Brief: Buzzfeed Announces Sale Of Complex To Ntwrk In All-Cash Deal

BuzzFeed

21/02/2024 21:08

Feb 21 (Reuters) - BuzzFeed Inc  BZFD.O :
    * BUZZFEED INC - CASH PROCEEDS FROM SALE ENABLE BUZZFEED,
INC. TO
STRENGTHEN BALANCE SHEET, REDUCE DEBT AND IMPROVE LIQUIDITY
    * BUZZFEED, INC. ANNOUNCES SALE OF COMPLEX TO NTWRK IN
ALL-CASH
DEAL
    * BUZZFEED INC - COMPANY ALSO ANNOUNCES PLANS FOR STRATEGIC
RESTRUCTURING TO DRIVE ANNUALIZED COST SAVINGS OF APPROXIMATELY
$23M
    * BUZZFEED INC - COMPANY ALSO ANNOUNCED A PLANNED STRATEGIC
RESTRUCTURING INTENDED TO REDUCE EXPENSES BY IMPLEMENTING A 16%
REDUCTION IN REMAINING WORKFORCE
    * BUZZFEED INC - Q4 REVENUES ON A CONTINUING OPERATIONS
BASIS ARE
NOW EXPECTED TO BE IN RANGE OF $73 MILLION TO $78 MILLION
    * BUZZFEED INC - Q4 ADJUSTED EBITDA ON A CONTINUING
OPERATIONS
BASIS IS NOW EXPECTED TO BE IN RANGE OF $15 MILLION TO $20
MILLION
    * BUZZFEED INC: CLOSING OF SALE OF COMPLEX TO NTWRK IN AN
$108.6
MILLION ALL CASH DEAL
    * BUZZFEED INC: Q4 REVENUES ON A CONTINUING OPERATIONS BASIS
ARE
NOW EXPECTED TO BE IN RANGE OF $73 MILLION TO $78 MILLION

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 (Reuters.Briefs@thomsonreuters.com)