0001828972-23-000029 | 10-K | XBRL Viewer

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Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2022	Mar. 14, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
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, Address Line One	229 West 43rd Street
Entity Address, State or Province	NY
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10036
City Area Code	646
Local Phone Number	589-8592
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 158.2
Entity Central Index Key	0001828972
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Amendment Flag	false
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	New York, New York
Class A Common Stock, $0.0001 par value per share
Document Information [Line Items]
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		126,771,826
Redeemable warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share
Document Information [Line Items]
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
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,675,517
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,478,031

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 55,774	$ 79,733
Accounts receivable (net of allowance for doubtful accounts of $1,879, and $1,094 as at December 31, 2022 and 2021)	116,460	142,909
Prepaid expenses and other current assets	26,373	29,017
Total current assets	198,607	251,659
Property and equipment, net	17,774	23,052
Right-of-use assets	66,581	0
Capitalized software costs, net	19,259	16,554
Intangible assets, net	121,329	136,513
Goodwill	91,632	194,881
Prepaid expenses and other assets	14,790	14,555
Total assets	529,972	637,214
Current liabilities
Accounts payable	29,329	16,025
Accrued expenses	26,357	31,386
Deferred rent	0	4,894
Deferred revenue	8,836	1,676
Accrued compensation	31,052	37,434
Current lease liabilities	23,398	0
Other current liabilities	3,900	2,731
Total current liabilities	122,872	94,146
Deferred rent	0	12,504
Noncurrent lease liabilities	59,315	0
Debt	152,253	141,878
Derivative liability	180	4,875
Warrant liabilities	395	4,938
Other liabilities	403	3,992
Total liabilities	335,418	262,333
Commitments and contingencies
Redeemable noncontrolling interest	0	2,294
Stockholders’ equity
Additional paid-in capital	716,233	695,869
Accumulated deficit	(523,063)	(322,106)
Accumulated other comprehensive loss	(1,968)	(3,233)
Total BuzzFeed, Inc. stockholders’ equity	191,217	370,543
Noncontrolling interests	3,337	2,044
Total stockholders’ equity	194,554	372,587
Total liabilities and stockholders' equity	529,972	637,214
Class A Common Stock
Stockholders’ equity
Common stock	13	11
Class B Common Stock
Stockholders’ equity
Common stock	1	1
Class C Common Stock
Stockholders’ equity
Common stock	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts receivable allowance	$ 1,879	$ 1,094
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	126,387,000	116,175,000
Common stock, shares outstanding (in shares)	126,387,000	116,175,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	6,678,000	12,397,000
Common stock, shares outstanding (in shares)	6,678,000	12,397,000
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	6,478,000
Common stock, shares outstanding (in shares)	6,478,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 436,674	$ 397,564	$ 321,324
Costs and Expenses
Cost of revenue, excluding depreciation and amortization	261,815	207,397	140,290
Sales and marketing	71,262	54,981	50,680
General and administrative	117,734	112,552	83,061
Research and development	30,597	24,928	17,669
Depreciation and amortization	35,073	22,860	17,486
Impairment expense	104,500	0	0
Total costs and expenses	620,981	422,718	309,186
(Loss) income from operations	(184,307)	(25,154)	12,138
Other (expense) income, net	(3,076)	(3,974)	882
Interest expense, net	(21,155)	(2,885)	(923)
Change in fair value of warrant liabilities	4,543	4,740	0
Change in fair value of derivative liability	4,695	26,745	0
(Loss) income before income taxes	(199,300)	(528)	12,097
Income tax provision (benefit)	2,026	(26,404)	941
Net (loss) income	(201,326)	25,876	11,156
Net income attributable to the redeemable noncontrolling interest	164	936	820
Net (loss) income attributable to noncontrolling interests	(533)	228	0
Net (loss) income attributable to BuzzFeed, Inc.	(200,957)	24,712	10,336
Net income (loss) attributable to holders of Class A, Class B and Class C common stock, basic	(200,957)	0	0
Net income (loss) attributable to holders of Class A, Class B and Class C common stock, diluted	$ (200,957)	$ (716)	$ 0
Net income (loss) per Class A, Class B and Class C common share, basic (in dollars per share)	$ (1.45)	$ 0	$ 0
Net income (loss) per Class A, Class B and Class C common share, diluted (in dollars per share)	$ (1.45)	$ (0.03)	$ 0
Basic weighted average common shares outstanding (in shares)	138,148	27,048	11,942
Diluted weighted average common shares outstanding (in shares)	138,148	28,001	11,942

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (201,326)	$ 25,876	$ 11,156
Other comprehensive income (loss)
Foreign currency translation adjustment	633	126	(2,116)
Other comprehensive income (loss)	633	126	(2,116)
Comprehensive (loss) income	(200,693)	26,002	9,040
Comprehensive income attributable to the redeemable noncontrolling interest	164	936	820
Comprehensive (loss) income attributable to noncontrolling interests	(533)	228	0
Foreign currency translation adjustment attributable to noncontrolling interests	(632)	0	0
Comprehensive (loss) income attributable to BuzzFeed, Inc.	$ (199,692)	$ 24,838	$ 8,220

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands	Total	HuffPost	Class A Common Stock	Class B Common Stock	Class C Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Stock Class C Common Stock	Common Stock Class C Common Stock HuffPost	Additional Paid-in Capital	Additional Paid-in Capital HuffPost	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total BuzzFeed, Inc. Stockholders' Equity (Deficit)	Total BuzzFeed, Inc. Stockholders' Equity (Deficit) HuffPost	Noncontrolling Interests	Noncontrolling Interests HuffPost
Balance at beginning (in shares) at Dec. 31, 2019						1,534	10,375	0
Balance at beginning at Dec. 31, 2019	$ (323,371,000)					$ 0	$ 1,000	$ 0		$ 35,025,000		$ (357,154,000)	$ (1,243,000)	$ (323,371,000)		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	10,336,000											10,336,000		10,336,000
Stock-based compensation	1,189,000									1,189,000				1,189,000
Issuance of common stock upon exercise of stock options (in shares)						6	64
Issuance of common stock upon exercise of stock options	159,000									159,000				159,000
Other comprehensive income (loss)	(2,116,000)												(2,116,000)	(2,116,000)
Reclassification into permanent equity	0
Balance at end (in shares) at Dec. 31, 2020						1,540	10,439	0
Balance at end at Dec. 31, 2020	(313,803,000)					$ 0	$ 1,000	$ 0		36,373,000		(346,818,000)	(3,359,000)	(313,803,000)		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	24,940,000											24,712,000		24,712,000		228,000
Stock-based compensation	23,565,000									23,565,000				23,565,000
Issuance of common stock (in shares)								3,839
Issuance of common stock	35,000,000							$ 1,000		34,999,000				35,000,000
Shares issued for C Acquisition (in shares)						10,000			2,639
Shares issued for C Acquisition	96,200,000	$ 26,186,000				$ 1,000				96,199,000	$ 24,064,000			96,200,000	$ 24,064,000
HuffPost acquisition, noncontrolling interest																	$ 2,122,000
Issuance of common stock in connection with share-based plans (in shares)						1,921	476
Issuance of common stock in connection with share-based plans	6,975,000									6,975,000				6,975,000
Merger of BuzzFeed Japan and HuffPost Japan	(510,000)															(510,000)
Disposition of subsidiaries	204,000															204,000
Conversion of shares (in shares)						9,693	(9,693)
Conversion of shares	0					$ 1,000	$ (1,000)
Reverse recapitalization, net of transaction costs (in shares)						93,021	11,175
Reverse recapitalization, net of transaction costs	473,704,000					$ 9,000	$ 1,000			473,694,000				473,704,000
Other comprehensive income (loss)	126,000												126,000	126,000
Reclassification into permanent equity	0
Balance at end (in shares) at Dec. 31, 2021			116,175	12,397		116,175	12,397	6,478
Balance at end at Dec. 31, 2021	372,587,000					$ 11,000	$ 1,000	$ 1,000		695,869,000		(322,106,000)	(3,233,000)	370,543,000		2,044,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(201,490,000)											(200,957,000)		(200,957,000)		(533,000)
Stock-based compensation	21,605,000									21,605,000				21,605,000
Conversion of shares (in shares)						(5,719)	(5,719)
Issuance of common stock in connection with share-based plans (in shares)						4,965
Issuance of common stock in connection with share-based plans	459,000					$ 2,000				457,000				459,000
Shares withheld for employee taxes (in shares)						(472)
Shares withheld for employee taxes	(1,698,000)									(1,698,000)				(1,698,000)
Other comprehensive income (loss)	633,000												1,265,000	1,265,000		(632,000)
Reclassification into permanent equity	2,458,000															2,458,000
Balance at end (in shares) at Dec. 31, 2022			126,387	6,678	6,478	126,387	6,678	6,478
Balance at end at Dec. 31, 2022	$ 194,554,000					$ 13,000	$ 1,000	$ 1,000		$ 716,233,000		$ (523,063,000)	$ (1,968,000)	$ 191,217,000		$ 3,337,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net (loss) income	$ (201,326,000)	$ 25,876,000	$ 11,156,000
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	35,073,000	22,860,000	17,486,000
Unrealized loss (gain) on foreign currency	5,389,000	1,824,000	(2,623,000)
Stock based compensation	21,605,000	23,565,000	1,189,000
Change in fair value of warrants	(4,543,000)	(4,740,000)	0
Change in fair value of derivative liability	(4,695,000)	(26,745,000)	0
Issuance costs allocated to derivative liability	0	1,424,000	0
Amortization of debt discount and deferred issuance costs	5,375,000	326,000	0
Deferred income tax	(1,594,000)	(28,087,000)	112,000
Loss on disposition of subsidiaries	0	1,234,000	711,000
(Gain) loss on disposition of assets	(500,000)	220,000	254,000
Loss on extinguishment of debt	0	0	600,000
Unrealized gain on investment	(1,260,000)	0	(500,000)
Provision for doubtful accounts	785,000	(161,000)	322,000
Impairment expense	104,500,000	0	0
Noncash lease expense	19,870,000	0	0
Changes in operating assets and liabilities:
Accounts receivable	23,941,000	(12,951,000)	(7,086,000)
Prepaid expenses and other current assets and prepaid expenses and other assets	2,540,000	2,361,000	2,537,000
Accounts payable	11,582,000	3,546,000	(1,521,000)
Deferred rent	0	(4,456,000)	397,000
Accrued compensation	(5,663,000)	2,307,000	1,429,000
Accrued expenses, other current liabilities and other liabilities	(2,841,000)	(1,847,000)	2,086,000
Lease liabilities	(23,249,000)	0	0
Deferred revenue	7,154,000	(5,759,000)	1,004,000
Cash (used in) provided by operating activities	(7,857,000)	797,000	27,553,000
Investing activities:
Business acquisitions, net of cash acquired	0	(189,885,000)	0
Capital expenditures	(5,424,000)	(4,983,000)	(4,708,000)
Capitalization of internal-use software	(12,361,000)	(11,039,000)	(9,830,000)
Proceeds from Sales of Assets, Investing Activities	500,000	0	0
Cash of disposed subsidiaries, less proceeds on disposition	0	(2,121,000)	(265,000)
Cash used in investing activities	(17,285,000)	(208,028,000)	(14,803,000)
Financing activities:
Proceeds from reverse recapitalization, net of costs	0	(11,652,000)	0
Proceeds from issuance of common stock	0	35,000,000	0
Payment for shares withheld for employee taxes	(1,698,000)	0	0
Deferred reverse recapitalization costs	(585,000)	0	0
Proceeds from issuance of convertible notes, net of issuance costs	0	143,806,000	0
Proceeds from exercise of stock options	459,000	6,975,000	159,000
Borrowings from revolving credit facility	5,000,000	9,000,000	19,896,000
Payments on revolving credit facility	0	(1,306,000)	0
Borrowings from secured borrowing facility	0	0	217,382,000
Repayments on secured borrowing facility	0	0	(217,982,000)
Cash provided by financing activities	3,176,000	181,823,000	19,455,000
Effect of currency translation on cash and cash equivalents	(1,993,000)	(985,000)	(103,000)
Net (decrease) increase in cash, cash equivalents and restricted cash	(23,959,000)	(26,393,000)	32,102,000
Cash and cash equivalents and restricted cash at beginning of period	79,733,000	106,126,000	74,024,000
Cash and cash equivalents and restricted cash at end of period	$ 55,774,000	$ 79,733,000	$ 106,126,000

