0001828972-26-000030 | 10-K | XBRL Viewer

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Stockholders' Equity - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Shares
Granted (in shares)	0
2015 Equity Incentive Plan
Number of Shares
Outstanding at the beginning (in shares)	6,882,000
Granted (in shares)	0
Exercised (in shares)	(7,000)
Forfeited (in shares)	(657,000)
Expired (in shares)	(218,000)
Outstanding at the end (in shares)	6,000,000	6,882,000
Expected to vest (in shares)	6,000,000
Exercisable (in shares)	3,162,000
Weighted Average Exercise Price
Outstanding at the beginning (in dollars per share)	$ 2.95
Granted (in dollars per share)	0
Exercised (in dollars per share)	2.38
Forfeited (in dollars per share)	2.19
Expired (in dollars per share)	8.18
Outstanding at the end (in dollars per share)	2.85	$ 2.95
Expected to vest (in dollars per share)	2.85
Exercisable (in dollars per share)	$ 3.42
Weighted Average Remaining Term
Weighted Average Remaining Term (in years)	7 years 11 months 23 days	9 years 2 months 26 days
Vested and expected to vest (in years)	7 years 11 months 23 days
Exercisable (in years)	7 years 7 months 13 days
Aggregate Intrinsic Value
Outstanding	$ 0	$ 3,263
Expected to vest	0
Exercisable	$ 0

Description of the Business (Details)				12 Months Ended
Description of the Business (Details)	Aug. 31, 2026 USD ($)	Jun. 03, 2025 USD ($)	Dec. 03, 2021 USD ($) shares	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 11, 2026 USD ($)	Aug. 31, 2025 USD ($)	Aug. 25, 2025 USD ($)	May 31, 2025 USD ($)	May 23, 2025 USD ($)	Feb. 25, 2025 USD ($)	Feb. 21, 2024 USD ($)	Jun. 30, 2021 USD ($)
Description Of The Business [Line Items]
Number of reportable segments \| segment				1
Net loss				$ 57,334,000	$ 9,928,000	$ 89,322,000
Net cash flow used in operations				18,748,000	20,679,000	6,103,000
Unrestricted cash and cash equivalents				8,465,000	22,373,000	10,637,000
Accumulated deficit				679,588,000	621,864,000
Current restricted cash				15,750,000	0	$ 0
Unsecured Convertible Notes, Due 2026
Description Of The Business [Line Items]
Aggregate principal amount			$ 150,000,000.0
Convertible Debt
Description Of The Business [Line Items]
Aggregate principal amount														$ 150,000,000.0
Debt instrument, repurchase amount				$ 30,000,000.0	$ 120,000,000.0							$ 300,000	$ 30,900,000
Repayments of long-term debt		$ 30,900,000
Line of Credit \| Secured Debt \| Asset-Backed Term Loan
Description Of The Business [Line Items]
Aggregate principal amount										$ 40,000,000.0	$ 40,000,000.0
Minimum liquidity											$ 5,000,000.0
Line of Credit \| Secured Debt \| Asset-Backed Term Loan \| Forecast
Description Of The Business [Line Items]
Repayments of long-term debt	$ 15,000,000.0
Line of Credit \| Secured Debt \| Third Amended Credit Agreement \| Subsequent Event
Description Of The Business [Line Items]
Minimum liquidity							$ 5,000,000.0
Incremental loan commitment amount							5,000,000.0
Line of Credit \| Secured Debt \| Third Amended Credit Agreement, All Times on or Prior to April 30, 2026 \| Subsequent Event
Description Of The Business [Line Items]
Minimum liquidity							$ 3,500,000
Line of Credit \| Secured Debt \| Second Amended Credit Agreement
Description Of The Business [Line Items]
Incremental loan commitment amount								$ 5,000,000.0	$ 5,000,000.0
BuzzFeed, Inc.
Description Of The Business [Line Items]
Number of shares issued in exchange for each share (in shares) \| shares			0.306
BuzzFeed, Inc. \| Class A Common Stock, $0.0001 par value per share
Description Of The Business [Line Items]
Number of common shares issued (in shares) \| shares			7,720,000
CM Partners, LLC
Description Of The Business [Line Items]
Membership interests acquired (as percent)			100.00%

Other Expense, Net (Details) - USD ($) $ in Thousands	12 Months Ended
Other Expense, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Nonoperating Income (Expense) [Abstract]
Exchange gain	$ 967	$ 618	$ 1,103
Loss on investments	0	0	(3,500)
Other expense	(804)	(1,517)	(841)
Other income	1,291	1,973	73
Loss on partial debt extinguishment	(5,532)	(3,929)	0
(Loss) gain on disposition of assets	(800)	1,250	175
Total	$ (4,878)	$ (1,605)	$ (2,990)

