisdictions in which the Company is subject to potential examination by tax authorities are the United States, the United Kingdom, Japan, and Canada.

- Definition

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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+ Details

Restructuring Costs

3 Months Ended

Mar. 31, 2022

Restructuring Costs

Restructuring Costs

14.Restructuring Costs

On March 22, 2022, in connection with the acquisition of Complex Networks, the Company approved certain organizational changes to align sales and marketing and general and administrative functions as well as changes in content to better serve audience demands. The Company incurred approximately $1.8 million of restructuring costs, comprised mainly of severance and related benefit costs, of which $1.3 million were included in cost of revenue, excluding depreciation and amortization, $0.2 million were included in sales and marketing, and $0.3 million were included in general and administrative. As of March 31, 2022, the $1.8 million of restructuring costs remain unpaid and are included in Accrued compensation on the condensed consolidated balance sheet. These costs are expected to be paid in the second quarter of 2022.

Additionally, on March 22, 2022, as part of a strategic repositioning of BuzzFeed News, the Company shared with NewsGuild, the representative of the BuzzFeed News bargaining unit, a voluntary buyout proposal covering certain desks. That proposal was then negotiated as part of collective bargaining between the BuzzFeed News Union and the Company. On May 6, 2022 the BuzzFeed News Union ratified its collective bargaining agreement with the Company. Also on May 6, 2022, the Company presented BuzzFeed News employees, including members of the BuzzFeed News bargaining unit, with the final negotiated voluntary buyout proposal. Employees have 45 days from May 6, 2022, to indicate whether they will accept the Company’s voluntary buyout proposal.

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.

Leases

3 Months Ended

Mar. 31, 2022

Leases

Leases

15.Leases

The Company leases office space under non-cancelable operating leases with various expiration dates through 2029. The Company accounts for leases under ASC 842 by recording right-of-use assets and liabilities. The right-of-use asset represents the Company’s right to use underlying assets for the lease term and the lease liability represents the Company’s obligation to make lease payments under the lease. The Company determines if an arrangement is or contains a lease at contract inception and exercises judgment and applies certain assumptions when determining the discount rate, lease term and lease payments. ASC 842 requires a lessee to record a lease liability based on the discounted unpaid lease payments using the interest rate implicit in the lease or, if the rate cannot be readily determined, the incremental borrowing rate. Generally, the Company does not have knowledge of the rate implicit in the lease and, therefore, uses its incremental borrowing rate for a lease. The lease term includes the non-cancelable period of the lease plus any additional periods covered by an option to extend that the Company is reasonably certain to exercise. 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.

The following illustrates the lease costs for the three months ended March 31, 2022:


	March 31, 2022
Operating lease cost	$	7,727
Sublease income		(1,829)
Total lease cost	$	5,898

All components of total lease cost are recorded within General and administrative expenses within the condensed consolidated statement of operations. The Company does not have material short-term or variable lease costs.

The following amounts were recorded in condensed consolidated balance sheet related to operating leases:


	March 31, 2022
Assets
Right-of-use assets	$	73,103
		73,103
Liabilities
Current lease liabilities		24,258
Noncurrent lease liabilities		66,174
Total lease liabilities	$	90,432

Other information related to leases was as follows:


	March 31, 2022
Supplemental cash flow information:
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	$	8,419


	March 31, 2022
Weighted average remaining lease term (years)	3.72
Weighted average discount rate	13.00	%

Maturities of lease liabilities as of March 31, 2022 were as follows:


Year	Operating Leases
Remainder of 2022	$	25,769
2023		32,174
2024		23,859
2025		21,123
2026		8,415
Thereafter		2,574
Total lease payments		113,914
Less: imputed interest		(23,482)
Total	$	90,432

Sublease receipts to be received in the future under noncancelable subleases as of March 31, 2022 were as follows:


Year	Amount
Remainder of 2022	$	5,505
2023		7,204
2024		7,048
2025		7,048
2026		2,763
Thereafter		178
Total	$	29,746

Future minimum lease payments under leases having initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2021 are as follows:


Year	Amount
2022	$	33,817
2023		31,910
2024		23,885
2025		21,148
2026		8,441
Thereafter		2,642
Total	$	121,843

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies.

Commitments and Contingencies

16.Commitments and Contingencies

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 March 31, 2022, the maximum amount of the guarantee was $2.3 million, and no liability was recognized with respect to the guarantee.

In the course of its 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 three months ended March 31, 2022 and 2021 that did not individually or in the aggregate have a material impact on the Company’s business or its condensed consolidated balance sheets, results of operations or cash flows.

Segment Information

3 Months Ended

Mar. 31, 2022

Segment Information

Segment Information

17.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 condensed consolidated financial statements.

- Definition

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.

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+ Details

Related party Transactions

3 Months Ended

Mar. 31, 2022

Related Party Transactions

Related Party Transactions

18.Related Party Transactions

The Company recognized revenue from NBCUniversal Media, LLC (“NBCU”) of $0.5 million and $0.1 million for the three months ended March 31, 2022 and 2021, respectively. The Company recognized expenses under contractual obligations from NBCU of $0.2 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively. The Company had outstanding receivable balances of $0.6 million and $1.2 million from NBCU as of March 31, 2022 and December 31, 2021, respectively. The

Company had outstanding payable balances of $0.5 million and $0.3 million to NBCU as of March 31, 2022 and December 31, 2021, respectively.

Supplemental Disclosures

3 Months Ended

Mar. 31, 2022

Supplemental Disclosures

Supplemental Disclosures

19. Supplemental Disclosures

Film Costs

Film costs, which were included in prepaid and other assets on the condensed consolidated balance sheets, were as follows:


	March 31, 2022		December 31, 2021
Individual Monetization:
Feature films in production	$	4,513	$	3,690
Total	$	4,513	$	3,690

No amortization of film costs was recorded during the three months ended March 31, 2022 or 2021.

Supplemental Cash Flow Disclosures


	Three Months Ended March 31,
	2022		2021
Cash paid for income taxes, net	$	218	$	816
Cash paid for interest		331		173
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment		402		384
Issuance of common stock for HuffPost Acquisition		—		24,064

Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events.