Description of the Business	12 Months Ended
Description of the Business	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business BuzzFeed, Inc. (referred to herein, collectively with its subsidiaries, as “BuzzFeed” or the “Company”) is a premier digital media company for the most diverse, most online, and most socially connected generations the world has ever seen. Across food, news, pop culture and commerce, our brands drive conversation and inspire what audiences watch, read, and buy now — and into the future. The Company’s portfolio of iconic, globally-loved brands includes BuzzFeed, Tasty, HuffPost, BuzzFeed News, and Complex Networks. BuzzFeed derives its revenue primarily from advertising, content, and commerce and other sold to leading brands. The Company has one reportable segment. On December 3, 2021 (the “Closing Date”), the Company consummated the 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. (“890”), certain wholly-owned subsidiaries of 890, and BuzzFeed, Inc., a Delaware corporation (“Legacy BuzzFeed”); 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 Company acquired 100% of the membership interests of CM Partners, LLC (the “C Acquisition”). CM Partners, LLC, together with Complex Media, Inc., is referred to herein as “Complex Networks.” The transactions contemplated by the Merger Agreement, including the acquisition 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.” 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 restated based on the exchange into 30,880,000 shares of BuzzFeed Class A common stock established in the Business Combination. In addition, concurrently with the closing of the Business Combination, the Company issued, and certain investors purchased, $150.0 million aggregate principal amount of unsecured convertible notes due 2026 (the “Notes”) pursuant to subscription agreements entered into in connection with the Merger Agreement. Liquidity As a digital media company, the Company is subject to certain inherent risks and uncertainties associated with the development of its business. To date, substantially all of the Company’s efforts have been devoted to the growth of its owned and operated properties and portfolio of brands. This includes the Company’s proprietary technology infrastructure, advertising solutions, content creation tools, and more. The Company has invested in the recruitment of key management, technical staff, and have acquired certain businesses. These investments have historically been funded by raising outside capital, and as a result of these efforts, the Company has generally incurred significant losses and used net cash outflows from operations since inception and it may continue to incur such losses and use net cash outflows for the foreseeable future until such time it reaches scale of profitability without needing to rely on funding from outside capital to sustain its operations. In order to execute its growth strategy, the Company has historically relied on outside capital through the issuance of equity, debt, and borrowings under financing arrangements (collectively “outside capital”). The Company may continue to rely on outside capital for the foreseeable future. While the Company believes it will eventually reach a scale of profitability to sustain its operations, there can be no assurance it will be able to achieve such profitability or do so in a manner that does not necessitate its continued reliance on outside capital. As of the date the consolidated financial statements were issued (the “issuance date”), the presence of the following risks and uncertainties associated with the Company’s financial condition may adversely affect our ability to sustain its operations over the next twelve months beyond the issuance date. •Since its inception, the Company has generally incurred significant losses and used net cash flows from operations to grow its owned and operated properties and portfolio of brands. During the year ended December 31, 2022, the Company incurred a net loss of $201.3 million and used net cash flows in its operations of $7.9 million. Additionally, as of December 31, 2022, the Company had unrestricted cash and cash equivalents of $55.8 million available to fund its operations, $1.0 million available under the Company’s $50.0 million revolving loan and standby letter of credit facility agreement (the “Revolving Credit Facility”) (see Note 9 herein for additional details), and an accumulated deficit of $523.1 million. •The Company expects to continue to be impacted by the challenging United States (“U.S.”) and global macroeconomic environment, which could adversely impact its ability to sustain revenue growth consistent with the past, or at all, over the next twelve months beyond the issuance date. •The Company continues to be affected by its ongoing efforts to integrate Complex Networks and sales execution against the combined brand portfolio, which may result in the incurrence of unexpected expenses or the inability to realize in anticipated benefits and synergies over the next twelve months beyond the issuance date. •The Company is required to remain in compliance with certain covenants required by the Revolving Credit Facility (refer to Note 9 herein for additional details) which, among others, requires it to maintain a minimum of $25.0 million of unrestricted cash at all times and limits, under prescribed circumstances, its ability to incur additional indebtedness, pay dividends, hold unpermitted investments or make material changes to the business. While the Company was in compliance with the financial covenants under the Revolving Credit Facility as of December 31, 2022, and it expect to remain in compliance throughout twelve months beyond the issuance date, the Company may be unable to remain in compliance with one or more of these covenants if it is unable to generate net cash inflows from operations or, if necessary, secure additional outside capital. In the event the Company is unable to remain in compliance with one or more of the aforementioned covenants, and it is unable to secure a waiver or forbearance, the lender may, at its discretion, exercise any and all of its existing rights and remedies, which may include, among others, accelerating repayment of the outstanding borrowings and/or asserting its rights in the assets securing the loan. Due to the risks and uncertainties described above, the Company continues to carefully evaluate its liquidity position. The Company recognizes the significant challenge of maintaining sufficient liquidity to sustain its operations or remain in compliance with one or more of the covenants required by the Revolving Credit Facility, for the next twelve months beyond the issuance date. However, notwithstanding its liquidity position as of the issuance date, and while it is difficult to predict its future liquidity requirements with certainty, the Company currently expects it will be able to generate sufficient liquidity to fund its operations over the next twelve months beyond the issuance date. In response to the risks and uncertainties described above, the Company may plan to secure additional outside capital over the next twelve months beyond the issuance date. While the Company has historically been successful in its ability to secure outside capital, as of the issuance date, the Company had no firm commitments of additional outside capital. The Company can provide no assurance it will be able to continue to secure outside capital in the future or do so on terms that are acceptable to us. Furthermore, the Company also plans to continue to closely monitor its cash flow forecast and, if necessary, it will implement certain incremental cost savings to preserve its liquidity beyond those that were implemented through the restructuring activities that occurred during fiscal year 2022 (refer to Note 14 herein for additional details) or through the reduction of its real estate footprint. While the Company currently expects it will be able to generate sufficient liquidity to fund its operations for the next twelve months beyond the issuance date, it can provide no assurance it will successfully generate such liquidity, or if necessary, secure additional outside capital or implement incremental cost savings. 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. The Company believes that the COVID-19 pandemic drove a shift in commerce from offline to online, including an increase in online shopping, which the Company believes 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 continued to decelerate in 2022 as shelter-in-place orders were lifted, consumers returned to shopping in stores, and retailers struggled with supply chain disruptions and labor. While the impact of COVID-19 significantly impacted our business and results of operations, the extent of the impact has generally decreased. However, the Company continues to monitor the status and respond to the effects of the COVID-19 pandemic and its impact on our business. Future developments regarding COVID-19 continue to be uncertain and difficult to predict. There can be no assurances that future impacts related to COVID-19, including new variants or other global pandemics, will not adversely impact our business, results of operations, financial condition and cash flows in future periods.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Financial Statements and Principles of Consolidation

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

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

In August 2015, the Company signed a Joint Venture Agreement (“JVA”) with Yahoo Japan to establish and develop operations in Japan. BuzzFeed Japan will carry out the core BuzzFeed business in the Japanese language for the Japanese market. During the year ended December 31, 2022, Yahoo Japan transferred its interests in BuzzFeed Japan to other third parties. BuzzFeed Japan is a joint venture owned 51% by the Company, through its wholly-owned subsidiaries, BuzzFeed UK Limited, and The Huffington Post Holdings LLC and 24.5% by Asahi Shimbun Company, 21.5% by Asahi Broadcasting Group Holdings Corporation, and 3.0% by ValueCommerce Co. Ltd. BuzzFeed Japan is included as a consolidated subsidiary in the consolidated financial statements.

During 2022 and 2021 the Company established several production companies created solely for the purpose of producing a single film each, which are considered VIEs. The Company is the primary beneficiary of each production company as it has the ability to direct the activities that most significantly impact the economic performance of the entities, the obligation to absorb losses, and the right to receive benefits from the entities. As a result, the production companies are included as consolidated subsidiaries in the consolidated financial statements.

Use of Estimates

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

Key estimates and assumptions relate primarily to revenue recognition, 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.

Fair Value Measurements

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

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

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

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

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

The carrying amounts of cash and cash equivalents, accounts receivable, prepaid and other current assets, accounts payable, accrued expenses, deferred rent, deferred revenue, other current liabilities, and borrowings on the Revolving Credit Facility approximate fair value. Money market funds are categorized as Level 1.

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

Cash and Cash Equivalents

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

The Company classifies all cash whose use is limited by contractual provisions as restricted cash. In the first quarter of 2021, letters of credit totaling $15.5 million were issued under the Revolving Credit Facility, which reduced the remaining borrowing capacity by the same amount. These letters of credit were used in favor of our landlords, relieving us of the requirement to maintain $15.5 million of cash as collateral.

Accounts Receivable and Allowance for Doubtful Accounts

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

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


	Year Ended December 31,
	2022		2021		2020
Balance as of January 1,	$	1,094	$	1,387	$	1,122
Additions	2,582		703		1,208
Write-offs, net of recoveries	(1,797)		(996)		(943)
Balance as of December 31,	$	1,879	$	1,094	$	1,387

As of December 31, 2022, the Company had three customers that represented 16%, 13%, and 10% of net accounts receivable. As of December 31, 2021, the Company had one customer that represented 11% of net accounts receivable. The Company had two customers that represented 11% and 11% of total revenue for the year ended December 31, 2022, two customers that represented 13% and 12% of total revenue for the year ended December 31, 2021, and two customers that represented 13% and 10% of total revenue for the year ended December 31, 2020.

Film Costs

Costs incurred to produce films (which include direct production costs, production overhead, acquisition costs and development costs) are capitalized when incurred. Capitalized film costs are amortized based upon the ratio of current period revenues to estimated total gross revenues to be earned from the film. Film costs, which were included in Prepaid and other assets on the consolidated balance sheets, were as follows:


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

The Company amortized film costs of $8.4 million and $7.1 million associated with individually monetized feature films during the year ended December 31, 2022 and 2021, respectively. No amortization of film costs was recorded during the years ended December 31, 2020. Film cost amortization is included in Cost of revenue, excluding depreciation and amortization in the consolidated statements of operations.

Film costs are stated at the lower of amortized cost or estimated fair value and are reviewed on a title-by-title basis when an event or change in circumstances indicates that the fair value of a film is less than its unamortized cost. During the years ended December 31, 2022, 2021 or 2020, the Company recorded no impairment charges related to film costs.

Production tax incentives reduced capitalized film costs by $1.5 million and $1.6 million as of December 31, 2022 and 2021, respectively. The Company has receivables related to our production tax credits of $3.0 million as of December 31, 2022, which are reflected in Prepaid and other current assets in our consolidated balance sheet.

Property and Equipment

Property and equipment is stated at cost, less accumulated depreciation. Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life. The estimated useful lives of property and equipment of each asset category are as follows:


			Useful Life (Years)
Furniture and fixtures			5
Leasehold improvements			7 – 11
Computer equipment			3
Video equipment			3

Capitalized Software Costs

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

Investments

For equity investments in entities that the Company does not exercise significant influence over, if the fair value of the investment is not readily determinable, the investment is accounted for at cost, and adjusted for subsequent observable price changes. If the fair value of the investment is readily determinable, the investment is accounted for at fair

value. The Company reviews equity investments without readily determinable fair values at each period end to determine whether they have been impaired.

As of December 31, 2022 and 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 consolidated balance sheets, was $3.6 million and $2.3 million as of December 31, 2022 and 2021, respectively. The Company concluded that the fair value of the investment increased $1.3 million during the year ended December 31, 2022 as the result of observable price changes in orderly transactions for a similar investment in the same issuer.

Evaluation of Long-Lived Assets and Impairment

The Company reviews its property and equipment and capitalized software costs for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If circumstances require a long-lived asset to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by the asset to its carrying value. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques which may include discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Refer to Notes 6, 15, and 21 herein for additional details with respect to an impairment charge the Company recorded during the year ended December 31, 2022 regarding certain long-lived assets. There was no impairment of long-lived assets for the years ended December 31, 2021 or 2020.

Revenue Recognition

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

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

Advertising

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

Content

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

Commerce and other

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

third parties. The revenue is recognized when a successful sale is made and the commission is earned. Additionally, the Company generates other revenues from the production of live and virtual events such as ComplexCon and ComplexLand. The Company recognizes revenue related to such events in the period in which the event occurred, as and when the services are delivered.

Cost of Revenue

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

Sales and Marketing

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

General and Administrative

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

Research and Development

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

Income Taxes

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

The Company recognizes tax benefits from uncertain tax positions if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position.

The Company made a policy election to treat the income tax with respect to the global intangible low taxed income (“GILTI”) as a period expense when incurred.

Stock-Based Compensation

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

The Company adopted Accounting Standards Update (“ASU”) 2018-07, Improvements to Non-employee Share-Based Payment Accounting (“ASU 2018-07”), on January 1, 2020. Prior to January 1, 2020, the Company calculated the fair value of awards to non-employees on the date of grant in the same manner as employee stock-based awards, however, the unvested portion of the awards were revalued at the end of each reporting period and the pro-rata compensation expense was adjusted accordingly until such time the non-employee award was fully vested. The adoption of this ASU did

not have material impact on the consolidated financial statements and there was no adjustment to beginning accumulated deficit on January 1, 2020.

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


	Year Ended December 31,
	2022		2021		2020
Cost of revenue, excluding depreciation and amortization	$	3,895	$	2,788	$	109
Sales and marketing	3,058		4,829		60
General and administrative	10,759		15,052		977
Research and development	3,893		896		43
	$	21,605	$	23,565	$	1,189

The Company recognized no income tax benefit in the consolidated statements of operations for stock-based compensation arrangements in 2022, 2021 or 2020.

Comprehensive (Loss) Income

Comprehensive (loss) income includes certain changes in stockholders’ equity that are excluded from net (loss) income such as cumulative foreign currency translation adjustments, comprehensive income attributed to the redeemable noncontrolling interest, comprehensive (loss) income attributable to noncontrolling interests, and foreign currency translation adjustment attributable to noncontrolling interests.

Foreign Currency

The functional currency of our foreign subsidiaries is generally the local currency. The financial statements of these subsidiaries are translated into U.S. dollars using month-end rates of exchange for assets and liabilities, and average rates of exchange for revenue, costs and expenses during the year. Translation gains and losses are recorded in accumulated other comprehensive loss in stockholders’ equity. Transaction gains and losses including intercompany transactions denominated in a currency other than the functional currency of the entity involved are included in foreign exchange (loss) gain within other (expense) income, net in the consolidated statements of operations. The Company does not enter into foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of adverse fluctuations in foreign currency exchange rates.

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 of 1933, as amended (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 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 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 consolidated statements of operations or cash flows. Refer to Note 15 herein for additional details regarding the adoption of ASC 842 and related disclosures.

In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832), which requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy, including (i) information about the nature of the transactions and the related accounting policy used to account for the transactions, (ii) the line items on the balance sheet and income statement that are affected by the transactions and the amounts applicable to each financial statement line item, and (iii) significant terms and conditions of the transactions, including commitments and contingencies. The Company adopted ASU 2021-10 prospectively as of, and for the year ended, December 31, 2022. The adoption of ASU 2021-10 did not have a material impact to the Company’s consolidated financial statements. See above in Note 2 for information related to production tax incentives. The impacts of other government assistance programs were not material.

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 adoption of ASU 2019-12 did not have a material impact to the Company’s consolidated financial statements or related disclosures.

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 material impact on the Company’s 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 Subtopic 815-15 will be accounted for separately. For contracts in an entity’s own equity, the new guidance eliminates some of the requirements in Subtopic 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 material impact on the Company’s consolidated financial statements.

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 is 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 material impact on the Company’s 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 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 does not expect the adoption of ASU 2016-13 to have a material impact to its consolidated financial statements.

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

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, pursuant to the C Acquisition Purchase Agreement (i.e., 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 our Class A common stock at a price of $9.62 per share, which is based on the closing stock price of our Class A common stock on the Closing Date.

The following table summarizes the determination of the fair value of identifiable assets acquired and liabilities assumed from the C Acquisition. During the year ended December 31, 2022, the Company finalized the fair value of assets acquired and liabilities assumed. Measurement period adjustments were reflected during the year ended December 31,

2022, which is the period in which the adjustments occurred. The adjustments resulted from new information obtained about facts and circumstances that existed as of the acquisition date.


	Preliminary		Measurement Period Adjustments		Final
Cash	$	2,881	$	—	$	2,881
Accounts receivable	22,581		11		22,592
Prepaid and other current assets	17,827		281		18,108
Property and equipment	332		(15)		317
Intangible assets	119,100		—		119,100
Goodwill	189,391		(909)		188,482
Accounts payable	(2,661)		—		(2,661)
Accrued expenses	(12,319)		(803)		(13,122)
Accrued compensation	(12,867)		349		(12,518)
Deferred revenue	(5,855)		(48)		(5,903)
Deferred tax liabilities	(22,776)		1,134		(21,642)
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:


	Asset Fair Value	Weighted Average 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 $188.5 million of goodwill, which is primarily attributed to workforce and synergies, and is not deductible for tax purposes.

The C Acquisition contributed $18.5 million of revenue and $1.2 million of net income for the year ended December 31, 2021.

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:

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

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

3.The movement and allocation of all acquisition-related costs incurred during the twelve months ended December 31, 2021 to the twelve months ended December 31, 2020;

4.Associated tax-related impacts of adjustments; and

5.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.


	Year Ended December 31,
	2021		2020
Revenue	$	510,714	$	439,399
Net loss	$	(6,703)	$	(3,827)

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 our non-voting 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.


	Preliminary		Measurement Period 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 contributed $30.3 million of revenue for the year ended December 31, 2021. The HuffPost Acquisition did not have a material impact on the Company’s net loss for the year ended December 31, 2021.

Dispositions of HuffPost Italy, HuffPost Korea and HuffPost France

During 2021 the Company disposed of its 51% ownership interests in HuffingtonPost Italia S.R.L (“HuffPost Italy”), HuffingtonPost Korea, Ltd. (“HuffPost Korea”), and Le HuffingtonPost SAS (“HuffPost France”) for nominal consideration and recognized losses on disposition of $1.2 million. HuffPost Italy, HuffPost Korea, and HuffPost France did not have a material impact on the Company’s net loss for the year ended December 31, 2021.

Disposition of BuzzFeed Brazil

In October 2020, the Company completed the sale of 100% ownership of BuzzFeed do Brasil Internet Ltda. (“BuzzFeed Brazil”) for nominal consideration and recognized a loss on disposition of $0.7 million. BuzzFeed Brazil had no impact on the Company’s net loss for the year ended December 31, 2021.