Description of the Business	12 Months Ended
Description of the Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business BuzzFeed, Inc. (referred to herein, collectively with its subsidiaries, as “BuzzFeed” or the “Company”) is a premier digital media company. Across pop culture, entertainment, shopping, food, and news, our brands drive conversation and inspire what audiences watch, read, and buy now — and into the future. The Company’s iconic, globally-loved brands include BuzzFeed, HuffPost, and Tasty. BuzzFeed derives its revenue primarily from advertising, content, and commerce and other sold to leading brands. The Company has one reportable segment. On December 3, 2021, we consummated a business combination (the “Business Combination”) with 890 5th Avenue Partners, Inc. (“890”), certain wholly-owned subsidiaries of 890, and BuzzFeed, Inc., a Delaware corporation (“Legacy BuzzFeed”). In connection with the Business Combination, we acquired 100% of the membership interests of CM Partners, LLC. CM Partners, LLC, together with Complex Media, Inc., is referred to herein as “Complex Networks.” Following the closing of the Business Combination, 890 was renamed “BuzzFeed, Inc.” The shares and corresponding capital amounts and earnings per share related to Legacy BuzzFeed redeemable convertible preferred stock (other than Series F Preferred Stock and Series G Preferred Stock) and Legacy BuzzFeed common stock prior to the Business Combination were retroactively recast as shares reflecting the Exchange Ratio of 0.306 established in the Business Combination. Shares of Legacy BuzzFeed Series F Preferred Stock and Series G Preferred Stock were restated based on the exchange ratio into 7,720,000 shares of BuzzFeed Class A common stock established in the Business Combination. Additionally, pursuant to subscription agreements entered into in connection with the entry into the merger agreement pursuant to which the Business Combination was consummated, the Company issued, and certain investors purchased, $150.0 million aggregate principal amount of unsecured convertible notes due 2026 (the “Notes”) concurrently with the closing of the Business Combination. The Company repurchased approximately $120.0 million of the Notes in 2024 and the remaining $30.0 million in 2025, resulting in the full redemption of the Notes. Refer to Note 8 herein for additional details. Liquidity and Going Concern The Company’s principal sources of liquidity are our cash and cash equivalents and cash generated from continuing operations. Our cash and cash equivalents consist of demand deposits with financial institutions and investments in money market funds. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of the date the accompanying consolidated financial statements were issued (the “issuance date”), the significance of the following adverse conditions were evaluated in accordance with U.S. GAAP. The presence of the following risks and uncertainties associated with the Company’s financial condition may adversely affect the Company’s ability to sustain its operations over the next 12 months beyond the issuance date. Since its inception, the Company has generally incurred significant losses and used cash flows from operations to grow its owned and operated properties and its iconic brands. During the year ended December 31, 2025, the Company incurred a net loss of $57.3 million and used cash flows from operations of $18.7 million. Additionally, as of December 31, 2025, the Company had unrestricted cash and cash equivalents of $8.5 million and an accumulated deficit of $679.6 million. The Company’s current restricted cash balance of $15.8 million relates to funds held in Company-owned deposit accounts that are pledged as collateral for the Company’s existing letters of credit and, upon the expiration of certain of these letters of credit, approximately $15.0 million is required to be paid to our lenders under the Credit Agreement (as defined within Note 8 herein), which also includes a $5.0 million minimum cash covenant ($3.5 million through April 30, 2026, as discussed within Note 8 herein). As disclosed in Note 8 herein, in May 2025, the Company secured a $40.0 million asset-backed Term Loan (as amended, and as defined within Note 8 herein) and used a portion of the proceeds to repay, in full, the Notes. In August 2025, the Company received an incremental $5.0 million under the Second Amended Credit Agreement (as defined within Note 8 herein), which was due on February 20, 2026 (as extended through April 30, 2026, as discussed within Note 8 herein). As further disclosed in Note 14 herein, the Company’s Class A common stock experienced a significant decline whereby the trading price remained below $1.00 per share for a sustained period and has continued to remain below $1.00 as of the issuance date. However, in order to remain in compliance with Nasdaq market listing requirements, the Company’s Class A common stock price must exceed $1.00 per share for a specified minimum period (i.e., at least 10 consecutive business days). As a result of the decline in its stock price, the Company received a notice of noncompliance from Nasdaq on March 2, 2026, notifying the Company that it had until August 31, 2026 to regain compliance. If the Company is not able to regain compliance and, as such, the Company’s Class A common stock is delisted from Nasdaq, the Company will be faced with a number of significant material adverse consequences, including limited availability of market quotations for its Class A common stock; limited news and analyst coverage; decreased ability to obtain additional financing or failure to comply with the covenants required by any indebtedness; limited liquidity for its stockholders due to thin trading; and a potential loss of confidence by investors, employees, and other third parties who do business with the Company. These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern. To address its capital needs, the