Why Is BuzzFeed (BZFD) Stock Up 101% Today?


  • BuzzFeed (BZFD) stock is rising on Thursday with a business sale.
  • The company is selling Complex to NTWRK for $108.6 million.
  • It also announced a restructuring plan to save $23 million per year.
BZFD Stock - Why Is BuzzFeed (BZFD) Stock Up 101% Today?

Source: shutterstock.com/Ralf Liebhold

BuzzFeed (NASDAQ:BZFD) stock is heading higher on Thursday after the media company sold its Complex division to NTWRK.

NTWRK is paying BuzzFeed $108.6 million in cash for Complex. BuzzFeed also received a $5.7 million payment covering the costs of using its New York offices, as well as for severance and other employee-related expenses.

BuzzFeed said this business sale will allow it to focus more on its other businesses, including BuzzFeed and HuffPost. In addition to that, the company is planning for a restructuring of its business.

The company intends to cut 16% of jobs, which will result in $23 million in annual savings. It plans to reveal more details about these layoffs on Feb. 28.

BZFD Stock Jumps on Restructuring Plans

With all of this news comes increased trading activity for BZFD shares this morning. That has more than 21 million units on the move as of this writing. That’s already a massive swell in trading volume compared to BuzzFeed’s daily average of 2.7 million shares.

BZFD stock is up 101.3% as of Thursday morning.

Investors looking for all of the latest stock market stories today are in the right place!

We are offering insight into all of the hottest stock market news worth reading about on Thursday! Among that is what has Agile Therapeutics (NASDAQ:AGRX) stock up today, the biggest pre-market stock movers this morning and more. You can catch up on all of these matters at the following links!

More Stock Market News for Thursday

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. 

Read More: Penny Stocks — How to Profit Without Getting Scammed 

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2024/02/why-is-buzzfeed-bzfd-stock-up-101-today/.

©2024 InvestorPlace Media, LLC