Goodwill Impairment

During the fourth quarter of 2022, the Company experienced a sustained decline in share price that pushed its market capitalization below the carrying value of its stockholders’ equity. The Company concluded the sustained decline in share price was a triggering event and proceeded with a quantitative goodwill impairment assessment. The quantitative impairment assessment was performed as of December 31, 2022, utilizing an equal weighting of the income and market approaches. Under the income approach, the fair value of the Company’s single reporting unit was determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The analysis required the comparison of the Company’s carrying value with its fair value, with an impairment recorded for any excess of carrying value over the fair value. The discounted cash flow method was used to determine the fair value of the Company’s single reporting unit under the income approach. Key assumptions used in the discounted cash flow analysis include, but are not limited to, a discount rate of approximately 20% to account for any risk in achieving the forecast, an average annual revenue growth rate of approximately 9%, and a terminal growth rate for cash flows of 2.5%. The adjusted market capitalization method was calculated by multiplying the average share price of the Company’s common stock for the average between (i) the singular day of December 30, 2022, (ii) seven days prior to the measurement date, and (iii) 30 days prior to the measurement date, by the number of outstanding common shares and adding a control premium that reflects a premium a hypothetical buyer might pay, estimated using historical transactions during 2021 and 2022. The results of the quantitative impairment assessment performed indicated the fair value of the reporting unit was less than the carrying value and as such the Company recorded a non-cash goodwill impairment expense of $102.3 million.

A number of significant assumptions and estimates are involved in the income and market approaches. The income approach assumes the future cash flows reflect market expectations. These fair value measurements require significant judgements using Level 3 inputs, such as discounted cash flows from operations, which are not observable from the market, directly or indirectly. There is uncertainty in the projected future cash flows used in the Company’s impairment analysis, which requires the use of estimates and assumptions. If actual performance does not achieve the projections, or if the assumptions used in the analysis change in the future, the Company may be required to recognize additional impairment charges in future periods. Key assumptions in the market approach include determining a control premium. The Company believes our procedures for determining fair value are reasonable and consistent with current market conditions as of December 31, 2022.

Revenue Recognition

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

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.


	Year Ended December 31,
	2022		2021		2020
Advertising	$	202,830	$	205,794	$	149,704
Content	165,750		130,200		119,846
Commerce and other	68,094		61,570		51,774
	$	436,674	$	397,564	$	321,324

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


	Year Ended December 31,
	2022		2021		2020
Revenue:
United States	$	396,668	$	352,280	$	292,107
International	40,006		45,284		29,217
Total	$	436,674	$	397,564	$	321,324

Contract Balances

The timing of revenue recognition, billings and cash collections can result in billed accounts receivable, unbilled receivables (contract assets), and deferred revenues (contract liabilities). The payment terms and conditions within the Company’s contracts vary by the type; the substantial majority 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 consolidated balance sheets and totaled $12.1 million and $13.3 million at December 31, 2022 and 2021, respectively. These amounts relate to revenue recognized during the respective year that is expected to be invoiced and collected in future periods.

The Company’s contract liabilities, which are recorded in Deferred revenue on the accompanying consolidated balance sheets, are expected to be recognized as revenues during the succeeding twelve-month period. Deferred revenue totaled $8.8 million and $1.7 million at December 31, 2022 and 2021, respectively. The amount of revenue recognized during the year ended December 31, 2022 that was included in the deferred revenue balance as of December 31, 2021 was $1.1 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 $0.2 million at December 31, 2022 and is expected to be recognized over the next one year. This amount does not include: (i) contracts with an original expected duration of one year or less, such as advertising contracts, (ii) variable consideration in the form of sales-based royalties, and (iii) variable consideration allocated entirely to wholly unperformed performance obligations.

The Company estimates whether it will be subject to variable consideration under the terms of the contract and includes its estimate of variable consideration, subject to constraint, in the transaction price based on the expected value

method when it is deemed probable of being realized based on historical experience and trends. The Company updates its estimate of the transaction price each reporting period and the effect of variable consideration on the transaction price is recognized as an adjustment to revenue on a cumulative catch-up basis.

- 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 https://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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 12
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

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


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	1,154	$	—	$	—	$	1,154
Total	$	1,154	$	—	$	—	$	1,154
Liabilities:
Derivative liability	$	—	$	—	$	180	$	180
Other non-current liabilities:
Public Warrants	384		—		—		384
Private Warrants	—		11		—		11
Total	$	384	$	11	$	180	$	575


	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 December 31, 2022 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 consolidated statements of operations and comprehensive (loss) income.

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 $0.04 and $0.50 as of December 31, 2022 and 2021, respectively.

As of December 31, 2022, 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:


	December 31, 2022	December 31, 2021
Term (in years)	3.9	4.9
Risk-free rate	4.11%	1.25%
Volatility	76.6%	31.5%

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


	Derivative Liability
Balance as of December 31, 2020	—
Issuance of Notes	$	31,620
Change in fair value of derivative liability	(26,745)
Balance as of December 31, 2021	$	4,875
Change in fair value of derivative liability	(4,695)
Balance as of December 31, 2022	$	180

There were no transfers between fair value measurement levels during the year ended December 31, 2022.

- 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

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following:


	December 31, 2022		December 31, 2021
Leasehold improvements	$	50,688	$	47,573
Furniture and fixtures	6,069		6,029
Computer equipment	5,629		5,134
Video equipment	792		648
	63,178		$	59,384
Less: Accumulated depreciation	(45,404)		(36,332)
	$	17,774	$	23,052

Depreciation totaled $10.2 million, $8.3 million, and $8.1 million for the years ended December 31, 2022, 2021 and 2020, respectively, and was included in depreciation and amortization expense.

Refer to Note 21 herein for information regarding an impairment charge the Company recorded during the year ended December 31, 2022 with respect to leasehold improvements associated with the lease of the Company's former corporate headquarters that was fully subleased during the third quarter of 2022.

Capitalized Software Costs, net

12 Months Ended

Dec. 31, 2022

Capitalized Computer Software, Net [Abstract]

Capitalized Software Costs, net

Capitalized software costs, net consisted of the following:


	December 31, 2022		December 31, 2021
Website and internal-use software	$	75,871	$	81,908
Less: Accumulated amortization	(56,612)		(65,354)
	$	19,259	$	16,554

During the years ended December 31, 2022, 2021 and 2020, the Company capitalized $12.4 million, $11.0 million and $9.8 million respectively, included in Capitalized software costs and amortized $9.7 million, $11.1 million and $9.4 million, respectively, included in depreciation and amortization expense.

Goodwill and Intangibles, net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles, net

The following table presents the goodwill activities for the periods presented:


Balance as of December 31, 2020	$	—
HuffPost Acquisition	5,490
C Acquisition	189,391
Balance as of December 31, 2021	$	194,881
C Acquisition Measurement Period Adjustments	(909)
Goodwill Impairment (see Note 3)	(102,340)
Balance as of December 31, 2022	$	91,632

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


	December 31, 2022							December 31, 2021
	Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Acquired Technology	2 years	$	10,600	$	5,279	$	5,321	$	10,600	$	1,745	$	8,855
Trademarks and Trade Names	14 years	111,000		8,756		102,244		111,000		1,356		109,644
Trademarks and Trade Names	Indefinite	1,368		—		1,368		1,368		—		1,368
Customer Relationships	3 years	17,000		4,604		12,396		17,000		354		16,646
Total		$	139,968	$	18,639	$	121,329	$	139,968	$	3,455	$	136,513

Amortization expense associated with intangible assets for the year ended December 31, 2022 and 2021 was $15.2 million and $3.5 million, respectively, included in Depreciation and amortization expense.

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


2023	$	15,183
2024	13,438
2025	11,296
2026	7,400
2027	7,400
Thereafter	65,244
	$	119,961

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Revolving Credit Facility

On December 30, 2020, the Company entered into a three-year, $50.0 million, revolving loan and standby letter of credit facility agreement (i.e., 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. There were $15.5 million of standby letters of credit 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. The Revolving Credit Facility was further amended and restated on December 15, 2022 to, among other things, extend the maturity date until December 30, 2025, replace the London Inter-Bank Offered Rate (“LIBOR”) rate with the Secured Overnight Financing Rate (“SOFR”) rate, and provide for an early termination fee of between 0.5% and 2% of the maximum facility loan amount. The Company incurred $0.2 million of debt issuance fees associated with the December 15, 2022 amendment.

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 limit, under prescribed circumstances, 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 covenants under such facility as of December 31, 2022.

Borrowings under the Revolving Credit Facility bear interest at the SOFR rate, 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 (7.67% at December 31, 2022 at the SOFR rate and 4.50% at December 31, 2021 at the LIBOR rate), 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 $33.5 million and $28.5 million as of December 31, 2022 and 2021, respectively. The Company had outstanding letters of credit of $15.5 million under the Revolving Credit Facility at December 31, 2022 and 2021, and the total unused borrowing capacity was $1.0 million and $5.4 million as of December 31, 2022 and 2021, respectively.

As of December 31, 2022 and 2021, the Company had $0.4 million and $0.3 million of costs in connection with the issuance of debt included in Prepaid and other assets in the consolidated balance sheet, respectively.

Convertible Notes

In June 2021, the Company entered into subscription agreements in connection with the Merger Agreement with certain investors to sell $150.0 million aggregate principal amount of unsecured convertible notes due 2026 (i.e., the Notes). In connection with the Business Combination, the Company issued, and those investors purchased, the Notes. The Notes bear interest at a rate of 8.50% per annum, payable semi-annually, are convertible into approximately 12,000,000 shares of our Class A common stock (or, at the Company’s election, a combination of cash and our Class A common stock), 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 December 3, 2024 (i.e., after the third anniversary of the issuance of the Notes), subject to a holder’s prior right to convert and the satisfaction of certain other

conditions, if the volume-weighted average trading price of our 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, which has yet to occur. 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 in cash 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 twelve 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 twelve 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. 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 consolidated statements of operations.

Interest expense on the Notes is recognized at an effective interest rate of 15% and totaled $18.2 million and $1.3 million for the year ended December 31, 2022 and 2021, respectively of which amortization of the debt discount and issuance costs comprised $5.4 million and $0.3 million for the year ended December 31, 2022 and 2021, respectively.

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


	December 31, 2022		December 31, 2021
Principal outstanding	$	150,000	$	150,000
Unamortized debt discount and issuance costs	(31,252)		(36,627)
Net carrying value	$	118,748	$	113,373

The fair value of the Notes as of December 31, 2022 was approximately $99.8 million. 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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+ Details

Redeemable Noncontrolling Interest

12 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

Redeemable Noncontrolling InterestThe redeemable noncontrolling interest represents the interests in BuzzFeed Japan which was held by Yahoo Japan, which was puttable to the Company in certain conditions, none of which were previously met, including material breach of the JVA by the Company or the bankruptcy or liquidation of the Company. The redeemable noncontrolling interest was presented outside of the permanent equity on the Company’s consolidated balance sheets, as the put right was 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%.

On May 17, 2022, Yahoo Japan transferred its interests in BuzzFeed Japan to other third parties. The agreements with the third parties do not contain any put rights. As such, on May 17, 2022, the Company reclassified the former redeemable noncontrolling interest to nonredeemable noncontrolling interest that is presented within permanent equity on the Company’s consolidated balance sheet, with no adjustment to the prior periods presented.

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


	2022		2021		2020
Balance as of January 1,	$	2,294	$	848	$	28
Merger of BuzzFeed Japan and HuffPost Japan	—		510		—
Allocation of net income	164		936		820
Reclassification into permanent equity	$	(2,458)	$	—	$	—
Balance as of December 31,	$	—	$	2,294	$	848

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

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 December 31, 2022.

Stock-Based Compensation

Stock Incentive Plans

On June 25, 2008, the Company adopted the 2008 Stock Plan (the “2008 Plan”). On October 30, 2015, the Company adopted the 2015 Equity Incentive Plan (“2015 Plan”). The 2015 Plan superseded the 2008 Plan and increased the number of Legacy BuzzFeed shares available for grant and issuance to 16,895,765. The 2015 Plan allowed for the grant of incentive and nonqualified stock options, restricted stock units (“RSUs”), and stock appreciation rights to eligible participants.

On October 16, 2018, the 2015 Plan was amended to increase the maximum number of shares of Legacy BuzzFeed common stock available for issuance by 15,700,000. At the time the 2021 Equity Incentive Plan (defined below) became effective, 32,595,765 shares of Legacy BuzzFeed common stock were authorized for issuance under the 2015 Plan. Upon the closing of the Business Combination, all Legacy BuzzFeed stock options outstanding under the 2015 Plan and 2008 Plan, whether vested or unvested, were substituted and converted into options to purchase shares of our Class A common stock granted in accordance with the 2021 Equity Incentive Plan based on the exchange ratio of 0.306. All Legacy BuzzFeed outstanding RSUs under the 2015 Plan and 2008 Plan were substituted and converted into RSUs representing the opportunity to be issued shares of our Class A common stock granted in accordance with the 2021 Equity Incentive Plan based on the exchange ratio of 0.306. No additional awards were, or will be, granted under the 2015 Plan following the effectiveness of the 2021 Equity Incentive Plan.

On December 2, 2021, prior to, and effective as of, the closing of the Business Combination, the 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”) was adopted by the 890 board and approved by the 890 stockholders. The 2021 Equity Incentive Plan allows the Company to grant awards of stock options, restricted stock awards, stock

appreciation rights (SARs), RSUs, cash awards, performance awards, and stock bonus awards to officers, employees, directors and consultants. A total of 31,206,550 shares of our Class A common stock were reserved for issuance under the 2021 Equity Incentive Plan as of its effective date. The number of shares reserved for issuance under the Equity Incentive Plan will increase automatically on January 1 of each year from 2022 through 2031 by a number of shares equal to 5% of the total number of outstanding shares of all classes of common stock as of the immediately preceding December 31, or a lesser number as may be determined by the board of directors or its compensation committee. As such, an additional 6,744,758 shares of our Class A common stock became issuable from the automatic increase as of January 1, 2022 and 6,977,162 shares of our Class A common stock became issuable as of January 1, 2023.

Stock Options

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


	Number of Shares(1)	Weighted Average Exercise Price(1)		Weighted Average Remaining Term	Aggregate Intrinsic Value
Balance as of December 31, 2021	4,560	$	6.29	3.07	$	2,670
Granted	2,365	4.78
Exercised	(412)	0.96
Forfeited	(360)	5.79
Expired	(2,177)	5.92
Balance as of December 31, 2022	3,976	$	6.20	3.80	$	—
Expected to vest at December 31, 2022	3,976	$	6.20	3.80	$	—
Exercisable at December 31, 2022	3,275	$	6.34	2.70	$	—

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

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

2022

2021

2020

Exercise price

$1.17 – $5.31

$8.99 –$9.25

$7.48 – $8.33

Expected dividend yield

Expected volatility

48% –93%

45% – 48%

41% –46%

Expected term (years)

1.00– 6.20

5.00 – 6.07

5.55 – 6.07

Risk free interest rate

1.86% – 3.95%

0.80% – 1.04%

0.26% – 1.17%

The Company uses the simplified method in accordance with the applicable authoritative guidance to estimate the expected term of the option, due to the limited historical experience to date. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Since the Company’s common stock has not been publicly traded for a sufficient time period, the expected volatility is based on expected volatilities of similar companies that have a history of being publicly traded. No dividends have been assumed.

The Company records stock-based compensation expense on a straight-line basis over the vesting period. For a graded vesting award with both a service and a performance condition, the Company records stock-based compensation expense on a straight-line basis over the vesting period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. As of December 31, 2022, the total share-based compensation costs not yet recognized related to unvested stock options was $1.7 million, which is expected to be recognized over the weighted-average remaining requisite service period of 1.3 years. The weighted average fair value of stock options granted during December 31, 2022, 2021 and 2020 was $1.64, $1.23, and $1.03 respectively. The intrinsic value of stock options exercised was $1.1 million, $13.8 million, and $0.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Restricted Stock Units

A summary of RSU activity is presented below:


	Shares	Weighted Average Grant-Date Fair Value
Outstanding as of December 31, 2021	5,235	$	8.88
Granted	8,125	3.12
Vested	(4,617)	8.21
Forfeited	(1,248)	5.65
Outstanding as of December 31, 2022	7,495	$	3.59

As of December 31, 2022, there were approximately $15.0 million of unrecognized compensation costs related to RSUs.