Company may explore options to restructure its outstanding debt, and is working to optimize its consolidated balance sheet. However, the Company can provide no assurance that it will generate sufficient cash inflows from operations, that it will be successful in obtaining such new financing, or that it will be able to optimize its consolidated balance sheet in a manner necessary to fund its obligations as they become due over the next 12 months beyond the issuance date. Additionally, the Company may implement incremental cost savings actions and pursue additional sources of outside capital to supplement its funding obligations as they become due, which includes additional offerings of its Class A common stock under the at-the-market offering (refer to Note 9 herein for additional details). However, as of the issuance date, no additional sources of outside capital have been secured or were deemed probable of being secured, other than the Company’s at-the-market offering, which is subject to the conditions contained in the At-The-Market Offering agreement dated June 20, 2023 with Craig-Hallum Capital Group LLC. The Company can provide no assurance it will successfully generate sufficient liquidity to fund its operations for the next 12 months beyond the issuance date, or if necessary, secure additional outside capital (including through the Company’s at-the-market offering) or implement incremental cost savings. Moreover, on an ongoing basis, the Company is evaluating strategic changes to its operations, including asset divestitures, restructuring, or the discontinuance of unprofitable lines of business. Any such transaction could be material to the Company’s business, financial condition, and results of operations. The nature and timing of any such changes depend on a variety of factors, including, as of the applicable time, the Company’s available cash, liquidity, and operating performance; its commitments and obligations; its capital requirements; limitations imposed under its credit arrangements; and overall market conditions. As of the issuance date, the Company continues to work on optimizing its consolidated balance sheet and evaluating its assets. Based on the Company’s liquidity position as of December 31, 2025 and our current forecast of operating results and cash flows, in the absence of any of the above-described plans to address our capital needs, we anticipate that we will not have sufficient resources to fund our cash obligations for the next 12 months following the issuance date. In addition, the Company has concluded that the above-described plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net loss	$ (57,334)	$ (9,928)	$ (89,322)
Less: net (income) loss from discontinued operations, net of tax	0	(24,028)	33,610
Net loss from continuing operations	(57,334)	(33,956)	(55,712)
Adjustments to reconcile net loss from continuing operations to cash used in operating activities:
Depreciation and amortization	15,828	19,146	20,333
Unrealized gain on foreign currency	(1,225)	(872)	(1,088)
Stock-based compensation	5,820	5,531	5,282
Change in fair value of warrants	(1,529)	1,372	11
Change in fair value of derivative liability	0	0	(180)
Amortization of debt discount and deferred issuance costs	7,140	6,086	1,766
Deferred income tax	88	(304)	3,236
Loss (gain) on disposition of assets	800	(1,250)	(175)
Loss on investment	0	0	3,500
Provision for doubtful accounts	(356)	(385)	(581)
Impairment expense	30,199	0	0
Noncash lease expense	17,473	18,123	20,017
Changes in operating assets and liabilities:
Accounts receivable	4,419	25,816	40,568
Prepaid expenses and other current assets and prepaid expenses and other assets	(224)	6,129	6,284
Film costs	(18,525)	(5)	(1,707)
Accounts payable	5,156	(30,464)	19,149
Accrued compensation	(3,888)	(474)	(18,257)
Accrued expenses, other current liabilities, and other liabilities	(7,393)	3,288	(12,619)
Lease liabilities	(21,535)	(22,222)	(23,421)
Deferred revenue	6,338	(1,245)	(7,098)
Cash used in operating activities from continuing operations	(18,748)	(5,686)	(692)
Cash used in operating activities from discontinued operations	0	(14,993)	(5,411)
Cash used in operating activities	(18,748)	(20,679)	(6,103)
Investing activities:
Capital expenditures	(1,958)	(691)	(964)
Capitalization of internal-use software	(12,394)	(12,078)	(13,934)
Business combinations, net of cash acquired	(233)	0	0
Proceeds from sale of assets	525	350	175
Cash used in investing activities from continuing operations	(14,060)	(12,419)	(14,723)
Cash provided by investing activities from discontinued operations	0	191,075	0
Cash (used in) provided by investing activities	(14,060)	178,656	(14,723)
Financing activities:
Borrowings from Term Loan	43,975	0	0
Borrowings from film financing arrangements	13,638	0	0
Proceeds from co-financing arrangements for feature films	5,089	0	0
Borrowings on revolving credit facility	0	0	2,128
Payment on Convertible Notes	(30,000)	(120,000)	0
Payment of consent solicitation fees	(2,089)	(900)	0
Payment of film financing arrangements for feature films	(2,631)	0	0
Payment on revolving credit facility	0	(33,837)	(1,796)
Payment of early termination fee for revolving credit facility	0	(500)	0
Payment of Term Loan's debt issuance costs	(754)	0	0
Repurchase of common stock	(3,332)	0	0
Proceeds from exercise of stock options	16	1	29
Payment for shares withheld for employee taxes	(224)	(394)	(451)
Proceeds from the issuance of common stock in connection with the at-the-market offering, net of issuance costs	(175)	1,030	902
Distributions to noncontrolling interests	(1,923)	0	0
Cash provided by (used in) financing activities	21,590	(154,600)	812
Effect of currency translation on cash and cash equivalents	309	(366)	(123)
Net (decrease) increase in cash and cash equivalents	(10,909)	3,011	(20,137)
Cash and cash equivalents and restricted cash at beginning of year	38,648	35,637	55,774
Cash and cash equivalents and restricted cash at end of year	$ 27,739	$ 38,648	$ 35,637

Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Net operating loss and tax credit carryforwards	$ 89,768	$ 86,005
Accruals	1,461	2,191
Depreciation and amortization	720	283
Stock-based compensation	1,648	773
Bad debt	65	177
Interest expense	6,833	4,713
Lease liabilities	6,735	8,830
Section 174 capitalized R&D costs	8,227	9,328
Capitalized production expenses	156	213
Other	1,610	1,373
Total deferred tax asset	117,223	113,886
Valuation allowance	(103,114)	(99,097)
Net deferred tax asset	14,109	14,789
Deferred tax liabilities
Operating lease, right-of-use asset	(5,647)	(6,778)
Intangible assets	(8,236)	(7,720)
Other	(24)	0
Total deferred tax liability	(13,907)	(14,498)
Net deferred tax asset	$ 202	$ 291

Goodwill and Intangibles, net - Narrative (Details)		1 Months Ended	12 Months Ended
Goodwill and Intangibles, net - Narrative (Details)	Jun. 26, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) reportingUnit	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortization expense associated with intangible assets			$ 1,200,000	$ 1,200,000	$ 2,800,000
Goodwill			13,105,000	43,304,000	43,304,000
Estimated fair value of liabilities assumed			$ 424,000	$ 0	$ 0
Number of reporting units \| reportingUnit			1
Goodwill impairment			$ 30,199,000
Variable Interest Entity, Primary Beneficiary \| Girls Like Girls \| BuzzFeed Studios Canada, Inc
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Stock interest acquired (as percent)	70.00%
Estimated fair value of assets acquired	$ 4,800,000
Estimated fair value of liabilities assumed	4,800,000
Executive producer fee waived	$ 100,000
Variable interest entity, acquisition contributed of revenue			4,100,000
Custom Content Private Company
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Cash consideration		$ 300,000
Contingent consideration identified		500,000
Goodwill		0
Acquisition contribution of revenue			$ 4,100,000
Custom Content Private Company \| Customer Relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets recorded connection with acquisition		$ 900,000
Intangible assets acquired, estimated useful life (in years)		3 years

Debt - Film Financing Arrangements (Details) $ in Thousands	12 Months Ended
Debt - Film Financing Arrangements (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Principal outstanding	$ 60,233
Film Financing Arrangement
Debt Instrument [Line Items]
Amortization of debt discount and issuance costs	300
Short term debt amount	11,100
Long term debt amount	3,900
Film Financing Arrangement \| Gloria De Film, Inc.
Debt Instrument [Line Items]
Principal outstanding	1,200
Film Financing Arrangement \| Clover Film, Inc.
Debt Instrument [Line Items]
Principal outstanding	$ 1,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 21,634	$ 24,282	$ 29,511
Sublease income	(16,638)	(17,386)	(15,694)
Total lease cost	$ 4,996	$ 6,896	$ 13,817

Net (Loss) Income Per Share - Narrative (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class C Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)	0	0	0