Subsequent Events

20. Subsequent Events

On May 6, 2022, the BuzzFeed News Union ratified a collective bargaining agreement with the Company. Also on May 6, 2022, the Company presented BuzzFeed News employees with the final negotiated voluntary buyout proposal. Employees have 45 days from May 6, 2022 , to indicate whether they will accept the Company’s voluntary buyout proposal. The amount of expense the Company will recognize will depend on the number of employees who accept the voluntary buyout proposal, as well as their respective salaries and years of service. Refer to Note 14 of our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information with respect to our restructuring activities.

On May 12, 2022, the Board of Directors waived the liquidity condition associated with the Liquidity 1 RSUs, permitting the RSUs to vest (based on service). This waiver represented a modification under ASC 718, and as the Liquidity 1 RSUs were not considered probable of vesting prior to the modification, the Company remeasured the Liquidity 1 RSUs based on our closing stock price on May 12, 2022. The Company recognized approximately $8.2 million of stock-based compensation associated with these RSUs in the second quarter of 2022. There were 2.4 million Liquidity 1 RSUs outstanding as of May 12, 2022, and 2.1 million were vested based on service (0.1 million of these RSUs belong to our Named Executive Officers). Refer to Note 11 of our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information with respect to the Liquidity 1 RSUs.

Summary of Significant Accounting Policies (Polices)	3 Months Ended
Summary of Significant Accounting Policies (Polices)	Mar. 31, 2022
Summary of Significant Accounting Policies
Basis of Financial Statements and Principles of Consolidation	Basis of Financial Statements and Principles of Consolidation The accompanying unaudited condensed consolidated 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 (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. As such, the accompanying 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 and for the year ended December 31, 2021, as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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 ended December 31, 2022. 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.
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, fair values of intangible assets acquired in business combinations, valuation allowances for deferred income tax assets, allowance for doubtful accounts, fair value of the derivative liability, fair values used for stock-based compensation in periods prior to the Business Combination, useful lives of fixed assets, and capitalized software costs.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company, an emerging growth company, or EGC, has elected to take advantage of the benefits of the extended transition period provided for in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting standards which allows the Company to defer adoption of certain accounting standards until those standards would otherwise apply to private companies. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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. On January 1, 2022, the Company adopted Accounting Standards Codification (“ASC”) 842 using the modified retrospective method. Prior period amounts were not adjusted and continue to be reported in accordance with historical accounting under ASC 840. The Company elected to use the package of practical expedients permitted under the transition guidance. Accordingly, the Company did not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, or (iii) any initial direct costs for any existing leases. The Company elected to use the practical expedient to combine lease and non-lease components for all classes of assets. Additionally, the Company elected not to record on the balance sheet leases with a term of twelve months or less. Upon adoption, the Company recorded right of use assets of $77.8 million and lease liabilities of $96.0 million. The adoption of ASC 842 did not result in a material impact to the condensed consolidated statements of operations or cash flows. See Note 15 for more information about the adoption of ASC 842 and related disclosures. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other (Topic 350): Internal-Use Software (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance was effective for the Company for annual reporting periods beginning after December 15, 2020, and interim reporting periods beginning after December 15, 2021. The Company adopted ASU 2018-15 prospectively for the Company’s annual reporting period effective January 1, 2021 and for interim reporting periods beginning on January 1, 2022. The adoption did not have a significant impact on the Company’s condensed consolidated financial statements. In October 2021, the FASB issued ASU No.2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). ASU 2021-08 requires an acquirer to account for revenue contracts acquired in a business combination in accordance with ASC 606, as if it had originated the contracts. Prior to ASU 2021-08, an acquirer generally recognized assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts, at fair value on the acquisition date. As permitted by the ASU, the Company elected to early adopt the amendments in the fourth quarter of 2021 and retrospectively applied ASU 2021-08 to its acquisitions that occurred in 2021. The adoption of ASU 2021-08 did not have a significant impact on the Company’s condensed consolidated financial statements. 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”). The ASU eliminates two of the three models in ASC 470-20 that require separating embedded conversion features from convertible instruments. As a result, only conversion features accounted for under the substantial premium model in ASC 470-20 and those that require bifurcation in accordance with ASC 815-15 will be accounted for separately. For contracts in an entity’s own equity, the new guidance eliminates some of the requirements in ASC 815-40 for equity classification. The guidance also addresses how convertible instruments are accounted for in the diluted earnings per share (EPS) calculation and requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. Early adoption is permitted for all entities for fiscal periods beginning after December 15, 2020, including interim periods within the same fiscal year. The ASU allows entities to use a modified or full retrospective transition method. The Company elected to early adopt ASU 2020-06 effective January 1, 2021. The adoption of ASU 2020-06 did not have a significant impact on the Company’s condensed consolidated financial statements. On January 1, 2021, the Company 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.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted 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 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.

Description of the Business (Tables)

3 Months Ended

Mar. 31, 2022

Description of the Business

Summary of proceeds raised and issuance costs incurred in relation to business comnination


Cash from reverse recapitalization	$	16,167
890 reverse recapitalization costs		(13,795)
BuzzFeed reverse recapitalization costs		(14,609)
Net proceeds from reverse recapitalization	$	(12,237)

Proceeds from Notes	$	150,000
Issuance costs		(6,757)
Issuance costs settled in stock		563
Proceeds from issuance of Notes, net of issuance costs	$	143,806

Acquisitions and Dispositions (Tables)

3 Months Ended

Mar. 31, 2022

C Acquisition

Acquisitions and Dispositions

Schedule of fair value of consideration exchanged


Cash consideration⁽¹⁾	$	197,966
Share consideration⁽²⁾		96,200
Total consideration	$	294,166

(1) — Includes the cash purchase price of $200.0 million adjusted for certain closing specified liabilities as specified in the C Acquisition Purchase Agreement.