The liquidity condition for 2.4 million of the restricted stock units (“Liquidity 1 RSUs”) was satisfied upon the occurrence of a sale transaction (an “Acquisition”) or the completion of an initial public offering. The Business Combination did not result in the satisfaction of this liquidity condition, as it did not meet the definition of an Acquisition per the award agreements. However, on May 12, 2022, the board of directors waived this liquidity condition, permitting the Liquidity 1 RSUs to vest (based on service). As a result, the Company recognized a cumulative catch-up adjustment of $8.2 million, of which $2.3 million was reflected in cost of revenue, excluding depreciation and amortization, $1.0 million was reflected in sales and marketing, $1.9 million was reflected in general and administrative, and $3.0 million was reflected in research and development, in each case, within the consolidated statement of operations for the year ended December 31, 2022.

Escrowed Shares

In connection with the closing of Business Combination, the Company’s Chief Executive Officer and Founder, Jonah Peretti, Jonah Peretti, LLC, NBCUniversal Media, LLC (“NBCU”), and PNC Bank National Association, entered into an amended and restated escrow agreement (the “Escrow Agreement”). The Escrow Agreement provides for, among other things, the escrow of 1,200,000 shares of our Class A common stock or our Class B common stock (the “Escrowed Shares”) exchangeable by Jonah Peretti, LLC in connection with the Business Combination. Pursuant to the Escrow Agreement, in the event the Transfer Date SPAC Share Price (as defined in the Escrow Agreement) is less than $12.50 per share on the Transfer Date (as defined in the Escrow Agreement), Jonah Peretti, LLC, and NBCU will instruct the escrow agent to transfer (1) to NBCU a number of Escrowed Shares equal to the Make Whole Shares (as defined in the Escrow Agreement) and (2) to Mr. Peretti, the remainder of the Escrowed Shares, if any. If the Transfer Date SPAC Share Price is equal to or greater than $12.50 on the Transfer Date, Jonah Peretti, LLC, and NBCU will instruct the escrow agent to transfer all of the Escrowed Shares to Mr. Peretti.

The Escrow Agreement was accounted for as a compensatory stock-based compensation award with a market condition. As there are no future service conditions, the $5.4 million fair value of the award was recognized within general and administrative expense at the time of closing of the Business Combination. The fair value was estimated using a model based on multiple stock price paths developed through the use of a Monte Carlo simulation that incorporates into the valuation the likelihood that the market condition will be satisfied.

- 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

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

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 any stock options, the vesting of any restricted stock units, the exercise of any warrants, including the Public and Private Warrants, the conversion of any convertible debt, including the Notes, and the conversion of any convertible preferred stock, in each case only in the periods in which such effect would have been dilutive.

Undistributed earnings were allocated to convertible preferred stock and shares of Class A common stock, Class B common stock, and Class C common stock based on the contractual participation rights of each as if earnings for the year had been distributed. Holders of convertible preferred stock were entitled to noncumulative annual dividends at a rate of

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

For the years ended December 31, 2022, 2021, and 2020, net loss per share amounts were the same for Class A, Class B, and Class C common stock because the holders of each class are entitled to equal per share dividends.

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


	Year Ended December 31,
	2022		2021		2020
Numerator:
Net (loss) income	$	(201,326)	$	25,876	$	11,156
Net income attributable to the redeemable noncontrolling interest	164		936		820
Net (loss) income attributable to noncontrolling interests	(533)		228
Allocation of undistributed earnings to convertible preferred stock	—		24,712		10,336
Net loss attributable to holders of Class A, Class B, and Class C common stock for basic net loss per share	$	(200,957)	$	—	$	—
Add: interest on Notes	—		1,317		—
Deduct: change in fair value of derivative liability	—		(26,745)		—
Reallocation of undistributed earnings to convertible preferred stock	—		24,712		—
Net loss attributable to holders of Class A, Class B, and Class C common stock for diluted net loss per share	$	(200,957)	$	(716)	$	—
Denominator:
Weighted average common shares outstanding, basic	138,148		27,048		11,942
Impact of assumed conversion of Notes	—		953		—
Weighted average common shares outstanding, diluted	138,148		28,001		11,942

Net loss per common share, basic	$	(1.45)	$	0.00	$	—
Net loss per common share, diluted	$	(1.45)	$	(0.03)	$	—

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


	2022	2021	2020
Stock options	3,976	4,560	9,831
Restricted stock units	7,495	2,779	—
Warrants	9,876	9,876	—
Convertible preferred stock	—	0	94,360

Additionally, the calculation of diluted net loss per share excluded 2.4 million and 2.5 million restricted stock units at December 31, 2021 and 2020, respectively, for which the related liquidity condition had not been met.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

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


	2022		2021		2020
Domestic	$	(193,237)	$	(301)	$	12,837
Foreign	(6,063)		(227)		(740)
Total (loss) income before income taxes	$	(199,300)	$	(528)	$	12,097

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


	Year Ended December 31,
	2022		2021		2020
Current (benefit) / provision
Federal	$	2	$	(16)	$	(16)
State	77		112		188
Foreign	2,756		1,666		657
Total current (benefit) / provision	$	2,835	$	1,762	$	829
Deferred (benefit) / provision
Federal	$	1,103	$	(23,020)	$	7
State	(850)		(2,682)		4
Foreign	(1,062)		(2,464)		101
Total deferred (benefit) / provision	$	(809)	$	(28,166)	$	112
Total (benefit) / provision
Federal	$	1,105	$	(23,036)	$	(9)
State	(773)		(2,570)		192
Foreign	1,694		(798)		758
Total (benefit) / provision	$	2,026	$	(26,404)	$	941

A reconciliation of the U.S. federal statutory income tax rate of 21% for the years ended December 31, 2022, 2021 and 2020 to the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2022		2021		2020
Income tax (benefit) provision at the U.S. federal statutory rate	$	(41,853)	$	(111)	$	2,540
State income taxes	(1,732)		(519)		323
Permanent differences	380		292		(53)
Change in valuation allowance	19,660		(18,572)		(3,720)
Effect of foreign operations	(147)		(825)		325
Stock-based compensation	4,205		(838)		198
Transaction costs	—		1,262		—
Section 162(m)	493		—		—
Derivative and warrant liabilities	(1,940)		(6,612)		—
U.S. GILTI inclusion	139		—		—
Goodwill impairment	21,945		—		—
Effect of change in tax rates	(1,253)		(835)		(253)
Sale of foreign subsidiary	—		—		1,323
Research & development tax credits	—		(501)		(253)
Foreign currency translation & transactions	560		254		144
Prior period adjustments	—		—		230
Other	1,569		601		137
Total provision (benefit) for income taxes	$	2,026	$	(26,404)	$	941

For the years ended December 31, 2022, 2021 and 2020, the Company’s effective tax rate was (1.0)%, 5,000.8% and 7.8% respectively. For the year ended December 31, 2022, the Company’s effective tax rate differed from the U.S. federal statutory income tax rate of 21% primarily related to a valuation allowance against net deferred tax assets that were not realizable on a more-likely-than-not basis and the impairment of non-deductible goodwill for which no tax benefit was provided. For the year ended December 31, 2021, the Company’s effective tax rate differed from the U.S. federal statutory income tax rate of 21% primarily due to the partial release of the Company’s U.S. valuation allowance as a result of certain business combinations consummated during 2021. The Company recorded excess deferred tax liabilities related to the business combinations which provided a source of future taxable income to support partial realization of the Company’s pre-existing deferred tax assets. The income tax benefit related to the change in valuation allowance was offset by an income tax provision for foreign taxes. For the year ended December 31, 2020, 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.

In August 2022, the Inflation Reduction Act (“IRA”) and CHIPS and Science Act (“CHIPS Act”) were both enacted. This new legislation includes the implementation of a new corporate alternative minimum tax, an excise tax on stock buybacks, and tax incentives for energy and climate initiatives, among other provisions. The income tax provisions of the IRA and the CHIPS Act had limited applicability to the Company and did not have a material impact on the Company’s consolidated financial statements.

On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The CARES Act included several measures to assist companies including temporary changes to income and non-income based tax laws. Several significant tax-related provisions of the CARES Act included: (1) allowing federal net operating loss (“NOL”) carryforwards originating in 2018, 2019 or 2020 to be carried back to the prior five tax years; (2) eliminating the 80% taxable income limitation by allowing corporate entities to fully utilize federal NOL carryforwards to offset taxable income in 2018, 2019 or 2020; (3) increasing the net interest expense deduction limitation to 50% of adjusted taxable income from 30% for the 2019 and 2020 tax years; (4) allowing taxpayers with alternative minimum tax credits to claim a refund in 2020 for the entire amount of the credit instead of recovering the credit through refunds over a period of years; and (5) allowing companies to deduct more of their cash charitable contributions paid during calendar year 2020 by increasing the taxable income limitation to 25% from 10%. The income tax provisions of the CARES Act had

limited applicability to the Company and did not have a material impact on the Company’s consolidated financial statements.

Significant components of deferred tax assets and liabilities as of were as follows:


	Year Ended December 31,
	2022		2021
Deferred tax assets
Net operating loss carryforwards	$	99,315	$	93,592
Accruals	2,295		3,503
Stock-based compensation	2,834		6,380
Bad debt	351		241
Deferred rent	—		4,167
Interest expense	5,509		735
Lease liabilities	20,022		—
Section 174 capitalized R&D costs	9,826		—
Capitalized production expenses	2,384		—
Other	99		691
Total deferred tax asset	$	142,635	$	109,309
Valuation allowance	(86,515)		(66,848)
Net deferred tax asset	$	56,120	$	42,461

Deferred tax liabilities
Deferred state income tax	(2,178)		(1,596)
Operating lease, right-of-use asset	(16,078)		—
Depreciation and amortization	(1,529)		(1,905)
Intangible assets	(33,131)		(37,352)
Total deferred tax liability	$	(52,916)	$	(40,853)
Net deferred tax asset (liability)	$	3,204	$	1,608

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

In assessing the realizability of its deferred tax assets, the Company considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Based upon the weight of available evidence, the Company concluded it is more likely than not that it will not be able to realize its U.S. deferred tax assets and therefore has maintained a full valuation allowance on its U.S. deferred tax assets. In addition, the Company maintains a valuation allowance against certain deferred tax assets in the United Kingdom (the “U.K.”), Spain, Japan and Canada. The Company’s valuation allowance increased by approximately $19.7 million in 2022.

As of December 31, 2022, the Company has U.S. federal and state NOLs of approximately $337.4 million and $11.8 million, respectively. Of the $337.4 million of U.S. federal NOLs, $202.2 million expire in tax year beginning 2030 through 2037 if not utilized and $135.2 million that have an indefinite lived carryforward period. The $11.8 million of state NOLs will expire in tax years beginning in 2025 to 2042 if not utilized. As of December 31, 2022, the Company has foreign NOL carryforwards of $2.5 million in Canada expiring in 2041 through 2042, $4.2 million in Japan expiring in 2026 through 2032, and $1.4 million in Spain and $24.4 million in the U.K., both with indefinite carryforward periods. Utilization of NOLs and tax credit carryforwards are subject to certain limitations under Section 382 of the Internal Revenue Code of 1986, as amended, in the event of a change in the Company’s ownership, as defined in current income tax regulations.

As of December 31, 2022, the Company has deferred interest expense carryforwards under IRC Section 163(j) of $24.1 million which may be carried forward indefinitely but only available to offset 30% of tax adjusted earnings before

interest and taxes (EBIT). In addition, the Company had federal research and development tax credits of approximately $7.5 million, which expire in the tax years beginning in 2032 through 2040, if not utilized.

Notwithstanding the current taxation of certain foreign subsidiaries under GILTI and one-time transition taxation enacted as part of the Tax Cut and Jobs Act, the Company intends to continue to reinvest its foreign earnings indefinitely outside the U.S. If these future earnings are repatriated to the U.S., or if the Company determines that such earnings will be remitted in the foreseeable future, the Company may be required to accrue U.S. deferred taxes (if any) and applicable withholding taxes. It is not practicable to estimate the tax impact of the reversal of the outside basis difference, or the repatriation of cash due to the complexity of its hypothetical calculation.

The Company applies the applicable authoritative guidance which prescribes a comprehensive model in which a company should recognize, measure, present and disclose in its financial statements all material uncertain tax positions that the Company has taken or expects to take on a tax return. The Company recognizes interest and penalties related to income tax positions taken on the Company’s tax returns in income tax expense in the consolidated statements of operations. As of December 31, 2022 and 2021, the Company recorded an uncertain tax position of $nil including interest and penalties related to state taxes. As of December 31, 2020, the Company had no uncertain tax positions.

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


			Years
United States			2018
United Kingdom			2021
Japan			2017
Canada			2018

- 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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-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

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

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

+ Details

Restructuring Costs	12 Months Ended
Restructuring Costs	Dec. 31, 2022
Restructuring Costs [Abstract]
Restructuring Costs	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 related to these actions. 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. The Company incurred approximately $3.5 million of restructuring costs related to these actions. During the fourth quarter of 2022, the Company’s Board of Directors authorized a reduction in workforce plan, which included a reduction of our global employee headcount by approximately 12%, which resulted in the termination of 172 employees in 2022. The reduction in workforce plan is intended to reduce the Company’s costs in response to a combination of factors, including: (i) challenging macroeconomic conditions; (ii) completing the integration of Complex Networks and eliminating redundancies where they existed; and (iii) an ongoing audience shift to short-form, vertical video, which is still developing from a monetization standpoint. The Company incurred approximately $9.7 million of restructuring costs related to these actions. As a result, for the year ended December 31, 2022, the Company incurred approximately $15.0 million of aggregate restructuring costs, comprised mainly of severance and related benefit costs. For the year ended December 31, 2022, approximately $8.3 million were included in cost of revenue, excluding depreciation and amortization, $3.2 million were included in sales and marketing, $1.2 million were included in general and administrative, and $2.3 million were included in research and development. As of December 31, 2022, $8.5 million of restructuring costs remain unpaid and are included in Accrued compensation on the consolidated balance sheet. As of March 16, 2023, the majority of these expenses were paid, with the remaining expected to be paid by the end of the first quarter of 2023. 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

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

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. On July 8, 2022, the Company entered into a sublease with Monday.com with respect to substantially all of the Company’s then-existing corporate headquarters. The sublease commenced on August 26, 2022 and expires on May 30, 2026, unless terminated sooner in accordance with the provisions of the sublease. Pursuant to the terms of the sublease, Monday.com will pay a fixed monthly rent of $0.8 million, subject to periodic increases. In-lieu of a cash security deposit, the Company received a letter of credit from Citibank for approximately $4.5 million. Refer to Note 21 herein for information regarding an impairment charge the Company recorded during the year ended December 31, 2022 with respect to the original lease.