Summary of Significant Accounting Policies - Narrative (Details)			12 Months Ended
	May 06, 2024	Apr. 25, 2024	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Significant Accounting Policies [Line Items]
Restricted cash			$ 19,300,000	$ 16,300,000
Film, Monetized on Its Own, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]			Cost of revenue, excluding depreciation and amortization	Cost of revenue, excluding depreciation and amortization	Cost of revenue, excluding depreciation and amortization
Amortized film costs			$ 7,400,000	$ 100,000	$ 3,200,000
Capitalized cost, reduction from proceeds received			4,700,000
Reduction in capitalized film costs from production tax incentives			2,600,000	300,000
Film costs, production tax incentives, reduction of cost of revenue			2,000,000.0
Production tax credit receivable			3,200,000	1,300,000
Total carrying value of investment			800,000	800,000
Impairment of long-lived assets			0	0	0
Income tax benefit for stock- based compensation arrangements			$ 0	$ 0	$ 0
Customer 1 \| Accounts Receivable \| Customer Concentration Risk
Significant Accounting Policies [Line Items]
Concentration risk (as percent)			26.00%	26.00%
Customer 1 \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Significant Accounting Policies [Line Items]
Concentration risk (as percent)			28.00%	30.00%	20.00%
Customer 2 \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Significant Accounting Policies [Line Items]
Concentration risk (as percent)					11.00%
Class A Common Stock
Significant Accounting Policies [Line Items]
Stock spilt ratio	0.25
Class B Common Stock
Significant Accounting Policies [Line Items]
Stock spilt ratio	0.25
Minimum
Significant Accounting Policies [Line Items]
Estimated useful life of capitalized software enhancements (in years)			1 year
Minimum \| Class A Common Stock
Significant Accounting Policies [Line Items]
Proposed stock split, conversion ratio		0.5
Minimum \| Class B Common Stock
Significant Accounting Policies [Line Items]
Proposed stock split, conversion ratio		0.5
Maximum
Significant Accounting Policies [Line Items]
Estimated useful life of capitalized software enhancements (in years)			3 years
Maximum \| Class A Common Stock
Significant Accounting Policies [Line Items]
Proposed stock split, conversion ratio		0.04
Maximum \| Class B Common Stock
Significant Accounting Policies [Line Items]
Proposed stock split, conversion ratio		0.04
BuzzFeed Japan
Significant Accounting Policies [Line Items]
Ownership interest (as percent)				52.60%
BuzzFeed Japan \| Minority Interest Partner
Significant Accounting Policies [Line Items]
Ownership interest, noncontrolling owners (as percent)				3.00%
BuzzFeed Japan \| Asahi Shimbun Company
Significant Accounting Policies [Line Items]
Ownership interest, noncontrolling owners (as percent)				25.30%
BuzzFeed Japan \| Asahi Broadcasting Group Holdings Corporation Ltd
Significant Accounting Policies [Line Items]
Ownership interest, noncontrolling owners (as percent)				22.10%

Capitalized Software Costs, net

12 Months Ended

Dec. 31, 2025

Capitalized Computer Software, Net [Abstract]

Capitalized Software Costs, net

Capitalized software costs, net consisted of the following:


	December 31, 2025		December 31, 2024
Website and internal-use software	$	101,084	$	91,425
Less: Accumulated amortization	(76,839)		(68,772)
Net carrying value	$	24,245	$	22,653

During the years ended December 31, 2025, 2024, and 2023, the Company capitalized $12.4 million, $12.1 million and $13.9 million respectively, included in capitalized software costs, and amortized $10.8 million, $11.7 million and $10.9 million, respectively, included in depreciation and amortization expense.

Other Expense, Net

12 Months Ended

Dec. 31, 2025

Nonoperating Income (Expense) [Abstract]

Other Expense, Net

Other expense, net consisted of the following for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
Exchange gain	$	967	$	618	$	1,103
Loss on investments	—		—		(3,500)
Other expense	(804)		(1,517)		(841)
Other income	1,291		1,973		73
Loss on partial debt extinguishment	(5,532)		(3,929)		—
(Loss) gain on disposition of assets	(800)		1,250		175
Total	$	(4,878)	$	(1,605)	$	(2,990)