Schedule of purchase price allocation for the assets acquired and liabilities assumed


			Measurement
			Period
	Preliminary		Adjustments	Updated Preliminary
Cash	$	2,881	—	$	2,881
Accounts receivable		22,581	11		22,592
Prepaid and other current assets		17,827	—		17,827
Property and equipment		332	(15)		317
Intangible assets		119,100	—		119,100
Goodwill		189,391	(831)		188,560
Accounts payable		(2,661)	—		(2,661)
Accrued expenses		(12,319)	486		(11,833)
Accrued compensation		(12,867)	349		(12,518)
Deferred revenue		(5,855)	—		(5,855)
Deferred tax liabilities		(22,776)	—		(22,776)
Other liabilities		(1,468)	—		(1,468)
Total consideration for Complex Networks	$	294,166	—	$	294,166

Schedule of estimated fair value of each of the identifiable intangible assets


		Weighted Average
	Asset Fair Value	Useful Life (Years)
Trademarks & tradenames	97,000	15
Customer relationships	17,000	4
Developed technology	5,100	3

Schedule of Company's pro forma combined revenues and net income


	Three Months Ended March 31,
	2021
Revenue	$	92,662
Net loss		(18,443)

HuffPost and Verizon Investment

Acquisitions and Dispositions

Schedule of fair value of consideration exchanged


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

Schedule of purchase price allocation for the assets acquired and liabilities assumed


			Measurement
			Period
	Preliminary		Adjustments		Final
Cash and cash equivalents	$	5,513	$	—	$	5,513
Accounts receivable		3,383		—		3,383
Prepaid and other current assets		611		—		611
Deferred tax assets		116		15		131
Property and equipment		620		—		620
Intangible assets		19,500		—		19,500
Goodwill		5,927		(437)		5,490
Accounts payable		(1,410)		—		(1,410)
Accrued expenses		(4,249)		—		(4,249)
Deferred tax liabilities		(4,251)		422		(3,829)
Other liabilities		(63)		—		(63)
Noncontrolling interests		(2,123)		—		(2,123)
Total consideration for HuffPost	$	23,574	$	—	$	23,574

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2022

Revenue Recognition

Schedule of disaggregation of revenue


	Three Months Ended March 31,
	2022		2021
Advertising	$	48,668	$	38,649
Content		32,279		19,537
Commerce and other		10,611		14,462
Total	$	91,558	$	72,648

The following table presents the Company’s revenue disaggregated by geography:


	Three Months Ended March 31,
	2022		2021
Revenue:
United States	$	83,100	$	65,602
International		8,458		7,046
Total	$	91,558	$	72,648

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Measurements

Schedule of fair value measurements

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis are summarized below:


	March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—
Liabilities:
Derivative liability	$	—	$	—	$	6,450	$	6,450
Other non-current liabilities:
Public Warrants		8,107		—		—		8,107
Private Warrants		—		247		—		247
Total	$	8,107	$	247	$	6,450	$	14,804


	December 31, 2021
	Level 1			Level 2		Level 3	Total
Assets:
Cash equivalents:
Money market funds	$	1	$	—	$	—	$	1
Total	$	1	$	—	$	—	$	1
Liabilities:
Derivative liability	$	—	$	—	$	4,875	$	4,875
Other non-current liabilities:
Public Warrants		4,792		—		—		4,792
Private Warrants		—		146		—		146
Total	$	4,792	$	146	$	4,875	$	9,813

Schedule of quantitative information regarding the significant unobservable inputs used by the Company related to the derivative liability


	March 31,		December 31,
	2022		2021
Term (in years)	4.7		4.9
Risk-free rate	2.42	%	1.25	%
Volatility	35.4	%	31.5	%

Schedule of activity of the Level 3 instruments


	Derivative
	Liability
Balance as of December 31, 2021	$	4,875
Change in fair value of derivative liability		1,575
Balance as of March 31, 2022	$	6,450

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2022

Property and Equipment, net

Summary of property and equipment, net

Property and equipment, net consisted of the following:


	March 31, 2022		December 31, 2021
Leasehold improvements	$	49,692	$	47,573
Furniture and fixtures		6,160		6,029
Computer equipment		5,343		5,134
Video equipment		648		648
Total		61,843		59,384
Less: Accumulated depreciation		(38,778)		(36,332)
Net Carrying Value	$	23,065	$	23,052

Capitalized Software Costs, net (Tables)

3 Months Ended

Mar. 31, 2022

Capitalized Software Costs, net

Schedule of capitalized software costs


	March 31,2022		December 31,2021
Website and internal-use software	$	85,461	$	81,908
Less: Accumulated amortization		(67,559)		(65,354)
Net Carrying Value	$	17,902	$	16,554

Intangible Assets, net (Tables)

3 Months Ended

Mar. 31, 2022

Intangible Assets, net

Summary of intangible assets and the weighted average remaining useful lives


	March 31, 2022								December 31, 2021
	Weighted-								Weighted-
	Average								Average
	Remaining		Gross						Remaining
	Useful Lives		Carrying		Accumulated		Net Carrying		Useful Lives	Gross Carrying		Accumulated
	(in years)		Value		Amortization		Value		(in years)	Value		Amortization		Net Carrying Value
Acquired Technology		2	$	10,600	$	2,628	$	7,972	3	$	10,600	$	1,745	$	8,855
Trademarks and Trade Names		15		111,000		3,206		107,794	15		111,000		1,356		109,644
Trademarks and Trade Names		Indefinite		1,368		—		1,368	Indefinite		1,368		—		1,368
Customer Relationships		4		17,000		1,417		15,583	4		17,000		354		16,646
Total			$	139,968	$	7,251	$	132,717		$	139,968	$	3,455	$	136,513

Schedule of Estimated future amortization expense

Estimated future amortization expense as of March 31, 2022 is as follows (in thousands):


Remainder of 2022	$	11,387
2023		15,183
2024		13,438
2025		11,296
2026		7,400
Thereafter		72,645
Total	$	131,349

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Related Party Transactions

Schedule of net carrying amount of the notes

The net carrying amount of the Notes as of March 31, 2022 and December 31, 2021 was:


	March 31, 2022		December 31, 2021
Principal outstanding	$	150,000	$	150,000
Unamortized debt discount and issuance costs		(35,473)		(36,627)
Net carrying value	$	114,527	$	113,373