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 year ended December 31, 2022:


	Year Ended December 31, 2022
Operating lease cost	30,689
Sublease income	(10,428)
Total lease cost	$	20,261

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

The following amounts were recorded in the Company’s consolidated balance sheet related to operating leases:


	December 31, 2022
Assets
Right-of-use assets	$	66,581

Liabilities
Current lease liabilities	23,398
Noncurrent lease liabilities	59,315
Total lease liabilities	$	82,713

Other information related to leases was as follows:


	Year Ended December 31, 2022
Supplemental cash flow information
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	$	34,059
Non-cash transactions:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	10,192


	December 31, 2022
Weighted average remaining lease term (years)	3.4
Weighted average discount rate	13.76	%

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


Year	Amount
2023	$	32,826
2024	28,201
2025	25,596
2026	13,025
2027	2,687
Thereafter	1,300
Total lease payments	$	103,635
Less: imputed interest	(20,922)
Total	$	82,713

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


Year	Amount
2023	$	15,694
2024	15,538
2025	15,538
2026	4,886
2027	178
Thereafter	—
Total	$	51,834

Future minimum lease payments under leases having initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2021 were 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	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 such company’s premises in New York. In October 2020, the investee renewed its lease agreement, and the Company’s prior guarantee was replaced with a new guarantee of up to $5.4 million. The amount of the guarantee is reduced as the investee makes payments under the lease. As of December 31, 2022, the maximum amount of the guarantee was $1.1 million, and no liability was recognized with respect to the guarantee. In the course of business, the Company both provides and receives indemnities which are intended to allocate certain risks associated with business transactions. Similarly, the Company may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not fulfill its obligations under an indemnification obligation. The Company records a liability for indemnification obligations and other contingent liabilities when probable and reasonably estimable. Legal Matters The Company is party to various lawsuits and claims in the ordinary course of business. Two mass arbitrations (the “Arbitrations”) were initiated before the American Arbitration Association on March 15, 2022 against the Company and certain of its executive officers and directors (together, the “BuzzFeed Defendants”) and Continental Stock Transfer Corporation by 91 individuals previously employed by Legacy BuzzFeed (the “Claimants”). The Claimants alleged that they were harmed when they were allegedly unable to convert their shares of Class B common stock to Class A common stock and sell those shares on December 6, 2021, the first day of trading following the Business Combination, and asserted claims for negligence, misrepresentation, breach of fiduciary duty, and violation of Section 11 of the Securities Act. The Claimants sought to recover unspecified compensatory damages, an award of costs, and any further appropriate relief. On April 21, 2022, the BuzzFeed Defendants filed a complaint in the Delaware Court of Chancery seeking to enjoin the Arbitrations on the grounds that, inter alia, the Claimants’ purported causes of action arise from their rights as shareholders of the Company, are governed by the Company’s charter, including its forum selection provision, and are therefore not arbitrable (the “Delaware Action”). The complaint sought declaratory and injunctive relief. A hearing on the merits of the Delaware Action was held on July 26, 2022. On October 28, 2022, the Court of Chancery granted the Company’s motion to permanently enjoin the Claimants’ arbitration claims. On January 17, 2023, the Claimants filed amended statements of claim in the Arbitrations against BuzzFeed Media Enterprises, Inc., a wholly-owned subsidiary of the Company, and Continental Stock Transfer & Trust Corporation, the transfer agent for 890 and later the Company. The amended statements of claim likewise allege that the Claimants were harmed when they were allegedly unable to convert their shares of Class B common stock to Class A common stock and sell those shares on the first day of trading following the Business Combination. The Claimants allege claims for breach of contract and the covenant of good faith and fair dealing, misrepresentation, and negligence, and seek to recover unspecified compensatory damages, an award of costs, and any further appropriate relief. Although the outcome of such matters cannot be predicted with certainty and the impact that the final resolution of such matters will ultimately have on the Company’s consolidated financial statements is not known, we do not believe that the resolution of these matters will have a material adverse effect on the Company’s future results of operations or cash flows. The Company settled or resolved certain legal matters during the fiscal years ended December 31, 2022, 2021 and 2020 that did not individually or in the aggregate have a material impact on the Company’s business or its consolidated financial position, results of operations or cash flows.

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Information	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 is its CODM who makes resource allocation decisions and assesses performance based upon financial information at the consolidated level. The Company manages its operations as a single segment for the purpose of assessing and making operating decisions. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 21
-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In June 2021, in connection with the Merger Agreement, and effective as of the closing of the Business Combination, BuzzFeed entered into a Commercial Agreement with NBCU, a holder of 5% or more of our Class A common stock, pursuant to which, among other things: (1) NBCU continues to be entitled to marketing services on BuzzFeed platforms at certain discounted rates; (2) BuzzFeed provides editorial promotion of at least $1.0 million in marketing value during each year of the term of the Commercial Agreement across BuzzFeed’s digital properties at no cost to NBCU, its affiliates and joint ventures and their respective brands; (3) BuzzFeed provides licensed content to NBCU to be made available on an applicable NBCU entity streaming service under certain exclusivity terms during the remainder of the term of the Commercial Agreement; (4) NBCU is the exclusive sales representative for all BuzzFeed inventory, including HuffPost inventory, on Apple News and BuzzFeed endeavored to spend at least $1.0 million during the first year of the term of the Commercial Agreement to promote any of its commerce initiatives; and (5) BuzzFeed provides 200 million impressions per year of the term of the Commercial Agreement to drive traffic from the BuzzFeed platforms and third-party social media platforms to NBCU news properties. The Commercial Agreement will continue to be in effect until December 3, 2024 (i.e., for a period of three years), unless earlier terminated by either party in accordance with its terms and conditions, or until terminated by BuzzFeed after NBCU realizes $400.0 million or more in value for the NBCU Base Shares (as defined in the Escrow Agreement), which has yet to occur. The Company also entered into certain partnership agreements with NBCU in 2020, 2021, and 2022. The Company recognized revenue from NBCU of $5.3 million, $2.9 million and $3.6 million for the years ended December 31, 2022, 2021, and 2020, respectively. The Company recognized expenses under contractual obligations from NBCU of $0.7 million, $1.1 million and $0.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company had outstanding receivable balances of $2.2 million and $1.2 million from NBCU as of December 31, 2022 and 2021, respectively. The Company had no outstanding payable balance to NBCU as of December 31, 2022 and owed $0.3 million to NBCU as of December 31, 2021. The Company has entered into indemnification agreements with each of its directors and executive officers. These agreements require the Company to indemnify each such individual, against any and all expenses incurred by him or her because of his or her status as one of our directors or executive officers, to the fullest extent permitted by Delaware law, our second amended and restated certificate of incorporation, and our restated bylaws.

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


	Year Ended December 31,
	2022		2021		2020
Cash paid for income taxes, net	$	2,028	$	1,228	$	83
Cash paid for interest	15,729		901		1,096
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment	298		306		129
Issuance of common stock for HuffPost Acquisition	—		24,064		—
Issuance of common stock for C Acquisition	—		96,200		—
Warrants assumed as part of the Business Combination	—		9,678		—
Accrued reverse recapitalization costs	—		585		—
Reconciliation of cash and cash equivalents and restricted cash within the consolidated balance sheets to the amounts shown in the statement of cash flows:
Cash and cash equivalents	55,774		79,733		90,626
Restricted cash	—		—		15,500
Total cash and cash equivalents and restricted cash	55,774		79,733		106,126

Other (Expense) Income, Net

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Other (Expense) Income, Net

Other (expense) income, net consisted of the following for the years ended December 31, 2022, 2021, and 2020:


	Year Ended December 31,
	2022		2021		2020
Exchange (loss) gain	$	(4,612)	$	(1,837)	$	1,231
Unrealized gain on investments	1,260		—		500
Other expense	(1,250)		(1,366)		(798)
Other income	1,026		683		914
Loss on disposition of subsidiary	—		(1,234)		(711)
Gain (loss) on disposition of assets	500		(220)		(254)
Total	$	(3,076)	$	(3,974)	$	882

Impairment Expense	12 Months Ended
Impairment Expense	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment Expense	Impairment Expense During the year ended December 31, 2022, the Company subleased its former corporate headquarters to Monday.com. The sublease commenced on August 26, 2022 and expires on May 30, 2026, unless terminated sooner in accordance with the provisions of the sublease. In connection with the sublease, the Company afforded the subtenant a four-month rent free period which was the main driver in the cash outflows exceeding cash inflows over the life of the sublease. As such, the Company identified a triggering event for a potential impairment with respect to right-of-use assets and leasehold improvements associated with the subleased property. The Company determined the subleased property represented a separate asset class for the purposes of impairment testing and measurement, and the Company recorded a non-cash impairment charge of $2.2 million, with $1.4 million allocated to the right-of-use asset, and the remaining $0.8 million allocated to leasehold improvements. The fair values were determined based on estimated future discounted cash flows using market participant assumptions. Additionally, during the year ended December 31, 2022, the Company experienced a sustained decline in share price that pushed its market capitalization below its carrying value. The Company concluded the sustained decline in share price was a triggering event for potential impairment and conducted a quantitative impairment assessment. Based on the quantitative impairment assessment, the Company concluded the fair value of the single reporting unit was less than its carrying value and as such recorded a non-cash impairment charge of $102.3 million. The fair value of the single reporting was determined using an equal weighting of the adjusted market capitalization method (market approach) and the discounted cash flow method (income approach).

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn March 10, 2023, the Federal Deposit Insurance Corporation (“FDIC”) announced the closure of Silicon Valley Bank (“SVB”). On March 13, 2023, pursuant to a joint statement released by the U.S. Department of the Treasury, the U.S. Federal Reserve, and the FDIC, the U.S. government reassured that all depositors will be fully protected. As of the date the accompanying consolidated financial statements were issued, the Company has transferred substantially all of its cash out of SVB to other financial institutions. The Company does not currently anticipate any disruption to its ongoing operations.

Summary of Significant Accounting Policies (Polices)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Financial Statements and Principles of Consolidation

Use of Estimates

Fair Value Measurements

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

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

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

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents

The Company classifies all cash whose use is limited by contractual provisions as restricted cash.

Accounts Receivable and Allowance for Doubtful Accounts

Film Costs


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

Property and Equipment


			Useful Life (Years)
Furniture and fixtures			5
Leasehold improvements			7 – 11
Computer equipment			3
Video equipment			3

Capitalized Software Costs

Investments

value. The Company reviews equity investments without readily determinable fair values at each period end to determine whether they have been impaired.

Evaluation of Long-Lived Assets and Impairment

Evaluation of Long-Lived Assets and ImpairmentThe Company reviews its property and equipment and capitalized software costs for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If circumstances require a long-lived asset to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by the asset to its carrying value. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques which may include discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

Revenue Recognition

Advertising

Content

Commerce and other

Cost of Revenue

Sales and Marketing

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

General and Administrative

Research and Development

Income Taxes

The Company made a policy election to treat the income tax with respect to the global intangible low taxed income (“GILTI”) as a period expense when incurred.

Stock-Based Compensation

not have material impact on the consolidated financial statements and there was no adjustment to beginning accumulated deficit on January 1, 2020.

Comprehensive (Loss) Income

Foreign Currency

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements Not Yet AdoptedIn 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 does not expect the adoption of ASU 2016-13 to have a material impact to its consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Allowance for Doubtful Accounts

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


	Year Ended December 31,
	2022		2021		2020
Balance as of January 1,	$	1,094	$	1,387	$	1,122
Additions	2,582		703		1,208
Write-offs, net of recoveries	(1,797)		(996)		(943)
Balance as of December 31,	$	1,879	$	1,094	$	1,387

Schedule of Film Capitalized Cost

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


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

Schedule of Property, Plant and Equipment, Useful Life

The estimated useful lives of property and equipment of each asset category are as follows:


			Useful Life (Years)
Furniture and fixtures			5
Leasehold improvements			7 – 11
Computer equipment			3
Video equipment			3

Schedule of Stock-Based Compensation

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


	Year Ended December 31,
	2022		2021		2020
Cost of revenue, excluding depreciation and amortization	$	3,895	$	2,788	$	109
Sales and marketing	3,058		4,829		60
General and administrative	10,759		15,052		977
Research and development	3,893		896		43
	$	21,605	$	23,565	$	1,189

Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Fair Value of Consideration Exchanged

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 our Class A common stock at a price of $9.62 per share, which is based on the closing stock price of our Class A common stock on the Closing Date.

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

_____________________________

Schedule of Purchase Price Allocation for the Assets Acquired and Liabilities Assumed

2022, which is the period in which the adjustments occurred. The adjustments resulted from new information obtained about facts and circumstances that existed as of the acquisition date.


	Preliminary		Measurement Period Adjustments		Final
Cash	$	2,881	$	—	$	2,881
Accounts receivable	22,581		11		22,592
Prepaid and other current assets	17,827		281		18,108
Property and equipment	332		(15)		317
Intangible assets	119,100		—		119,100
Goodwill	189,391		(909)		188,482
Accounts payable	(2,661)		—		(2,661)
Accrued expenses	(12,319)		(803)		(13,122)
Accrued compensation	(12,867)		349		(12,518)
Deferred revenue	(5,855)		(48)		(5,903)
Deferred tax liabilities	(22,776)		1,134		(21,642)
Other liabilities	(1,468)		—		(1,468)
Total consideration for Complex Networks	$	294,166	—		$	294,166


	Preliminary		Measurement Period 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

Schedule of Estimated Fair Value of Each of the Identifiable Intangible Assets

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


	Asset Fair Value	Weighted Average 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

The following table presents the Company’s pro forma combined revenue and net loss.


	Year Ended December 31,
	2021		2020
Revenue	$	510,714	$	439,399
Net loss	$	(6,703)	$	(3,827)

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Year Ended December 31,
	2022		2021		2020
Advertising	$	202,830	$	205,794	$	149,704
Content	165,750		130,200		119,846
Commerce and other	68,094		61,570		51,774
	$	436,674	$	397,564	$	321,324

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


	Year Ended December 31,
	2022		2021		2020
Revenue:
United States	$	396,668	$	352,280	$	292,107
International	40,006		45,284		29,217
Total	$	436,674	$	397,564	$	321,324

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

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:


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	1,154	$	—	$	—	$	1,154
Total	$	1,154	$	—	$	—	$	1,154
Liabilities:
Derivative liability	$	—	$	—	$	180	$	180
Other non-current liabilities:
Public Warrants	384		—		—		384
Private Warrants	—		11		—		11
Total	$	384	$	11	$	180	$	575


	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 Significant Unobservable Inputs Related to the Derivative Liability

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


	December 31, 2022	December 31, 2021
Term (in years)	3.9	4.9
Risk-free rate	4.11%	1.25%
Volatility	76.6%	31.5%

Schedule of Activity of the Level 3 Instruments

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


	Derivative Liability
Balance as of December 31, 2020	—
Issuance of Notes	$	31,620
Change in fair value of derivative liability	(26,745)
Balance as of December 31, 2021	$	4,875
Change in fair value of derivative liability	(4,695)
Balance as of December 31, 2022	$	180

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, net

Property and equipment, net consisted of the following:


	December 31, 2022		December 31, 2021
Leasehold improvements	$	50,688	$	47,573
Furniture and fixtures	6,069		6,029
Computer equipment	5,629		5,134
Video equipment	792		648
	63,178		$	59,384
Less: Accumulated depreciation	(45,404)		(36,332)
	$	17,774	$	23,052

Capitalized Software Costs, net (Tables)

12 Months Ended

Dec. 31, 2022

Capitalized Computer Software, Net [Abstract]

Schedule of Capitalized Software Costs

Capitalized software costs, net consisted of the following:


	December 31, 2022		December 31, 2021
Website and internal-use software	$	75,871	$	81,908
Less: Accumulated amortization	(56,612)		(65,354)
	$	19,259	$	16,554

Goodwill and Intangibles, net (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill Activities

The following table presents the goodwill activities for the periods presented:


Balance as of December 31, 2020	$	—
HuffPost Acquisition	5,490
C Acquisition	189,391
Balance as of December 31, 2021	$	194,881
C Acquisition Measurement Period Adjustments	(909)
Goodwill Impairment (see Note 3)	(102,340)
Balance as of December 31, 2022	$	91,632

