HUSH, HUSH: They deny - but NBC invests $250 million in BuzzFeed
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By Catholic Online (NEWS CONSORTIUM)
8/14/2015 (3 years ago)
Catholic Online (https://www.catholic.org)
A major media organization is laying out a pretty penny in order to be seen as "cutting edge" and "trendy." NBCUniversal is reportedly investing $250 million in BuzzFeed at a $1.5 billion valuation. BuzzFeed is a hyperkinetic, colorful news Web site dedicated to doling out information in bites size pieces, which is interpreted as what young people, or "millenials" are supposed to like.
LOS ANGELES, CA (Catholic Online) - BuzzFeed has declined to comment on this report, according to Re/code's Kara Swisher and Peter Kafka.
Led by Andreessen Horowitz's Chris Dixon, BuzzFeed raised a $50 million Series E round last summer,. The Series E capital infusion valued BuzzFeed at $850 million at the time.
BuzzFeed made more than $100 million in revenue last year. In addition, NBCUniversal is reportedly investing in Vox Media at an $850 million valuation.
Both media companies wish to "tap into millennial audiences," Re/code reports NBCUniversal may be attempting to invest in cord cutters who casually disregard NBC's TV content as old and irrelevant.
The Wall Street Journal reported that NBCUniversal was in preliminary talks with BuzzFeed. The company is also talking to other media properties including Vice Media and Business Insider, to take equity in these companies or acquire them.
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