Redeemable Noncontrolling Interest (Tables)

3 Months Ended

Mar. 31, 2022

Redeemable Noncontrolling Interest

Schedule of redeemable non controlling interest

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


	2022		2021
Balance as of January 1,	$	2,294	$	848
Allocation of net (income) loss		164		60
Balance as of March 31,	$	2,458	$	908

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Stockholders' Equity

Schedule of fair value of stock option awards valuation assumptions


		Weighted		Weighted
		Average		Average	Aggregate
	Number of	Exercise		Remaining	Intrinsic
	Shares	Price		Term	Value
Balance as of December 31, 2021	4,560	$	6.29	3.07	$	2,670
Granted	593		4.33
Exercised	(308)		1.02
Forfeited	(83)		6.48
Expired	(407)		7.38
Balance as of March 31, 2022	4,355		6.29	4.03		1,766
Expected to vest at March 31, 2022	4,355		6.29	4.03		1,766
Exercisable at March 31, 2022	3,274		6.18	2.38		1,261

Schedule of the restricted stock unit activity


		Weighted Average Grant-
	Shares	Date Fair Value
Outstanding as of December 31, 2021	5,235	$	8.88
Granted	4,438		4.33
Vested	(167)		5.73
Forfeited	(32)		6.32
Outstanding as of March 31, 2022	9,474	$	6.82

Schedule of Stock-Based Compensation Expense


	Three Months Ended March 31,
	2022		2021
Cost of revenue, excluding depreciation and amortization	$	460	$	42
Sales and marketing		722		29
General and administrative		2,598		54
Research and development		160		13
Total	$	3,940	$	138

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Net Loss Per Share

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

The table below presents the computation of basic and diluted net loss per share:


	Three Months Ended March 31,
	2022		2021
Numerator:
Net loss	$	(44,566)	$	(11,325)
Net income attributable to the redeemable noncontrolling interest		164		60
Net income (loss) attributable to noncontrolling interests		164		(18)
Net loss attributable to holders of Class A, Class B, and Class C common stock	$	(44,894)	$	(11,367)
Denominator:
Weighted average common shares outstanding, basic and diluted		136,425		15,188
Net loss per common share, basic and diluted	$	(0.33)	$	(0.75)

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 net income (loss) per share as the effect would have been anti-dilutive:


	Three Months Ended March 31,
	2022	2021
Stock options	4,355	9,355
Restricted stock units	7,019	—
Warrants	9,876	—
Convertible notes	12,000	—
Convertible preferred stock	—	94,360

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

Income Taxes

Schedule of provision (benefit) for income taxes


	Three Months Ended March 31,
	2022			2021
Income tax provision (benefit)	$	350		$	(4,816)
Effective tax rate		(0.8)	%		29.8	%

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases

Schedule of operating lease assets and liabilities


	March 31, 2022
Assets
Right-of-use assets	$	73,103
		73,103
Liabilities
Current lease liabilities		24,258
Noncurrent lease liabilities		66,174
Total lease liabilities	$	90,432

Schedule of other information relating to leases


	March 31, 2022
Supplemental cash flow information:
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	$	8,419


	March 31, 2022
Weighted average remaining lease term (years)	3.72
Weighted average discount rate	13.00	%

Schedule of maturities of lease liabilities


Year	Operating Leases
Remainder of 2022	$	25,769
2023		32,174
2024		23,859
2025		21,123
2026		8,415
Thereafter		2,574
Total lease payments		113,914
Less: imputed interest		(23,482)
Total	$	90,432

Schedule of sublease receipts to be received in the future under noncancelable subleases


Year	Amount
Remainder of 2022	$	5,505
2023		7,204
2024		7,048
2025		7,048
2026		2,763
Thereafter		178
Total	$	29,746

Schedule of components of Lease cost


	March 31, 2022
Operating lease cost	$	7,727
Sublease income		(1,829)
Total lease cost	$	5,898

Schedule of Future minimum lease payments


Year	Amount
2022	$	33,817
2023		31,910
2024		23,885
2025		21,148
2026		8,441
Thereafter		2,642
Total	$	121,843

Supplemental Disclosures (Tables)

3 Months Ended

Mar. 31, 2022

Supplemental Disclosures

Schedule of film costs


	March 31, 2022		December 31, 2021
Individual Monetization:
Feature films in production	$	4,513	$	3,690
Total	$	4,513	$	3,690

Schedule of supplemental cash flow information


	Three Months Ended March 31,
	2022		2021
Cash paid for income taxes, net	$	218	$	816
Cash paid for interest		331		173
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment		402		384
Issuance of common stock for HuffPost Acquisition		—		24,064

Description of the Business (Details) $ in Thousands	3 Months Ended
Description of the Business (Details) $ in Thousands	Mar. 31, 2022 USD ($) segment	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Number of Reportable Segments \| segment	1
Cash and cash equivalents	$ 74,540		$ 79,733
Net loss	(44,566)	$ (11,325)
Accumulated deficit	$ (367,000)		$ (322,106)
CM Partners, LLC
Percentage of membership interests acquired	100.00%

- Definition

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

+ References

+ Details

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Description of the Business - Proceeds raise and issuance costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Cash from reverse recapitalization	$ 16,167
Reverse recapitalization costs	(14,609)
Reverse recapitalization	(12,237)
Proceeds from Notes	150,000
Issuance costs	(6,757)
Issuance costs settled in stock	563
Proceeds from issuance of convertible notes, net of issuance costs	143,806
Reverse recapitalization	600
Eight Hundred And Ninety In Fifth Avenue Partners, Inc [Member]
Reverse recapitalization costs	$ (13,795)