Summary of Intangible Assets and the Weighted Average Remaining Useful Lives

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


	December 31, 2022							December 31, 2021
	Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Acquired Technology	2 years	$	10,600	$	5,279	$	5,321	$	10,600	$	1,745	$	8,855
Trademarks and Trade Names	14 years	111,000		8,756		102,244		111,000		1,356		109,644
Trademarks and Trade Names	Indefinite	1,368		—		1,368		1,368		—		1,368
Customer Relationships	3 years	17,000		4,604		12,396		17,000		354		16,646
Total		$	139,968	$	18,639	$	121,329	$	139,968	$	3,455	$	136,513

Schedule of Estimated Future Amortization Expense

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


2023	$	15,183
2024	13,438
2025	11,296
2026	7,400
2027	7,400
Thereafter	65,244
	$	119,961

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount of the Notes

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


	December 31, 2022		December 31, 2021
Principal outstanding	$	150,000	$	150,000
Unamortized debt discount and issuance costs	(31,252)		(36,627)
Net carrying value	$	118,748	$	113,373

Redeemable Noncontrolling Interest (Tables)

12 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

Schedule of Redeemable Noncontrolling Interest

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


	2022		2021		2020
Balance as of January 1,	$	2,294	$	848	$	28
Merger of BuzzFeed Japan and HuffPost Japan	—		510		—
Allocation of net income	164		936		820
Reclassification into permanent equity	$	(2,458)	$	—	$	—
Balance as of December 31,	$	—	$	2,294	$	848

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of Stock Options Activity

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


	Number of Shares(1)	Weighted Average Exercise Price(1)		Weighted Average Remaining Term	Aggregate Intrinsic Value
Balance as of December 31, 2021	4,560	$	6.29	3.07	$	2,670
Granted	2,365	4.78
Exercised	(412)	0.96
Forfeited	(360)	5.79
Expired	(2,177)	5.92
Balance as of December 31, 2022	3,976	$	6.20	3.80	$	—
Expected to vest at December 31, 2022	3,976	$	6.20	3.80	$	—
Exercisable at December 31, 2022	3,275	$	6.34	2.70	$	—

Schedule of Fair Value of Stock Option Awards Valuation Assumptions

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

2022

2021

2020

Exercise price

$1.17 – $5.31

$8.99 –$9.25

$7.48 – $8.33

Expected dividend yield

Expected volatility

48% –93%

45% – 48%

41% –46%

Expected term (years)

1.00– 6.20

5.00 – 6.07

5.55 – 6.07

Risk free interest rate

1.86% – 3.95%

0.80% – 1.04%

0.26% – 1.17%

Schedule of RSU Activity

A summary of RSU activity is presented below:


	Shares	Weighted Average Grant-Date Fair Value
Outstanding as of December 31, 2021	5,235	$	8.88
Granted	8,125	3.12
Vested	(4,617)	8.21
Forfeited	(1,248)	5.65
Outstanding as of December 31, 2022	7,495	$	3.59

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Income (Loss) Per Share

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


	Year Ended December 31,
	2022		2021		2020
Numerator:
Net (loss) income	$	(201,326)	$	25,876	$	11,156
Net income attributable to the redeemable noncontrolling interest	164		936		820
Net (loss) income attributable to noncontrolling interests	(533)		228
Allocation of undistributed earnings to convertible preferred stock	—		24,712		10,336
Net loss attributable to holders of Class A, Class B, and Class C common stock for basic net loss per share	$	(200,957)	$	—	$	—
Add: interest on Notes	—		1,317		—
Deduct: change in fair value of derivative liability	—		(26,745)		—
Reallocation of undistributed earnings to convertible preferred stock	—		24,712		—
Net loss attributable to holders of Class A, Class B, and Class C common stock for diluted net loss per share	$	(200,957)	$	(716)	$	—
Denominator:
Weighted average common shares outstanding, basic	138,148		27,048		11,942
Impact of assumed conversion of Notes	—		953		—
Weighted average common shares outstanding, diluted	138,148		28,001		11,942

Net loss per common share, basic	$	(1.45)	$	0.00	$	—
Net loss per common share, diluted	$	(1.45)	$	(0.03)	$	—

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 loss per share as the effect would have been anti-dilutive:


	2022	2021	2020
Stock options	3,976	4,560	9,831
Restricted stock units	7,495	2,779	—
Warrants	9,876	9,876	—
Convertible preferred stock	—	0	94,360

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Income (Loss) Before Income Taxes

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


	2022		2021		2020
Domestic	$	(193,237)	$	(301)	$	12,837
Foreign	(6,063)		(227)		(740)
Total (loss) income before income taxes	$	(199,300)	$	(528)	$	12,097

Schedule of Provision (Benefit) for Income Taxes

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


	Year Ended December 31,
	2022		2021		2020
Current (benefit) / provision
Federal	$	2	$	(16)	$	(16)
State	77		112		188
Foreign	2,756		1,666		657
Total current (benefit) / provision	$	2,835	$	1,762	$	829
Deferred (benefit) / provision
Federal	$	1,103	$	(23,020)	$	7
State	(850)		(2,682)		4
Foreign	(1,062)		(2,464)		101
Total deferred (benefit) / provision	$	(809)	$	(28,166)	$	112
Total (benefit) / provision
Federal	$	1,105	$	(23,036)	$	(9)
State	(773)		(2,570)		192
Foreign	1,694		(798)		758
Total (benefit) / provision	$	2,026	$	(26,404)	$	941

Summary of Reconciliation of the U.S. Statutory Income Tax Rate to the Company's Effective Tax Rate

A reconciliation of the U.S. federal statutory income tax rate of 21% for the years ended December 31, 2022, 2021 and 2020 to the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2022		2021		2020
Income tax (benefit) provision at the U.S. federal statutory rate	$	(41,853)	$	(111)	$	2,540
State income taxes	(1,732)		(519)		323
Permanent differences	380		292		(53)
Change in valuation allowance	19,660		(18,572)		(3,720)
Effect of foreign operations	(147)		(825)		325
Stock-based compensation	4,205		(838)		198
Transaction costs	—		1,262		—
Section 162(m)	493		—		—
Derivative and warrant liabilities	(1,940)		(6,612)		—
U.S. GILTI inclusion	139		—		—
Goodwill impairment	21,945		—		—
Effect of change in tax rates	(1,253)		(835)		(253)
Sale of foreign subsidiary	—		—		1,323
Research & development tax credits	—		(501)		(253)
Foreign currency translation & transactions	560		254		144
Prior period adjustments	—		—		230
Other	1,569		601		137
Total provision (benefit) for income taxes	$	2,026	$	(26,404)	$	941

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

Significant components of deferred tax assets and liabilities as of were as follows:


	Year Ended December 31,
	2022		2021
Deferred tax assets
Net operating loss carryforwards	$	99,315	$	93,592
Accruals	2,295		3,503
Stock-based compensation	2,834		6,380
Bad debt	351		241
Deferred rent	—		4,167
Interest expense	5,509		735
Lease liabilities	20,022		—
Section 174 capitalized R&D costs	9,826		—
Capitalized production expenses	2,384		—
Other	99		691
Total deferred tax asset	$	142,635	$	109,309
Valuation allowance	(86,515)		(66,848)
Net deferred tax asset	$	56,120	$	42,461

Deferred tax liabilities
Deferred state income tax	(2,178)		(1,596)
Operating lease, right-of-use asset	(16,078)		—
Depreciation and amortization	(1,529)		(1,905)
Intangible assets	(33,131)		(37,352)
Total deferred tax liability	$	(52,916)	$	(40,853)
Net deferred tax asset (liability)	$	3,204	$	1,608

Schedule of Income Tax Examinations

The earliest years’ tax returns filed by the Company that are still subject to examination by the tax authorities in the major jurisdictions are as follows:


			Years
United States			2018
United Kingdom			2021
Japan			2017
Canada			2018

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Lease Costs

The following illustrates the lease costs for the year ended December 31, 2022:


	Year Ended December 31, 2022
Operating lease cost	30,689
Sublease income	(10,428)
Total lease cost	$	20,261

Schedule Of Right-Of-Use Assets And Lease Liabilities

The following amounts were recorded in the Company’s consolidated balance sheet related to operating leases:


	December 31, 2022
Assets
Right-of-use assets	$	66,581

Liabilities
Current lease liabilities	23,398
Noncurrent lease liabilities	59,315
Total lease liabilities	$	82,713

Summary of Supplemental Cash Flow Information and Additional Information

Other information related to leases was as follows:


	Year Ended December 31, 2022
Supplemental cash flow information
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	$	34,059
Non-cash transactions:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	10,192


	December 31, 2022
Weighted average remaining lease term (years)	3.4
Weighted average discount rate	13.76	%

Schedule of Maturities of Lease Liabilities

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


Year	Amount
2023	$	32,826
2024	28,201
2025	25,596
2026	13,025
2027	2,687
Thereafter	1,300
Total lease payments	$	103,635
Less: imputed interest	(20,922)
Total	$	82,713

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


Year	Amount
2023	$	15,694
2024	15,538
2025	15,538
2026	4,886
2027	178
Thereafter	—
Total	$	51,834

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

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Information [Abstract]

Schedule of Supplemental Cash Flow Information


	Year Ended December 31,
	2022		2021		2020
Cash paid for income taxes, net	$	2,028	$	1,228	$	83
Cash paid for interest	15,729		901		1,096
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment	298		306		129
Issuance of common stock for HuffPost Acquisition	—		24,064		—
Issuance of common stock for C Acquisition	—		96,200		—
Warrants assumed as part of the Business Combination	—		9,678		—
Accrued reverse recapitalization costs	—		585		—
Reconciliation of cash and cash equivalents and restricted cash within the consolidated balance sheets to the amounts shown in the statement of cash flows:
Cash and cash equivalents	55,774		79,733		90,626
Restricted cash	—		—		15,500
Total cash and cash equivalents and restricted cash	55,774		79,733		106,126

Other (Expense) Income, Net (Tables)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense)

Other (expense) income, net consisted of the following for the years ended December 31, 2022, 2021, and 2020:


	Year Ended December 31,
	2022		2021		2020
Exchange (loss) gain	$	(4,612)	$	(1,837)	$	1,231
Unrealized gain on investments	1,260		—		500
Other expense	(1,250)		(1,366)		(798)
Other income	1,026		683		914
Loss on disposition of subsidiary	—		(1,234)		(711)
Gain (loss) on disposition of assets	500		(220)		(254)
Total	$	(3,076)	$	(3,974)	$	882

Description of the Business - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 30, 2020 USD ($)
Description Of The Business [Line Items]
Number of reportable segments \| segment	1
Net (loss) income	$ 201,326	$ (25,876)	$ (11,156)
Net cash flows in operations	7,857	(797)	(27,553)
Cash and cash equivalents	55,774	79,733	$ 90,626
Unused borrowing capacity	1,000
Accumulated deficit	523,063	322,106
Revolving Credit Facility
Description Of The Business [Line Items]
Unused borrowing capacity	1,000	$ 5,400
Maximum borrowing capacity				$ 50,000
Debt instrument, covenants, liquidity threshold				$ 25,000
Unsecured Convertible Notes, Due 2026
Description Of The Business [Line Items]
Aggregate principal amount	$ 150,000
BuzzFeed, Inc.
Description Of The Business [Line Items]
Number of shares issued in exchange for each share (in shares) \| shares	0.306
BuzzFeed, Inc. \| Class A Common Stock, $0.0001 par value per share
Description Of The Business [Line Items]
Number of common shares issued (in shares) \| shares	30,880,000
CM Partners, LLC
Description Of The Business [Line Items]
Percentage of membership interests acquired	100.00%

Summary of Significant Accounting Policies -Allowance for doubtful accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,094	$ 1,387	$ 1,122
Additions	2,582	703	1,208
Write-offs, net of recoveries	(1,797)	(996)	(943)
Ending balance	$ 1,879	$ 1,094	$ 1,387

Summary of Significant Accounting Policies - Film costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Individual Monetization:
Feature films in production	$ 0	$ 3,690,000
Film, Monetized on Its Own, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of revenue, excluding depreciation and amortization	Cost of revenue, excluding depreciation and amortization	Cost of revenue, excluding depreciation and amortization
Amortized film costs	$ 8,400,000	$ 7,100,000	$ 0
Decrease in film costs	1,500,000	$ 1,600,000
Production tax credit receivable	$ 3,000,000

Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	5 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	7 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	11 years
Computer equipment
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	3 years
Video equipment
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	3 years

Summary of Significant Accounting Policies - Stock-based compensation cost (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	$ 5,400	$ 21,605	$ 23,565	$ 1,189
Cost of revenue, excluding depreciation and amortization
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost		3,895	2,788	109
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost		3,058	4,829	60
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost		10,759	15,052	977
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost		$ 3,893	$ 896	$ 43

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2022	Mar. 31, 2021	Dec. 30, 2020	Aug. 31, 2015
Significant Accounting Policies [Line Items]
Collateral amount	$ 15,500,000				$ 15,500,000
Impairment charges related to film costs	0	$ 0	$ 0
Equity investment without a readily determinable fair value	3,600,000	2,300,000
Increase in fair value of investment	1,300,000
Impairment of long-lived assets		0	0
Income tax benefit for stock- based compensation arrangements	0	0	$ 0
Right-of-use assets	66,581,000	0
Noncurrent lease liabilities	$ 59,315,000	$ 0
Accounting Standards Update 2016-02
Significant Accounting Policies [Line Items]
Right-of-use assets				$ 77,800,000
Noncurrent lease liabilities				$ 96,000,000
Minimum
Significant Accounting Policies [Line Items]
Useful life of enhancements	1 year
Maximum
Significant Accounting Policies [Line Items]
Useful life of enhancements	3 years
Accounts Receivable \| Customer Concentration Risk \| Customer 1
Significant Accounting Policies [Line Items]
Concentration risk, percentage	16.00%	11.00%
Accounts Receivable \| Customer Concentration Risk \| Customer 2
Significant Accounting Policies [Line Items]
Concentration risk, percentage	13.00%
Accounts Receivable \| Customer Concentration Risk \| Customer 3
Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Customer 1
Significant Accounting Policies [Line Items]
Concentration risk, percentage	11.00%	13.00%	13.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Customer 2
Significant Accounting Policies [Line Items]
Concentration risk, percentage	11.00%	12.00%	10.00%
Revolving Credit Facility
Significant Accounting Policies [Line Items]
Maximum borrowing capacity						$ 50,000,000
BuzzFeed Japan
Significant Accounting Policies [Line Items]
Ownership interest, parent (in percent)							51.00%
Ownership interest, noncontrolling owners (in percent)	49.00%
BuzzFeed Japan \| Z Holdings Corporation
Significant Accounting Policies [Line Items]
Ownership interest, noncontrolling owners (in percent)							21.50%
BuzzFeed Japan \| Asahi Shimbun Company
Significant Accounting Policies [Line Items]
Ownership interest, noncontrolling owners (in percent)							24.50%
BuzzFeed Japan \| ValueCommerce Co. Ltd.
Significant Accounting Policies [Line Items]
Ownership interest, noncontrolling owners (in percent)							3.00%

Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Thousands			6 Months Ended	12 Months Ended
	Dec. 03, 2021	Feb. 16, 2021	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisitions [Line Items]
Identifiable intangible assets acquired of goodwill	$ 188,500			$ 91,632	$ 194,881	$ 0
Cash investment				0	$ 35,000	$ 0
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]					Operating Income (Loss)
Assumptions of discount rate used for discounted cash flows			20.00%
Growth rate percentage			9.00%
Terminal growth rate for cashflows			2.50%
Number of days prior to the measurement date considered for average share price 1			7 days
Number of days prior to the measurement date considered for average share price 2			30 days
Goodwill impairment				$ 102,340
Developed technology
Business Acquisitions [Line Items]
Intangible assets acquired, estimated useful life	3 years
Trademarks & tradenames
Business Acquisitions [Line Items]
Intangible assets acquired, estimated useful life	15 years
H u f f I n g t o n P o s t Italia S.R.L \| H u f f I n g t o n P o s t Italia S.R.L
Business Acquisitions [Line Items]
Ownership interest, parent (in percent)					51.00%
Recognized loss on disposition					$ 1,200
BuzzFeed do B r a s I l Internet L t d a \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| BuzzFeed do B r a s I l Internet L t d a
Business Acquisitions [Line Items]
Ownership interest, parent (in percent)				100.00%
Recognized loss on disposition					700
C Acquisition
Business Acquisitions [Line Items]
Percentage of membership interests acquired	100.00%
Acquisition contributed of revenue	$ 18,500
Acquisition contributed of net income	$ 1,200
Number of shares issued for acquisition (in shares)		2,639,322
HuffPost
Business Acquisitions [Line Items]
Percentage of membership interests acquired		100.00%
Identifiable intangible assets acquired of goodwill		$ 5,500
Acquisition contributed of revenue					$ 30,300
Number of shares issued (in shares)		3,838,710
HuffPost \| Developed technology
Business Acquisitions [Line Items]
Intangible assets acquired, estimated useful life		3 years
HuffPost \| Trademarks & tradenames
Business Acquisitions [Line Items]
Intangible assets acquired, estimated useful life		15 years
Verizon Verizon Communications Inc.
Business Acquisitions [Line Items]
Number of shares issued for acquisition (in shares)		6,478,032
Cash investment		$ 35,000
Legacy BuzzFeed
Business Acquisitions [Line Items]
Number of shares issued for acquisition (in shares)		8,625,234

Acquisitions and Dispositions - Schedule of Fair Value of Consideration Exchanged (Details) - USD ($)	Dec. 03, 2021	Feb. 16, 2021
C Acquisition
Business Acquisitions [Line Items]
Cash consideration	$ 197,966
Share consideration	96,200
Total consideration	$ 294,166
Number of shares issued for acquisition (in shares)		2,639,322
C Acquisition \| Class A Common Stock, $0.0001 par value per share
Business Acquisitions [Line Items]
Number of shares issued for acquisition (in shares)	10,000,000
Stock issued price per share (in dollars per share)	$ 9.62
C Acquisition \| C Acquisition
Business Acquisitions [Line Items]
Total consideration	$ 200,000,000
HuffPost
Business Acquisitions [Line Items]
Share consideration		$ 24,064,000
Working capital adjustments		(490,000)
Total consideration		$ 23,574,000
Legacy BuzzFeed
Business Acquisitions [Line Items]
Number of shares issued for acquisition (in shares)		8,625,234
Stock issued price per share (in dollars per share)		$ 2.79

Acquisitions and Dispositions - Schedule of Purchase Price Allocation for the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 03, 2021	Feb. 16, 2021
HuffPost
Business Acquisitions [Line Items]
Cash and cash equivalents	$ 5,513
Accounts receivable	3,383
Prepaid and other current assets	611
Deferred tax assets	131
Property and equipment	620
Intangible assets	19,500
Goodwill	5,490
Accounts payable	(1,410)
Accrued expenses	(4,249)
Deferred tax liabilities	(3,829)
Other liabilities	(63)
Noncontrolling interests	(2,123)
Total consideration for HuffPost	23,574
HuffPost \| Preliminary
Business Acquisitions [Line Items]
Cash and cash equivalents			$ 5,513
Accounts receivable			3,383
Prepaid and other current assets			611
Deferred tax assets			116
Property and equipment			620
Intangible assets			19,500
Goodwill			5,927
Accounts payable			(1,410)
Accrued expenses			(4,249)
Deferred tax liabilities			(4,251)
Other liabilities			(63)
Noncontrolling interests			(2,123)
Total consideration for HuffPost			$ 23,574
HuffPost \| Measurement Period Adjustments
Business Acquisitions [Line Items]
Cash and cash equivalents	0
Accounts receivable	0
Prepaid and other current assets	0
Deferred tax assets	15
Property and equipment	0
Intangible assets	0
Goodwill	(437)
Accounts payable	0
Accrued expenses	0
Deferred tax liabilities	422
Other liabilities	0
Noncontrolling interests	0
Total consideration for HuffPost	$ 0
C Acquisition
Business Acquisitions [Line Items]
Cash and cash equivalents		$ 2,881
Accounts receivable		22,592
Prepaid and other current assets		18,108
Property and equipment		317
Intangible assets		119,100
Goodwill		188,482
Accounts payable		(2,661)
Accrued expenses		(13,122)
Accrued compensation		(12,518)
Deferred revenue		(5,903)
Deferred tax liabilities		(21,642)
Other liabilities		(1,468)
Total consideration for HuffPost		294,166
C Acquisition \| Preliminary
Business Acquisitions [Line Items]
Cash and cash equivalents		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 HuffPost		294,166
C Acquisition \| Measurement Period Adjustments
Business Acquisitions [Line Items]
Cash and cash equivalents		0
Accounts receivable		11
Prepaid and other current assets		281
Property and equipment		(15)
Intangible assets		0
Goodwill		(909)
Accounts payable		0
Accrued expenses		(803)
Accrued compensation		349
Deferred revenue		(48)
Deferred tax liabilities		1,134
Other liabilities		0
Total consideration for HuffPost		$ 0

Acquisitions and Dispositions - Schedule of Estimated Fair Value of Each of the Identifiable Intangible Assets (Details) $ in Thousands	Dec. 03, 2021 USD ($)
Trademarks & tradenames
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 - Schedule of Company's Pro Forma Combined Revenues and Net Income (Details) (Imported) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Revenue	$ 510,714	$ 439,399
Net loss	$ (6,703)	$ (3,827)

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 436,674	$ 397,564	$ 321,324
United States
Disaggregation of Revenue [Line Items]
Revenue	396,668	352,280	292,107
International
Disaggregation of Revenue [Line Items]
Revenue	40,006	45,284	29,217
Advertising
Disaggregation of Revenue [Line Items]
Revenue	202,830	205,794	149,704
Content
Disaggregation of Revenue [Line Items]
Revenue	165,750	130,200	119,846
Commerce and other
Disaggregation of Revenue [Line Items]
Revenue	$ 68,094	$ 61,570	$ 51,774

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 12,100	$ 13,300
Deferred revenue	8,836	$ 1,676
Contract with customer, liability, revenue recognized	1,100
Transaction price allocated to the remaining performance obligations	$ 200
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected recognized period (in years)	1 year

Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Liabilities:
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Derivative liability	Derivative liability
Fair Value, Recurring
Cash equivalents:
Cash equivalents	$ 1,154	$ 1
Liabilities:
Derivative liability	180	4,875
Other non-current liabilities:
Total	575	9,813
Fair Value, Recurring \| Public Warrants
Other non-current liabilities:
Other non-current liabilities	384	4,792
Fair Value, Recurring \| Private Warrants
Other non-current liabilities:
Other non-current liabilities	11	146
Fair Value, Recurring \| Money Market Funds
Cash equivalents:
Cash equivalents	1,154	1
Level 1 \| Fair Value, Recurring
Cash equivalents:
Cash equivalents	1,154	1
Liabilities:
Derivative liability	0	0
Other non-current liabilities:
Total	384	4,792
Level 1 \| Fair Value, Recurring \| Public Warrants
Other non-current liabilities:
Other non-current liabilities	384	4,792
Level 1 \| Fair Value, Recurring \| Private Warrants
Other non-current liabilities:
Other non-current liabilities	0	0
Level 1 \| Fair Value, Recurring \| Money Market Funds
Cash equivalents:
Cash equivalents	1,154	1
Level 2 \| Fair Value, Recurring
Cash equivalents:
Cash equivalents	0	0
Liabilities:
Derivative liability	0	0
Other non-current liabilities:
Total	11	146
Level 2 \| Fair Value, Recurring \| Public Warrants
Other non-current liabilities:
Other non-current liabilities	0	0
Level 2 \| Fair Value, Recurring \| Private Warrants
Other non-current liabilities:
Other non-current liabilities	11	146
Level 2 \| Fair Value, Recurring \| Money Market Funds
Cash equivalents:
Cash equivalents	0	0
Level 3 \| Fair Value, Recurring
Cash equivalents:
Cash equivalents	0	0
Liabilities:
Derivative liability	180	4,875
Other non-current liabilities:
Total	180	4,875
Level 3 \| Fair Value, Recurring \| Public Warrants
Other non-current liabilities:
Other non-current liabilities	0	0
Level 3 \| Fair Value, Recurring \| Private Warrants
Other non-current liabilities:
Other non-current liabilities	0	0
Level 3 \| Fair Value, Recurring \| Money Market Funds
Cash equivalents:
Cash equivalents	$ 0	$ 0

Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurement, transfers	$ 0
Public Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price per share (in dollars per share)	$ 0.04	$ 0.50

Fair Value Measurements - Significant Unobservable Inputs Related to the Derivative Liability (Details)	Dec. 31, 2022	Dec. 31, 2021
Term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	3.9	4.9
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	4.11	1.25
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	76.6	31.5

Fair Value Measurements - Activity of the Level 3 instruments (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 4,875	$ 0
Issuance of Notes		31,620
Change in fair value of derivative liability	(4,695)	(26,745)
Ending balance	$ 180	$ 4,875

Property and Equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 63,178	$ 59,384
Less: Accumulated depreciation	(45,404)	(36,332)
Property and equipment, net	17,774	23,052
Depreciation	10,200	8,300	$ 8,100
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	50,688	47,573
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,069	6,029
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,629	5,134
Video equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 792	$ 648

Capitalized Software Costs, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Less: Accumulated amortization	$ (18,639)	$ (3,455)
Total carrying value	119,961
Amount of capitalized software	12,400	11,000	$ 9,800
Amortization expense	9,700	11,100	$ 9,400
Computer Software, Intangible Asset
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Website and internal-use software	75,871	81,908
Less: Accumulated amortization	(56,612)	(65,354)
Total carrying value	$ 19,259	$ 16,554

Goodwill and Intangibles, net - Summary of Goodwill Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Balance at the beginning	$ 194,881	$ 0
Balance at the end	91,632	194,881
Goodwill impairment	(102,340)
HuffPost
Goodwill [Roll Forward]
Goodwill, Acquired During Period		5,490
C Acquisition
Goodwill [Roll Forward]
Goodwill, Acquired During Period		$ 189,391
C Acquisition \| Measurement Period Adjustments
Goodwill [Roll Forward]
C Acquisition Measurement Period Adjustments	$ (909)

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangibles, net - Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Value	$ 139,968	$ 139,968
Accumulated Amortization	18,639	3,455
Intangible assets, net	121,329	136,513
Trademarks & tradenames
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
Gross Carrying Value	$ 10,600	10,600
Accumulated Amortization	5,279	1,745
Intangible assets, net	$ 5,321	8,855
Trademarks & tradenames
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted- Average Remaining Useful Lives (in years)	14 years
Gross Carrying Value	$ 111,000	111,000
Accumulated Amortization	8,756	1,356
Intangible assets, net	$ 102,244	109,644
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted- Average Remaining Useful Lives (in years)	3 years
Gross Carrying Value	$ 17,000	17,000
Accumulated Amortization	4,604	354
Intangible assets, net	$ 12,396	$ 16,646

Goodwill and Intangibles, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense associated with intangible assets	$ 15.2	$ 3.5

Goodwill and Intangible Assets, net - Estimated Future Amortization (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	$ 15,183
2024	13,438
2025	11,296
2026	7,400
2027	7,400
Thereafter	65,244
Total carrying value	$ 119,961

Debt - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 15, 2022 USD ($)	Dec. 30, 2020 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) d	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Issuance of letter of credit					$ 5,000	$ 9,000	$ 19,896
Debt issuance cost	$ 200
Outstanding borrowings					152,253	141,878
Unused borrowing capacity					$ 1,000
Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount				$ 150,000
Interest rate				8.50%
Shares convertible (in shares) \| shares				12,000,000
Initial conversion price (in dollars per share) \| $ / shares				$ 12.50
Volume-weighted average trading price as percentage of conversion price					130.00%
Number of trading days \| d					20
Number of consecutive trading days \| d					30
Term for calculating amount of interest declining ratably					1 year
Term for calculating amount of interest on the aggregate principal amount					3 years
Repurchase price as percentage of par plus accrued and unpaid interest					101.00%
Derivative liability					$ 31,600
Effective interest rate					15.00%
Interest expense					$ 18,200	1,300
Amortization of debt discount and issuance costs					5,400	300
Fair value of the notes					$ 99,800
Convertible Debt \| Debt Conversion Terms One
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 Debt \| Debt Conversion Terms Two
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
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument term		3 years
Maximum borrowing capacity		$ 50,000
Letter of credit outstanding		$ 15,500			$ 15,500
Percentage of qualifying investment grade accounts receivable		95.00%
Percentage of qualifying non-investment grade accounts receivable		90.00%
Debt instrument, covenants, liquidity threshold		$ 25,000
Debt issuance cost					400	300
Outstanding borrowings					33,500	28,500
Unused borrowing capacity					$ 1,000	$ 5,400
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Revolving credit facility, early termination fee, percentage	0.50%
Debt instrument margin rate					3.75%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Revolving credit facility, early termination fee, percentage	2.00%
Debt instrument margin rate					4.25%
Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument margin rate						4.50%
Minimum monthly average utilization of debt					$ 15,000
Percentage of unused commitment fee					0.375%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument floor rate					0.75%
Debt instrument margin rate					7.67%
Letter of Credit
Debt Instrument [Line Items]
Issuance of letter of credit			$ 15,500		$ 4,500

Debt - Schedule of Net Carrying Amount (Details) - Convertible Debt - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal outstanding	$ 150,000	$ 150,000
Unamortized debt discount and issuance costs	(31,252)	(36,627)
Net carrying value	$ 118,748	$ 113,373

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Redeemable Noncontrolling Interest - Narrative (Details)	Dec. 31, 2022	May 01, 2021
BuzzFeed Japan
Redeemable Noncontrolling Interest [Line Items]
Ownership interest, noncontrolling owners (in percent)	49.00%
Yahoo Japan
Redeemable Noncontrolling Interest [Line Items]
Ownership interest, noncontrolling owners (in percent)		24.50%

Redeemable Noncontrolling Interest - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Redeemable Noncontrolling Interest [Roll Forward]
Beginning balance	$ 2,294,000	$ 848,000	$ 28,000
Merger of BuzzFeed Japan and HuffPost Japan	0	510,000	0
Allocation of net income	164,000	936,000	820,000
Reclassification into permanent equity	2,458,000	0	0
Ending balance	$ 0	$ 2,294,000	$ 848,000