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We are committed to protecting the security and integrity of our systems, networks, databases, and applications and, as a result, have implemented processes designed to prevent, assess, identify, and manage material risks associated with cybersecurity threats. Cybersecurity and risks related to our IT are an important focus of our board of directors’ risk oversight. Our board of directors, with assistance from its audit committee, oversees our cybersecurity risk assessment and response program. The audit committee receives reports at least quarterly from executive management, including our Senior Vice President of IT and Cybersecurity, on the identification and status of cybersecurity incidents, resolution, recovery, and post incident management. Managing Material Risks and Integrated Overall Risk Management We have implemented a risk-based approach to identify and assess the cybersecurity threats that could affect our business and information systems. Our cybersecurity risk assessment process evaluates our maturity across key areas of cybersecurity, and incorporates industry standard framework considerations, including the National Institute of Standards and Technology. The cybersecurity risk management program employs a multi-layered approach including: •Awareness and training for employees involving phishing campaigns, informational sessions at management meetings, and annual mandatory training with simulations of common cybersecurity threats; •Evaluation of our technical, administrative, and end-point security, including encryption, firewalls, security scans, and anti-virus systems and logical security controls, along with control policies and active review procedures which strengthen authentication and access protection; •Third-party risk management process and monitoring procedures for service providers, suppliers, and vendors who have access to critical systems and information; •Risk and vulnerability management encompassing both proactive and predictive defenses, which provides opportunities to assess, remediate, and validate; and •Managed detection and incident response, including advanced endpoint protection. We continue to promote a company-wide culture of cybersecurity risk management awareness, and cybersecurity considerations are integrated in our decision-making processes. We have an experienced IT team led by our Senior Vice President of IT and Cybersecurity, who has more than 20 years of industry experience. Our Senior Vice President of IT and Cybersecurity reports directly to the executive team and works closely with our management team, and where necessary, engages external experts to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. Our Senior Vice President of IT and Cybersecurity provides regular updates on cybersecurity to the audit committee of our board of directors.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We are committed to protecting the security and integrity of our systems, networks, databases, and applications and, as a result, have implemented processes designed to prevent, assess, identify, and manage material risks associated with cybersecurity threats.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity and risks related to our IT are an important focus of our board of directors’ risk oversight. Our board of directors, with assistance from its audit committee, oversees our cybersecurity risk assessment and response program. The audit committee receives reports at least quarterly from executive management, including our Senior Vice President of IT and Cybersecurity, on the identification and status of cybersecurity incidents, resolution, recovery, and post incident management.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors, with assistance from its audit committee, oversees our cybersecurity risk assessment and response program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee receives reports at least quarterly from executive management, including our Senior Vice President of IT and Cybersecurity, on the identification and status of cybersecurity incidents, resolution, recovery, and post incident management.
Cybersecurity Risk Role of Management [Text Block]	We continue to promote a company-wide culture of cybersecurity risk management awareness, and cybersecurity considerations are integrated in our decision-making processes. We have an experienced IT team led by our Senior Vice President of IT and Cybersecurity, who has more than 20 years of industry experience. Our Senior Vice President of IT and Cybersecurity reports directly to the executive team and works closely with our management team, and where necessary, engages external experts to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. Our Senior Vice President of IT and Cybersecurity provides regular updates on cybersecurity to the audit committee of our board of directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Cybersecurity and risks related to our IT are an important focus of our board of directors’ risk oversight. Our board of directors, with assistance from its audit committee, oversees our cybersecurity risk assessment and response program. The audit committee receives reports at least quarterly from executive management, including our Senior Vice President of IT and Cybersecurity, on the identification and status of cybersecurity incidents, resolution, recovery, and post incident management. Managing Material Risks and Integrated Overall Risk Management We have implemented a risk-based approach to identify and assess the cybersecurity threats that could affect our business and information systems. Our cybersecurity risk assessment process evaluates our maturity across key areas of cybersecurity, and incorporates industry standard framework considerations, including the National Institute of Standards and Technology. The cybersecurity risk management program employs a multi-layered approach including: •Awareness and training for employees involving phishing campaigns, informational sessions at management meetings, and annual mandatory training with simulations of common cybersecurity threats; •Evaluation of our technical, administrative, and end-point security, including encryption, firewalls, security scans, and anti-virus systems and logical security controls, along with control policies and active review procedures which strengthen authentication and access protection; •Third-party risk management process and monitoring procedures for service providers, suppliers, and vendors who have access to critical systems and information; •Risk and vulnerability management encompassing both proactive and predictive defenses, which provides opportunities to assess, remediate, and validate; and •Managed detection and incident response, including advanced endpoint protection. We continue to promote a company-wide culture of cybersecurity risk management awareness, and cybersecurity considerations are integrated in our decision-making processes. We have an experienced IT team led by our Senior Vice President of IT and Cybersecurity, who has more than 20 years of industry experience. Our Senior Vice President of IT and Cybersecurity reports directly to the executive team and works closely with our management team, and where necessary, engages external experts to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. Our Senior Vice President of IT and Cybersecurity provides regular updates on cybersecurity to the audit committee of our board of directors.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	We have an experienced IT team led by our Senior Vice President of IT and Cybersecurity, who has more than 20 years of industry experience. Our Senior Vice President of IT and Cybersecurity reports directly to the executive team and works closely with our management team, and where necessary, engages external experts to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Senior Vice President of IT and Cybersecurity provides regular updates on cybersecurity to the audit committee of our board of directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Significant Segment Expense

From a significant segment expense perspective, the CODM receives and uses a more bifurcated view of total cost of revenue, excluding depreciation and amortization, as outlined in the table below. Variable cost of revenue primarily represents amounts related to web hosting, and advertising serving platform costs, along with amounts due to third party websites and platforms to fulfill customers’ advertising campaigns, as well as production costs paid to third parties. Fixed cost of revenue primarily represents represent compensation-related expenses and costs incurred for the publishing of editorial, promotional, and news content across all platforms.