Description of the Business - Business Combination (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of public shares exercised the right to redemption	2 days
Redemption price per public share	$ 10.00
Redemption value of public shares	$ 271.3
Number of business days considered in the calculation of redemption price of public shares	2 days
Amounts held in Trust account	$ 16.2
Unsecured Convertible Notes, Due 2026 [Member]
Aggregate principal amount	$ 150.0
Class A common stock
Common stock, par value	$ 0.0001	$ 0.0001
Number of common shares issued	27,133,519
Common stock, shares issued	116,689,000	116,175,000
Common stock shares outstanding	116,689,000	116,175,000
Class A common stock \| Business Combination Aggrement [Member]
Common stock, par value	$ 0.0001
Class B Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	12,294,000	12,397,000
Common stock shares outstanding	12,294,000	12,397,000
Class C common stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	6,478,000	6,478,000
Common stock shares outstanding	6,478,000	6,478,000
Common Class F [Member] \| Business Combination Aggrement [Member]
Common stock, par value	$ 0.0001
BuzzFeed, Inc. [Member]
Common stock, par value	$ 11.50
Percentage of voting interests held	97.00%
BuzzFeed, Inc. [Member] \| Business Combination Aggrement [Member]
Common stock, par value	$ 0.0001
Number of shares issued in exchange fore each share	0.306
BuzzFeed, Inc. [Member] \| Class A common stock
Number of shares issued in acquisition	10,000,000
Common stock, shares issued	110,789,875
Common stock shares outstanding	110,789,875
BuzzFeed, Inc. [Member] \| Class A common stock \| Business Combination Aggrement [Member]
Common stock, par value	$ 0.0001
Number of shares issued in exchange fore each share	0.306
Number of shares issuable per warrant	30,880,000
Number of common shares issued	30,880,000
BuzzFeed, Inc. [Member] \| Class B Common Stock
Common stock, shares issued	15,872,459
Common stock shares outstanding	15,872,459
BuzzFeed, Inc. [Member] \| Class B Common Stock \| Business Combination Aggrement [Member]
Number of shares issued in exchange fore each share	0.306
BuzzFeed, Inc. [Member] \| Class C common stock
Common stock, shares issued	6,478,031
Common stock shares outstanding	6,478,031
BuzzFeed, Inc. [Member] \| Class C common stock \| Business Combination Aggrement [Member]
Number of shares issued in exchange fore each share	0.306

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022
Right-of-use assets	$ 73,103
Noncurrent lease liabilities	$ 66,174
ASU 842
Right-of-use assets		$ 77,800
Noncurrent lease liabilities		$ 96,000

Acquisitions and Dispositions - Additional Information (Details) - USD ($)			3 Months Ended
	Dec. 03, 2021	Feb. 16, 2021	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Acquisitions and Dispositions
Identifiable intangible assets acquired of goodwill	$ 188,600,000			$ 194,050,000	$ 194,881,000
cash investment			$ 35,000,000
Developed technology
Acquisitions and Dispositions
Intangible assets acquired, estimated useful life	3 years
Trademarks and trade names
Acquisitions and Dispositions
Intangible assets acquired, estimated useful life	15 years
C Acquisition
Acquisitions and Dispositions
Number of shares issued for acquisition		2,639,322
Percentage of membership interests acquired	100.00%
Cash purchase price	$ 294,166
Identifiable intangible assets acquired of goodwill	188,560
C Acquisition \| C Acquisition Purchase Agreement [Member]
Acquisitions and Dispositions
Cash purchase price	$ 200,000,000.0
C Acquisition \| Class A common stock
Acquisitions and Dispositions
Number of shares issued for acquisition	10,000,000
Stock issued price per share	$ 9.62
HuffPost
Acquisitions and Dispositions
Number of shares issued		3,838,710
Percentage of membership interests acquired		100.00%
Cash purchase price		$ 23,574
Identifiable intangible assets acquired of goodwill		$ 5,500,000
HuffPost \| Developed technology
Acquisitions and Dispositions
Intangible assets acquired, estimated useful life		3 years
HuffPost \| Trademarks and trade names
Acquisitions and Dispositions
Intangible assets acquired, estimated useful life		15 years
Verizon Verizon Communications Inc.
Acquisitions and Dispositions
Number of shares issued for acquisition		6,478,032
cash investment		$ 35,000,000.0
Legacy BuzzFeed
Acquisitions and Dispositions
Number of shares issued for acquisition		8,625,234
Stock issued price per share		$ 2.79

Acquisitions and Dispositions - Fair value of consideration exchanged (Details) - USD ($)	Dec. 03, 2021	Feb. 16, 2021
C Acquisition
Acquisitions and Dispositions
Cash consideration	$ 197,966
Share consideration	96,200
Total	$ 294,166
HuffPost
Acquisitions and Dispositions
Share consideration		$ 24,064
Working capital adjustments		(490)
Total		$ 23,574

Acquisitions and Dispositions - Purchase price allocation for the assets acquired and liabilities assumed (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 03, 2021	Feb. 16, 2021
Business Acquisition [Line Items]
Goodwill	$ 194,050,000	$ 194,881,000	$ 188,600,000
C Acquisition
Business Acquisition [Line Items]
Cash			2,881
Accounts receivable			22,592
Prepaid and other current assets			17,827
Property and equipment			317
Intangible assets			119,100
Goodwill			188,560
Accounts payable			(2,661)
Accrued expenses			(11,833)
Accrued compensation			(12,518)
Deferred revenue			(5,855)
Deferred tax liabilities			(22,776)
Other liabilities			(1,468)
Total consideration for Complex Networks			294,166
C Acquisition \| Preliminary
Business Acquisition [Line Items]
Cash			2,881
Accounts receivable			22,581
Prepaid and other current assets			17,827
Property and equipment			332
Intangible assets			119,100
Goodwill			189,391
Accounts payable			(2,661)
Accrued expenses			(12,319)
Accrued compensation			(12,867)
Deferred revenue			(5,855)
Deferred tax liabilities			(22,776)
Other liabilities			(1,468)
Total consideration for Complex Networks			294,166
C Acquisition \| Measurement Period Adjustments
Business Acquisition [Line Items]
Accounts receivable			11
Property and equipment			(15)
Goodwill			(831)
Accrued expenses			486
Accrued compensation			$ 349
HuffPost
Business Acquisition [Line Items]
Cash and cash equivalents				$ 5,513,000
Accounts receivable				3,383,000
Prepaid and other current assets				611,000
Deferred tax assets				131,000
Property and equipment				620,000
Intangible assets				19,500,000
Goodwill				5,500,000
Goodwill				5,490,000
Accounts payable				(1,410,000)
Accrued expenses				(4,249,000)
Deferred tax liabilities				(3,829,000)
Other liabilities				(63,000)
Noncontrolling interests				(2,123,000)
Total consideration for Complex Networks				23,574,000
HuffPost \| Preliminary
Business Acquisition [Line Items]
Cash and cash equivalents				5,513,000
Accounts receivable				3,383,000
Prepaid and other current assets				611,000
Deferred tax assets				116,000
Property and equipment				620,000
Intangible assets				19,500,000
Goodwill				5,927,000
Accounts payable				(1,410,000)
Accrued expenses				(4,249,000)
Deferred tax liabilities				(4,251,000)
Other liabilities				(63,000)
Noncontrolling interests				(2,123,000)
Total consideration for Complex Networks				23,574,000
HuffPost \| Measurement Period Adjustments
Business Acquisition [Line Items]
Deferred tax assets				15,000
Goodwill				(437,000)
Deferred tax liabilities				$ 422,000