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) vote $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares	Jan. 01, 2023 shares	Jan. 01, 2022 shares	Dec. 03, 2021 shares	Oct. 16, 2018 shares	Oct. 30, 2015 shares
Class of Stock [Line Items]
Shares authorized (in shares)		50,000,000
Preferred stock, par value per share (in dollars per share) \| $ / shares		$ 0.0001
Shares issued (in shares)		0
Shares outstanding (in shares)		0
Options granted term		10 years
Stock-based compensation cost \| $	$ 5,400	$ 21,605	$ 23,565	$ 1,189
Accelerated cost \| $		$ 8,200
Escrowed shares (in shares)		1,200,000
Share price (in dollars per share) \| $ / shares		$ 12.50
Cost of revenue, excluding depreciation and amortization
Class of Stock [Line Items]
Stock-based compensation cost \| $		$ 3,895	2,788	109
Accelerated cost \| $		2,300
Sales and marketing
Class of Stock [Line Items]
Stock-based compensation cost \| $		3,058	4,829	60
Accelerated cost \| $		1,000
General and administrative
Class of Stock [Line Items]
Stock-based compensation cost \| $		10,759	15,052	977
Accelerated cost \| $		1,900
Research and development
Class of Stock [Line Items]
Stock-based compensation cost \| $		3,893	$ 896	$ 43
Accelerated cost \| $		$ 3,000
2015 Equity Incentive Plan
Class of Stock [Line Items]
Exchange ratio		0.306%
Award vesting period		4 years
2021 Equity Incentive Plan
Class of Stock [Line Items]
Number of shares available for future issuance (in shares)		31,206,550
Increase in number of shares reserved for issuance as percentage of total number of outstanding shares		5.00%
Stock options
Class of Stock [Line Items]
Stock-based compensation cost \| $		$ 1,700
Weighted-average remaining requisite service period		1 year 3 months 18 days
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares		$ 1.64	$ 1.23	$ 1.03
Intrinsic value of stock options exercised \| $		$ 1,100	$ 13,800	$ 400
Stock options \| 2015 Equity Incentive Plan
Class of Stock [Line Items]
Number of shares available for grant (in shares)									16,895,765
Number of shares available for future issuance (in shares)								15,700,000
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)							32,595,765
Restricted stock units
Class of Stock [Line Items]
Number of RSUs outstanding subject to a certain vesting condition	5,235,000	7,495,000	5,235,000
Restricted Stock
Class of Stock [Line Items]
Unrecognized compensation costs \| $		$ 15,000
Number of RSUs outstanding subject to a certain vesting condition		2,400,000
Class A Common Stock, $0.0001 par value per share
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	700,000,000	700,000,000	700,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Common shares, votes per share (in vote per share) \| vote		1
Class A Common Stock, $0.0001 par value per share \| 2021 Equity Incentive Plan
Class of Stock [Line Items]
Common stock, number of additional shares authorized						6,744,758
Class A Common Stock, $0.0001 par value per share \| 2021 Equity Incentive Plan \| Subsequent Event
Class of Stock [Line Items]
Common stock, number of additional shares authorized					6,977,162
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	20,000,000	20,000,000	20,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Common shares, votes per share (in vote per share) \| vote		50
Class C Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Common shares, votes per share (in vote per share) \| vote		0

Stockholders' Equity - Schedule of Stock Options Activity (Details) - 2015 Equity Incentive Plan - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of shares
Outstanding at the beginning (in shares)	4,560
Granted (in shares)	2,365
Exercised (in shares)	(412)
Forfeited (in shares)	(360)
Expired (in shares)	(2,177)
Outstanding at the end (in shares)	3,976	4,560
Expected to vest (in shares)	3,976
Exercisable (in shares)	3,275
Weighted Average Exercise Price
Outstanding at the beginning (in dollars per share)	$ 6.29
Granted (in dollars per share)	4.78
Exercised (in dollars per share)	0.96
Forfeited (in dollars per share)	5.79
Expired (in dollars per share)	5.92
Outstanding at the end (in dollars per share)	6.20	$ 6.29
Expected to vest (in dollars per share)	6.20
Exercisable (in dollars per share)	$ 6.34
Weighted Average Remaining Term
Weighted average remaining term (in years)	3 years 9 months 18 days	3 years 25 days
Vested and expected to vest (in years)	3 years 9 months 18 days
Exercisable (in years)	2 years 8 months 12 days
Aggregate Intrinsic Value
Outstanding	$ 0	$ 2,670
Expected to vest	0
Exercisable	$ 0

Stockholders' Equity - Schedule of Fair Value of Stock Option Awards Valuation Assumptions (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	93.00%	48.00%	46.00%
Expected volatility	48.00%	45.00%	41.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)	$ 1.17	$ 8.99	$ 7.48
Expected term (years)	1 year	5 years	5 years 6 months 18 days
Risk free interest rate	1.86%	0.80%	0.26%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)	$ 5.31	$ 9.25	$ 8.33
Expected term (years)	6 years 2 months 12 days	6 years 25 days	6 years 25 days
Risk free interest rate	3.95%	1.04%	1.17%

Stockholders' Equity - Summary of RSU Activity (Details) - Restricted stock units	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Shares
Outstanding at the beginning \| shares	5,235,000
Granted \| shares	8,125,000
Vested \| shares	(4,617,000)
Forfeited \| shares	(1,248,000)
Outstanding at the end \| shares	7,495,000
Weighted Average Grant-Date Fair Value
Outstanding at the beginning \| $ / shares	$ 8.88
Granted \| $ / shares	3.12
Vested \| $ / shares	8.21
Forfeited \| $ / shares	5.65
Outstanding at the end \| $ / shares	$ 3.59

Net Loss Per Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock dividend rate	8.00%
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted loss per share, as their effect would be anti-dilutive (in shares)		2.4	2.5

Net Loss Per Share - Summary of Shares Excluded From the Computation of Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net (loss) income	$ (201,326)	$ 25,876	$ 11,156
Net income attributable to the redeemable noncontrolling interest	164	936	820
Net (loss) income attributable to noncontrolling interests	(533)	228
Allocation of undistributed earnings to convertible preferred stock	0	24,712	10,336
Net loss attributable to holders of Class A, Class B, and Class C common stock for basic net loss per share	(200,957)	0	0
Add: interest on Notes	0	1,317	0
Deduct: change in fair value of derivative liability	0	(26,745)	0
Reallocation of undistributed earnings to convertible preferred stock	0	24,712	0
Net loss attributable to holders of Class A, Class B, and Class C common stock for diluted net loss per share	$ (200,957)	$ (716)	$ 0
Denominator:
Weighted average common shares outstanding, basic (in shares)	138,148	27,048	11,942
Impact of assumed conversion of Notes (in shares)	0	953	0
Weighted average common shares outstanding, diluted (in shares)	138,148	28,001	11,942
Net loss per common share, basic (in dollars per share)	$ (1.45)	$ 0	$ 0
Net loss per common share, diluted (in dollars per share)	$ (1.45)	$ (0.03)	$ 0

Net Loss Per Share - Summary of Shares Excluded From the Computation of Diluted Loss Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock options
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 (in shares)	3,976	4,560	9,831
Restricted stock units
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 (in shares)	7,495	2,779	0
Warrants
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 (in shares)	9,876	9,876	0
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 (in shares)	0	0	94,360

Income Taxes - Summary of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ (193,237)	$ (301)	$ 12,837
Foreign	(6,063)	(227)	(740)
(Loss) income before income taxes	$ (199,300)	$ (528)	$ 12,097

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 30
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (f)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Name Accounting Standards Codification
-Topic 220
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-Section S99
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current (benefit) / provision
Federal	$ 2	$ (16)	$ (16)
State	77	112	188
Foreign	2,756	1,666	657
Total current (benefit) / provision	2,835	1,762	829
Deferred (benefit) / provision
Federal	1,103	(23,020)	7
State	(850)	(2,682)	4
Foreign	(1,062)	(2,464)	101
Total deferred (benefit) / provision	(809)	(28,166)	112
Total (benefit) / provision
Federal	1,105	(23,036)	(9)
State	(773)	(2,570)	192
Foreign	1,694	(798)	758
Total (benefit) / provision	$ 2,026	$ (26,404)	$ 941

Income Taxes - Summary of Reconciliation of the U.S. Statutory Income Tax Rate to the Company's Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax (benefit) provision at the U.S. federal statutory rate	$ (41,853)	$ (111)	$ 2,540
State income taxes	(1,732)	(519)	323
Permanent differences	380	292	(53)
Change in valuation allowance	19,660	(18,572)	(3,720)
Effect of foreign operations	(147)	(825)	325
Stock-based compensation	4,205	(838)	198
Transaction costs	0	1,262	0
Section 162(m)	493	0	0
Derivative and warrant liabilities	(1,940)	(6,612)	0
U.S. GILTI inclusion	139	0	0
Goodwill impairment	21,945	0	0
Effect of change in tax rates	(1,253)	(835)	(253)
Sale of foreign subsidiary	0	0	1,323
Research & development tax credits	0	(501)	(253)
Foreign currency translation & transactions	560	254	144
Prior period adjustments	0	0	230
Other	1,569	601	137
Total (benefit) / provision	$ 2,026	$ (26,404)	$ 941

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Effective income tax rate	(1.00%)	5000.80%	7.80%
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Increase decrease in valuation allowance	$ 19,700,000
Tax credits	7,500,000
Unrecognized tax benefits	0	$ 0	$ 0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating losses	337,400,000
Net operating losses subject to expiration	202,200,000
Operating losses indefinite lived carryforward	135,200,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating losses	11,800,000
Net operating losses subject to expiration	11,800,000
Operating losses indefinite lived carryforward	24,100,000
Foreign Tax Authority \| CANADA
Operating Loss Carryforwards [Line Items]
Net operating losses	2,500,000
Foreign Tax Authority \| JAPAN
Operating Loss Carryforwards [Line Items]
Net operating losses	4,200,000
Foreign Tax Authority \| SPAIN
Operating Loss Carryforwards [Line Items]
Net operating losses	1,400,000
Foreign Tax Authority \| UNITED KINGDOM
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 24,400,000

Income Taxes - Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Net operating loss carryforwards	$ 99,315	$ 93,592
Accruals	2,295	3,503
Stock-based compensation	2,834	6,380
Bad debt	351	241
Deferred rent	0	4,167
Interest expense	5,509	735
Lease liabilities	20,022	0
Section 174 capitalized R&D costs	9,826	0
Capitalized production expenses	2,384	0
Other	99	691
Total deferred tax asset	142,635	109,309
Valuation allowance	(86,515)	(66,848)
Net deferred tax asset	56,120	42,461
Deferred tax liabilities
Deferred state income tax	(2,178)	(1,596)
Operating lease, right-of-use asset	(16,078)	0
Depreciation and amortization	(1,529)	(1,905)
Intangible assets	(33,131)	(37,352)
Total deferred tax liability	(52,916)	(40,853)
Net deferred tax asset (liability)	$ 3,204	$ 1,608

Restructuring Costs - Narrative (Details) $ in Millions			3 Months Ended	12 Months Ended
Restructuring Costs - Narrative (Details) $ in Millions	Mar. 22, 2022 USD ($)	Mar. 09, 2021 USD ($)	Dec. 31, 2022 USD ($) employee	Dec. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, percentage			12.00%
Number of positions eliminated \| employee			172
Restructuring costs			$ 9.7	$ 15.0
Restructuring and related cost, expected cost remaining			$ 8.5	8.5
Restructuring cost		$ 3.6
BuzzFeed News
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 3.5
C Acquisition
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1.8
Cost of revenue, excluding depreciation and amortization
Restructuring Cost and Reserve [Line Items]
Restructuring costs				8.3
Restructuring cost		3.2
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs				1.2
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring costs				3.2
Restructuring cost		0.3
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring costs				$ 2.3
Restructuring cost		$ 0.1

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Sublease, fixed monthly rent		$ 800
Borrowings from revolving credit facility		5,000	$ 9,000	$ 19,896
Letter of Credit
Lessee, Lease, Description [Line Items]
Borrowings from revolving credit facility	$ 15,500	$ 4,500

Leases - Schedule of Lease Costs (Details) $ in Thousands	12 Months Ended
Leases - Schedule of Lease Costs (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
Operating lease cost	$ 30,689
Sublease income	(10,428)
Total lease cost	$ 20,261

Leases - Schedule of Right-Of-Use Assets and Lease Liabilities (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Assets
Right-of-use assets	$ 66,581,000	$ 0
Liabilities [Abstract]
Current lease liabilities	23,398,000	0
Noncurrent lease liabilities	59,315,000	$ 0
Total	$ 82,713,000

Leases - Supplemental Cash Flow Information and Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	$ 34,059
Non-cash transactions:
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 10,192
Weighted average remaining lease term (years)	3 years 4 months 24 days
Weighted average discount rate	13.76%

Leases - Maturities of Lease Liabilities (Details)	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 32,826,000
2024	28,201,000
2025	25,596,000
2026	13,025,000
2027	2,687,000
Thereafter	1,300,000
Total lease payments	103,635,000
Less: imputed interest	(20,922,000)
Total	$ 82,713,000

Leases - Schedule of Sublease Receipts to be Received Under Noncancellable Subleases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 15,694
2024	15,538
2025	15,538
2026	4,886
2027	178
Thereafter	0
Total	$ 51,834

Leases - Schedule of Future Minimum Lease Payments (Details)	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 33,817,000
2023	31,910,000
2024	23,885,000
2025	21,148,000
2026	8,441,000
Thereafter	2,642,000
Total	$ 121,843,000

Commitments and Contingencies - Narrative (Details) $ in Millions		1 Months Ended	12 Months Ended
	Mar. 15, 2022 arbitration individual	Oct. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Maximum amount of new guarantee under lease agreement \| $		$ 5.4	$ 1.1
Number of mass arbitrations \| arbitration	2
Loss Contingency, Number of Plaintiffs \| individual	91

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	1

Related Party Transactions - Narrative (Details) impression in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($) impression	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Revenue from related parties		$ 436,674,000	$ 397,564,000	$ 321,324,000
NBCUniversal Media, LLC
Defined Benefit Plan Disclosure [Line Items]
Revenue from related parties		5,300,000	2,900,000	3,600,000
Related party transaction expenses		700,000	1,100,000	$ 800,000
Outstanding receivable		2,200,000	1,200,000
Outstanding payable		$ 0	$ 300,000
NBCUniversal Media, LLC \| Commercial Agreement
Defined Benefit Plan Disclosure [Line Items]
Minimum editorial promotion expense agreed to provide in each year	$ 1,000,000
Impression per year \| impression	200
Related party agreement, duration	3 years
Value of NBCU base shares	$ 400,000,000
NBCUniversal Media, LLC \| Commercial Agreement \| HuffPost
Defined Benefit Plan Disclosure [Line Items]
Minimum editorial promotion expense agreed to provide in each year	$ 1,000,000

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncash or Part Noncash Acquisitions [Line Items]
Cash paid for income taxes, net	$ 2,028	$ 1,228	$ 83
Cash paid for interest	15,729	901	1,096
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment	298	306	129
Warrants assumed as part of the Business Combination	0	9,678	0
Accrued reverse recapitalization costs	0	585	0
Reconciliation of cash and cash equivalents and restricted cash within the consolidated balance sheets to the amounts shown in the statement of cash flows:
Cash and cash equivalents	55,774	79,733	90,626
Restricted cash	0	0	15,500
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Total	55,774	79,733	106,126	$ 74,024
HuffPost and Verizon Investment
Non-cash investing and financing activities:
Issuance of common stock for acquisition	0	24,064	0
C Acquisition
Non-cash investing and financing activities:
Issuance of common stock for acquisition	$ 0	$ 96,200	$ 0

Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Exchange (loss) gain	$ (4,612)	$ (1,837)	$ 1,231
Unrealized gain on investments	1,260	0	500
Other expense	(1,250)	(1,366)	(798)
Other income	1,026	683	914
Loss on disposition of subsidiary	0	(1,234)	(711)
Gain (loss) on disposition of assets	500	(220)	(254)
Other (expense) income, net	$ (3,076)	$ (3,974)	$ 882

Impairment Expense - Narrative (Details) - USD ($)	12 Months Ended
Impairment Expense - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Impaired Long-Lived Assets Held and Used [Line Items]
Subtenant rent free period	4 months
Impairment expense	$ 104,500,000	$ 0	$ 0
Goodwill impairment	102,340,000
Subleased Property
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment expense	2,200,000
Operating lease, impairment loss	1,400,000
Impairment of leasehold	$ 800,000