Comcast-owned NBCUniversal disposed of more than half the shares it owns in BuzzFeed, a transaction that netted it $10.15 million. NBCU’s stock sale came a day after entrepreneur and right-wing politician Vivek Ramaswamy disclosed that he had acquired a 7.7% stake in BuzzFeed and intended to “engage in a dialogue” with BuzzFeed’s board about “opportunities to maximize shareholder value, including a shift in the company’s strategy.”
NBCU had invested $400 million in BuzzFeed in 2015 and ’16. Prior to the May 22 sale of 3.18 million shares — 61% of its stake — had held 15% of BuzzFeed’s outstanding shares. NBCU now owns 2 million shares in BuzzFeed, as disclosed in an SEC filing.
After Ramaswamy’s acquisition of 2.7 million shares of BuzzFeed was disclosed, the company’s stock popped as much as 80% Wednesday before closing at $3.01/share, up 20% for the day.
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BuzzFeed’s stock has languished since it went public in December 2021. The company’s original SPAC deal valued it at $1.5 billion. As of Thursday, the company’s market capitalization is under $100 million.