Acquisitions and Dispositions - Estimated fair value of each of the identifiable intangible assets (Details)	Dec. 03, 2021 USD ($)
Trademarks and trade names
Estimated fair value of each of the identifiable intangible assets
Asset Fair Value	$ 97,000
Weighted Average Useful Life (Years)	15 years
Customer relationships
Estimated fair value of each of the identifiable intangible assets
Asset Fair Value	$ 17,000
Weighted Average Useful Life (Years)	4 years
Developed technology
Estimated fair value of each of the identifiable intangible assets
Asset Fair Value	$ 5,100
Weighted Average Useful Life (Years)	3 years

Acquisitions and Dispositions - Company pro forma combined revenues and net income (Details) (Imported)	3 Months Ended
	Mar. 31, 2021 USD ($)
Acquisitions and Dispositions
Revenue	$ 92,662
Net loss	$ (18,443)

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 91,558	$ 72,648
United States
Disaggregation of Revenue [Line Items]
Revenue	83,100	65,602
International
Disaggregation of Revenue [Line Items]
Revenue	8,458	7,046
Advertising
Disaggregation of Revenue [Line Items]
Revenue	48,668	38,649
Content
Disaggregation of Revenue [Line Items]
Revenue	32,279	19,537
Commerce and other
Disaggregation of Revenue [Line Items]
Revenue	$ 10,611	$ 14,462

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: 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 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue Recognition (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 03, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 6,800,000	$ 13,300,000
Deferred revenue	3,142,000	1,676,000
Revenue recognized included in deferred revenue		$ 1,000,000.0
Transaction price allocated to the remaining performance obligations	$ 3,000,000.0
C Acquisition
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue			$ 5,855
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected recognized period (in years)	3 years

Fair Value Measurements - Money Market Funds (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		$ 1
Other non-current liabilities:
Total	$ 14,804	9,813
Transfers between fair value measurement levels	0
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		1
Other non-current liabilities:
Total	8,107	4,792
Level 2
Other non-current liabilities:
Total	247	146
Level 3
Other non-current liabilities:
Total	6,450	4,875
Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		1
Money Market Funds [Member] \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		1
Public Warrants
Other non-current liabilities:
Other non-current liabilities	$ 8,107	$ 4,792
Warrants, exercise price	$ 0.85	$ 0.50
Public Warrants \| Level 1
Other non-current liabilities:
Other non-current liabilities	$ 8,107	$ 4,792
Private Warrants
Other non-current liabilities:
Other non-current liabilities	247	146
Private Warrants \| Level 2
Other non-current liabilities:
Other non-current liabilities	247	146
Fair Value, Recurring [Member]
Liabilities:
Derivative liability	6,450	4,875
Fair Value, Recurring [Member] \| Level 3
Liabilities:
Derivative liability	$ 6,450	$ 4,875

Fair Value Measurements - Quantitative information regarding the significant unobservable inputs used by the Company related to the derivative liability (Details)	Mar. 31, 2022	Dec. 31, 2021
Term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	4.7	4.9
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	2.42	1.25
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	35.4	31.5

Fair Value Measurements - Activity of the Level 3 instruments (Details) - Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 4,875
Change in fair value of derivative liability	1,575
Ending balance	$ 6,450

Fair Value Measurements - Equity-method Investment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Equity Securities without Readily Determinable Fair Value [Line Items]
Increase in fair value of investment	$ 1.3
Prepaid and other assets
Equity Securities without Readily Determinable Fair Value [Line Items]
Carrying value of the investment in equity securities without a readily determinable fair value	$ 3.6	$ 2.3

Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment, Net, by Type [Abstract]
Total	$ 61,843		$ 59,384
Less: Accumulated depreciation	(38,778)		(36,332)
Net Carrying Value	23,065		23,052
Depreciation	2,500	$ 1,900
Leasehold improvements
Property, Plant and Equipment, Net, by Type [Abstract]
Total	49,692		47,573
Furniture and fixtures
Property, Plant and Equipment, Net, by Type [Abstract]
Total	6,160		6,029
Computer equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Total	5,343		5,134
Video equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Total	$ 648		$ 648

Capitalized Software Costs, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Capitalized Software Costs, net
Website and internal-use software	$ 85,461		$ 81,908
Less: Accumulated amortization	(67,559)		(65,354)
Net Carrying Value	17,902		$ 16,554
Amount of capitalized software	3,600	$ 1,300
Amortization expense	$ 2,200	$ 3,000

Intangible Assets, net (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Intangible Assets, net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Value	$ 139,968		$ 139,968
Accumulated Amortization	7,251		3,455
Net Carrying Value	132,717		136,513
Amortization expense associated with intangible assets	3,800	$ 300
Trademarks and trade names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets	$ 1,368		$ 1,368
Acquired Technology
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted-Average Remaining Useful Lives (in years)	2 years		3 years
Gross Carrying Value	$ 10,600		$ 10,600
Accumulated Amortization	2,628		1,745
Net Carrying Value	$ 7,972		$ 8,855
Trademarks and trade names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted-Average Remaining Useful Lives (in years)	15 years		15 years
Gross Carrying Value	$ 111,000		$ 111,000
Accumulated Amortization	3,206		1,356
Net Carrying Value	$ 107,794		$ 109,644
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted-Average Remaining Useful Lives (in years)	4 years		4 years
Gross Carrying Value	$ 17,000		$ 17,000
Accumulated Amortization	1,417		354
Net Carrying Value	$ 15,583		$ 16,646

