BuzzFeed, Inc. announced that it expects to receive $20.000001 million in funding

BuzzFeed, Inc. announced that it has entered into a Stock Purchase Agreement with Allen Family Digital, LLC pursuant to which the Company agreed to issue and sell to the Investor, 6,666,667 shares of the Company?s Class A common stock, par value $0.0001 per share at an issue price of $3.00 per share of Class A common stock, for aggregate consideration of $20,000,001 on May 11, 2026. The transaction is expected to close on or about May 26, 2026 subject to customary closing conditions. The Stock Purchase Agreement includes customary representations, warranties, and covenants between the parties.

In connection with the Transaction, Jonah Peretti, LLC, an affiliate of Jonah Peretti, the Company?s founder, Chief Executive Officer and Chairman, has agreed to convert all 1,309,354 of its shares of the Company?s Class B common stock, par value $0.0001 per share (the ?Class B common stock?), into Class A common stock on the Closing Date. Based on 36,296,018 shares of Class A common stock outstanding as of May 5, 2026 and after giving effect to the Transaction (including the Stock Conversion), Peretti would beneficially own approximately 2% of the Company?s outstanding Class A common stock and none of the Company?s outstanding Class B common stock. In connection with the Transaction and pursuant to the Stock Purchase Agreement, the Board increased the size of the Board from four members to eight members, effective as of the Closing Date.

The Board appointed Byron Allen as a Chief Executive Officer, a Class I director and Chairman of the Board, Chris Malone as a Class I director; Eric Gould as a Class III director; Sydnie Karras as a Class III director; and Terence Hill as a Class III director.