BuzzFeed Expands Thanks to $50M Investment

Changes are coming for millennial-targeted publisher BuzzFeed. The company announced on Monday that it received $50 million in series E funding from venture capital firm Andreessen Horowitz and planned to restructure the company with the funds. "Today we think the time is perfect to grow our company, build our brand and greatly increase the content we are producing so we can be the number one digital media brand. The investment from Andreessen Horowitz will allow us to double down on our company's mission by creating a new organization and expand rapidly in all areas," BuzzFeed CEO Jonah Peretti said in a statement. BuzzFeed's editorial division will now be grouped under three categories—news, buzz and life—while all of its native ad efforts will fall under the BuzzFeed Creative category. All videos will fall under the BuzzFeed Motion Pictures arm, which will soon encompass mid- and feature-length projects in addition to its staple of viral clips and GIFs. A new section called BuzzFeed Distributed, led by managing editorial director Summer Anne Burton, will handle distributing its content across social platforms including Tumblr, Imgur, Instagram, Snapchat, Vine and other messaging apps. The company also announced plans to bolster its global reach with offices in India, Germany, Mexico and Japan sometime this year. To oversee the new teams, BuzzFeed added some seasoned veterans to its top ranks, including Andreessen Horowitz's general partner Chris Dixon, who will be... Continue reading at 'AdWeek'

[ AdWeek | 2014-08-12 00:00:00 UTC ]
News tagged with: #announced plans #global reach #top ranks #executive chairman

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[ Publishers Weekly | 2013-05-24 00:00:00 UTC ]
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