Intangible Assets, net - Estimated Future Amortization (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	$ 11,387
2023	15,183
2024	13,438
2025	11,296
2026	7,400
Thereafter	72,645
Total	$ 131,349

Debt (Details) - USD ($) $ in Thousands		3 Months Ended
Debt (Details) - USD ($) $ in Thousands	Dec. 30, 2020	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding borrowings		$ 143,032	$ 141,878
Revolving line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000
Letter of credit outstanding	$ 15,500		15,500
Debt instrument term	3 years
Percentage of qualifying investment grade accounts receivable	95.00%
Percentage of qualifying Non-investment grade accounts receivable	90.00%
Unrestricted cash	$ 25,000
Debt instrument margin rate		4.50%
Outstanding borrowings		$ 28,500
Unused borrowing capacity		6,000	$ 5,400
Debt issuance cost		$ 300
Revolving line of credit \| Minimum
Debt Instrument [Line Items]
Debt instrument margin rate		3.75%
Revolving line of credit \| Maximum
Debt Instrument [Line Items]
Debt instrument margin rate		4.25%
Revolving line of credit \| LIBOR
Debt Instrument [Line Items]
Debt Instrument Floor Rate 1		0.75%
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
Letter of credit
Debt Instrument [Line Items]
Issuance of letter of credit		$ 15,500

Debt - Convertible Notes (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Issuance costs attributable to debt component	$ 6,757
Convertible Notes
Debt Instrument [Line Items]
Aggregate principal amount of notes issued		$ 150,000
Interest rate		8.50%
Initial conversion price		$ 12.50
Volume-weighted average trading price as percentage of conversion price	130.00%
Number of trading days	20
Number of consecutive trading days	30
Repurchase price as percentage of par plus accrued and unpaid interest	101.00%
Derivative liability	$ 31,600
Effective interest rate	15.00%
Interest expense	$ 4,300
Amortization of debt discount and issuance costs	$ 1,200
Convertible Notes \| After the one year anniversary, and prior to the three-year anniversary
Debt Instrument [Line Items]
Term for calculating amount of interest declining ratably	1 year
Term for calculating amount of interest on the aggregate principal amount	3 years
Convertible Notes \| From the one year anniversary of the issuance of the Notes to the two year anniversary
Debt Instrument [Line Items]
Term for calculating amount of interest declining ratably	18 months
Term for calculating amount of interest on the aggregate principal amount	12 months
Convertible Notes \| From the two year anniversary of the issuance of the Notes to the three year anniversary
Debt Instrument [Line Items]
Term for calculating amount of interest declining ratably	12 months
Term for calculating amount of interest on the aggregate principal amount	0 days

Debt - Net carrying amount (Details) - Convertible Notes - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal outstanding	$ 150,000	$ 150,000
Unamortized debt discount and issuance costs	(35,473)	(36,627)
Net carrying value	114,527	113,373
Fair value of the Notes	$ 127,500,000	$ 126,000,000.0

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	May 01, 2021
Redeemable Noncontrolling Interest
Beginning balance	$ 2,294	$ 848
Allocation of net (income) loss	164	60
Ending balance	$ 2,458	$ 908
BuzzFeed Japan
Redeemable Noncontrolling Interest [Line Items]
Ownership (In percentage)	49.00%
Yohoo Japan's
Redeemable Noncontrolling Interest [Line Items]
Ownership (In percentage)			24.50%

Stockholders' Equity - Summary of the share activity under the 2015 Plan (Details) - 2015 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of shares
Outstanding at the beginning	4,560
Granted	593
Exercised	(308)
Forfeited	(83)
Expired	(407)
Outstanding at the end	4,355	4,560
Expected to vest	4,355
Exercisable	3,274
Weighted Average Exercise Price
Outstanding at the beginning (in dollars per share)	$ 6.29
Granted (in dollars per share)	4.33
Exercised (in dollars per share)	1.02
Forfeited (in dollars per share)	6.48
Expired (in dollars per share)	7.38
Outstanding at the end (in dollars per share)	6.29	$ 6.29
Expected to vest (in dollars per share)	6.29
Exercisable (in dollars per share)	$ 6.18
Weighted Average Remaining Contractual Term
Weighted Average Remaining Term (in years)	4 years 10 days	3 years 25 days
Vested and expected to vest (in years)	4 years 10 days
Exercisable (in years)	2 years 4 months 17 days
Aggregate Intrinsic Value
Outstanding	$ 1,766	$ 2,670
Expected to vest	1,766
Exercisable	$ 1,261

Stockholders' Equity - Summary of the restricted stock unit activity (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Restricted stock
Number of shares
Outstanding at the beginning	5,235
Granted	4,438
Vested	167
Forfeited	32
Outstanding at the end	9,474
Weighted Average Grant-Date Fair Value
Outstanding at the beginning \| $ / shares	$ 8.88
Granted \| $ / shares	4.33
Vested \| $ / shares	5.73
Forfeited \| $ / shares	6.32
Outstanding at the end \| $ / shares	$ 6.82
Number of RSUs outstanding subject to a certain vesting condition	9,474
RSUs
Number of shares
Outstanding at the end	2,500,000
Weighted Average Grant-Date Fair Value
Unrecognized compensation costs \| $	$ 23.3
Number of RSUs outstanding subject to a certain vesting condition	2,500,000
Unrecognized Compensation Costs \| $	$ 21.2

