BuzzFeed (BZFD) has released an update.
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BuzzFeed Media Enterprises, Inc. has sold assets of Complex Networks to Commerce Media Holdings, LLC for $108.6 million in cash. The deal includes the transfer of certain liabilities and employment offers to Complex Networks’ employees. To finance the transaction, BuzzFeed will repay nearly $65 million in debts, including early termination and interest fees. In parallel, BuzzFeed is reducing its workforce by 16%, aiming to streamline operations and enhance brand autonomy. Severance packages and a $1.8 million reimbursement for non-transferring employee severance payments are part of this process. The company expects restructuring charges of $2.5 to $4 million, with most payments by the second quarter of 2024. Additionally, key employees will receive cash bonuses post-closing, with the CFO awarded $95,000.
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