	Year Ended December 31,
	2025		2024		2023

Variable cost of revenue	$	49,396	$	39,061	$	45,870
Fixed cost of revenue	60,755		66,004		83,912
Total cost of revenue, excluding depreciation and amortization	$	110,151	$	105,065	$	129,782

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31, 2025		December 31, 2024
Leasehold improvements	$	48,651	$	47,849
Furniture and fixtures	3,788		3,439
Computer equipment	1,685		2,554
Video equipment	352		369
Gross carrying value	$	54,476	$	54,211
Less: Accumulated depreciation	(49,972)		(48,016)
Net carrying value	$	4,504	$	6,195

Net (Loss) Income Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net (Loss) Income Per Share

The table below presents the computation of basic and diluted net (loss) income per share:


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net loss from continuing operations	$	(57,334)	$	(33,956)	$	(55,712)
Net income (loss) from discontinued operations, net of tax	—		24,028		(33,610)

Less: net income (loss) attributable to noncontrolling interests	390		168		(743)

Net loss attributable to holders of Class A and Class B common stock for basic net loss per share	$	(57,724)	$	(10,096)	$	(88,579)




Amounts attributable to BuzzFeed, Inc for net loss per common share, basic and diluted:
Net loss from continuing operations	$	(57,724)	$	(34,124)	$	(54,969)
Net income (loss) from discontinued operations, net of tax	—		24,028		(33,610)
Net loss attributable to BuzzFeed, Inc.	$	(57,724)	$	(10,096)	$	(88,579)





Denominator:
Weighted average common shares outstanding, basic and diluted	37,835		37,386		35,766



Net (loss) income per common share, basic and diluted:
Continuing operations	$	(1.53)	$	(0.91)	$	(1.54)
Discontinued operations	—		0.64		(0.94)
Net loss per common share, basic and diluted, attributable to BuzzFeed, Inc.	$	(1.53)	$	(0.27)	$	(2.48)

Schedule of Securities Excluded From the Computation of Diluted Net Loss Per Share

The table below presents the details of securities that were excluded from the calculation of diluted net loss per share as the effect would have been anti-dilutive:


	Year Ended December 31,
	2025	2024	2023
Stock options	6,000	6,882	845
Restricted stock units	3,170	1,103	2,190
Warrants	2,469	2,469	2,469

Goodwill and Intangibles, net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Activities

The following table presents the goodwill activities for the periods presented:


Balance as of December 31, 2023	$	43,304


Balance as of December 31, 2024	$	43,304
Goodwill Impairment	(30,199)

Balance as of December 31, 2025	$	13,105

Schedule of Intangible Assets and the Weighted Average Remaining Useful Lives

The following table presents the detail of intangible assets for the periods presented and the weighted average remaining useful lives:


	December 31, 2025							December 31, 2024
	Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value

Trademarks and Trade Names	10 years	$	14,000	$	4,550	$	9,450	$	14,000	$	3,617	$	10,383
Trademarks and Trade Names(1)	Indefinite	68		—		68		1,368		—		1,368
Customer relationships	2 years	887		238		649		—		—		—
Total		$	14,955	$	4,788	$	10,167	$	15,368	$	3,617	$	11,751

_________________________________

(1) Refer to Note 18 herein for additional details with respect to the sale of Goodful and As/Is during the year ended December 31, 2025, which resulted in the derecognition of a $1.3 million indefinite lived intangible asset (trademark and trade names).

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense as of December 31, 2025 is as follows (in thousands):


2026	$	1,229
2027	1,229
2028	991
2029	933
2030	933
Thereafter	4,784
Total	$	10,099

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Capitalized Software Costs, net (Tables)

12 Months Ended

Dec. 31, 2025

Capitalized Computer Software, Net [Abstract]

Schedule of Capitalized Software Costs, Net

Capitalized software costs, net consisted of the following:


	December 31, 2025		December 31, 2024
Website and internal-use software	$	101,084	$	91,425
Less: Accumulated amortization	(76,839)		(68,772)
Net carrying value	$	24,245	$	22,653

Net (Loss) Income Per Share - Schedule of Securities Excluded From the Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted net (loss) income per share, as their effect would be anti-dilutive (in shares)	6,000	6,882	845
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted net (loss) income per share, as their effect would be anti-dilutive (in shares)	3,170	1,103	2,190
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted net (loss) income per share, as their effect would be anti-dilutive (in shares)	2,469	2,469	2,469

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Financial Statements and Principles of Consolidation

The accompanying consolidated financial statements include the accounts of BuzzFeed, Inc., and its wholly-owned and majority-owned subsidiaries. The Company’s consolidated financial statements are prepared in accordance with U.S.