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) Vote $ / shares shares	Mar. 31, 2021 USD ($)	Dec. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001
Preferred Stock, Shares Authorized	50,000,000
Preferred Stock, Shares Issued	0		0
Preferred Stock, Shares Outstanding	0		0
Share-based compensation costs \| $	$ 3,940	$ 138
Total \| $	$ 3,940	$ 138
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares issued	116,689,000		116,175,000
Common shares, votes per share \| Vote	1
Common stock shares outstanding	116,689,000		116,175,000
Number of shares authorized	700,000,000		700,000,000
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001		$ 0.0001
Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares issued	12,294,000		12,397,000
Common shares, votes per share \| Vote	50
Common stock shares outstanding	12,294,000		12,397,000
Number of shares authorized	20,000,000		20,000,000
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001		$ 0.0001
Class C common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares issued	6,478,000		6,478,000
Common shares, votes per share \| Vote	0
Common stock shares outstanding	6,478,000		6,478,000
Number of shares authorized	10,000,000		10,000,000
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001		$ 0.0001
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs \| $	$ 3,000
Weighted-average remaining requisite service period	1 year 6 months
Total \| $	$ 3,000

Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 3,940	$ 138
Cost of revenue, excluding depreciation and amortization
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	460	42
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	722	29
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	2,598	54
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 160	$ 13

Net Loss Per Share - Computation of basic and diluted loss per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (44,566)	$ (11,325)
Net income attributable to the redeemable noncontrolling interest	164	60
Net income (loss) attributable to noncontrolling interests	164	(18)
Net loss attributable to holders of Class A common stock and Class B common stock	$ (44,894)	$ (11,367)
Denominator:
Weighted-average shares - basic	136,425	15,188
Weighted-average shares - diluted	136,425	15,188
Net loss per common share - basic	$ (0.33)	$ (0.75)
Net loss per common share - diluted	$ (0.33)	$ (0.75)

Net Loss Per Share - Calculation of diluted loss per share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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	4,355	9,355
RSUs
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	7,019
Warrant
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	9,876
Convertible notes
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	12,000
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		94,360

Net Loss Per Share - Additional information (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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		94,360
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	2,500,000	5,300,000

Income Taxes - Schedule of income tax benefit and effective tax rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Taxes
Income tax provision (benefit)	$ 350	$ (4,816)
Effective income tax rate	(0.80%)	29.80%

- Definition

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

+ References + Details

Income Taxes - Additional information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Taxes
U.S. federal statutory income tax rate	21.00%	21.00%
Discrete tax benefit		$ 4.3

Restructuring Costs (Details) - USD ($) $ in Millions	Mar. 22, 2022	Mar. 09, 2021	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring cost	$ 1.8	$ 3.6
Unpaid restructuring costs			$ 1.8
Cost of revenue, excluding depreciation and amortization
Restructuring Cost and Reserve [Line Items]
Restructuring cost	1.3	3.2
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring cost	0.3
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring cost	$ 0.2	0.3
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring cost		$ 0.1

Leases (Details) $ in Thousands	3 Months Ended
Leases (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Right-of-use assets	$ 73,103
Current lease liabilities	24,258
Noncurrent lease liabilities	66,174
Total lease liabilities	$ 90,432
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Noncurrent lease liabilities
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherLiabilities
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	$ 8,419
Weighted average remaining lease term (years)	3 years 8 months 19 days
Weighted average discount rate	13.00%
General and administrative
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 7,727
Sublease income	$ 1,829

Leases - Maturities (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Leases
Remainder of 2022	$ 25,769
2023	32,174
2024	23,859
2025	21,123
2026	8,415
Thereafter	2,574
Total lease payments	113,914
Less: imputed interest	(23,482)
Total lease liabilities	$ 90,432

Leases - Sublease receivables (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Leases
Remainder of 2022	$ 5,505
2023	7,204
2024	7,048
2025	7,048
2026	2,763
Thereafter	178
Total	$ 29,746

Leases - Schedule of components of Lease cost (Details) - General and administrative $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 7,727
Sublease income	1,829
Total lease cost	$ 5,898

Leases - Schedule of Future minimum lease payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Operating Leases, Future Minimum Lease Payments, [Abstract]
2022	$ 33,817
2023	31,910
2024	23,885
2025	21,148
2026	8,441
Thereafter	2,642
Total	$ 121,843

Commitments and Contingencies - Additional information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2020	Mar. 31, 2022
Commitments and Contingencies.
Maximum amount of new guarantee under lease agreement	$ 5.4	$ 2.3

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2022 segment
Segment Information
Number of operating segments	1

Related party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Revenue from related parties	$ 91,558	$ 72,648
NBCUniversal Media, LLC [Member]
Defined Benefit Plan Disclosure [Line Items]
Revenue from related parties	500	100
Related party transaction expenses	200	$ 200
Outstanding receivable	600		$ 1,200
Outstanding payable	$ 500		$ 300

- Definition

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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.11)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

+ Details

- Definition

Portion of the carrying amount as of the balance sheet date of obligations due all related parties that is payable after one year or beyond the normal operating cycle if longer.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Supplemental Disclosures - Film Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Individual Monetization:
Feature films in production	$ 4,513		$ 3,690
Total Film Costs	4,513		$ 3,690
Amortized film costs	$ 0	$ 0

Supplemental Disclosures - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Noncash or Part Noncash Acquisitions [Line Items]
Cash paid for income taxes, net	$ 218	$ 816
Cash paid for interest	331	173
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment	$ 402	384
HuffPost and Verizon Investment
Non-cash investing and financing activities:
Issuance of common stock for HuffPost Acquisition		$ 24,064

Subsequent Events (Details) $ in Thousands			3 Months Ended
Subsequent Events (Details) $ in Thousands	May 12, 2022 USD ($) item director	May 06, 2022	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Subsequent Event [Line Items]
Share-based Payment Arrangement, Expense				$ 3,940	$ 138
Number of days granted for employees to accept voluntary buyout proposal		45 days
Subsequent Events \| RSUs
Subsequent Event [Line Items]
Units, waived by Board of Directors \| director	1
Share-based Payment Arrangement, Expense			$ 8,200
Units, not considered probable of vesting prior to modification \| item	1
Vested amount	$ 2,100
Number of RSU's outstanding out of liqudity amount \| item	1
Liquidity Amount	$ 2,400
Subsequent Events \| RSUs \| Executive Officers
Subsequent Event [Line Items]
Vested amount	$ 100