GAAP. Certain prior-period amounts have been reclassified to conform to the current-period presentation. All intercompany balances and transactions have been eliminated in consolidation.

The Company evaluates its relationships with other entities to identify whether they are variable interest entities (“VIEs”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation.

In August 2015, the Company signed a Joint Venture Agreement (the “JVA”) with Yahoo Japan to establish and develop operations in Japan. During the year ended December 31, 2022, Yahoo Japan transferred its interests in BuzzFeed Japan to other third parties. During the year ended December 31, 2024, a 3.0% minority interest partner sold its interest in BuzzFeed Japan back to BuzzFeed Japan. As such, BuzzFeed Japan is a joint venture controlled 52.6% by the Company, through its wholly-owned subsidiaries, BuzzFeed UK Limited, and The Huffington Post Holdings LLC, 25.3% by Asahi Shimbun Company, and 22.1% by Asahi Broadcasting Group Holdings Corporation Ltd. BuzzFeed Japan carries out the core BuzzFeed business in the Japanese language for the Japanese market. BuzzFeed Japan is included as a consolidated subsidiary in the consolidated financial statements.

During 2025, 2024, and 2023, the Company established several production companies created solely for the purpose of producing a single film each, which are considered VIEs. The Company is the primary beneficiary of each production company, as it has the ability to direct the activities that most significantly impact the economic performance of the entities, the obligation to absorb losses, and the right to receive benefits from the entities. As a result, the production companies are included as consolidated subsidiaries in the consolidated financial statements.

Reverse Stock Split

The Company held its 2024 annual meeting of stockholders on April 25, 2024 (the “2024 Annual Meeting”), and, at the 2024 Annual Meeting, the Company’s stockholders approved the grant of discretionary authority to the Company’s board of directors to (1) amend the Company’s Second Amended and Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”), to combine outstanding shares of each of the Company’s Class A common stock and the Company’s Class B common stock into a lesser number of outstanding shares of Class A common stock and Class B common stock, as the case may be, at a specific ratio within a range of one-for-two (1-for-2) to a maximum of a one-for-twenty five (1-for-25), with the exact ratio to be determined by the Company’s board of directors in its sole discretion; and (2) effect such reverse stock split, if at all, within one year of the date the proposal was approved by the Company’s stockholders (i.e., by April 25, 2025).

The Company’s board of directors subsequently approved effecting a reverse stock split, effective as of May 6, 2024, and fixed a ratio for the reverse stock split at one-for-four (1-for-4). On April 26, 2024, the Company filed an amendment to the Certificate of Incorporation with the Secretary of State of the State of Delaware (the “Certificate of Amendment”). The Certificate of Amendment effected a reverse stock split of the Class A common stock and Class B common stock at a ratio of one-for-four (1-for-4) (the “Reverse Stock Split”), effective as of 12:01 a.m., Eastern Time, on May 6, 2024. The Class A common stock began trading on a split-adjusted basis on Nasdaq on May 6, 2024, under the existing symbol “BZFD,” but the security has a new CUSIP number of 12430A300. The Public Warrants (as defined in Note 4 herein) continued to be traded under the symbol “BZFDW,” and the CUSIP identifier for the Public Warrants remains unchanged.

As a result of the Reverse Stock Split, every four shares of the Company’s Class A common stock and the Company’s Class B common stock issued and outstanding immediately prior to the Reverse Stock Split were converted into one share of Class A common stock and Class B common stock, as the case may be, after the Reverse Stock Split. The Reverse Stock Split applied uniformly to all holders of Class A common stock and Class B common stock, and did not alter any stockholder’s percentage interest in the Company, except to the extent that the Reverse Stock Split would have resulted in some stockholders owning a fractional share. No fractional shares were issued in connection with the Reverse Stock Split, as all fractional shares were rounded up to the nearest whole share. Pursuant to the terms of the agreement governing the Public and Private Warrants, fractional shares of Class A common stock will not be issued upon exercise of a warrant, and if a holder of a warrant would be entitled to receive, upon the exercise thereof, a fractional interest in a share of Class A common stock, the Company will round down to the nearest whole number the number of shares of Class A Common Stock to be issued to such holder.

Unless otherwise noted, all shares of Class A common stock and Class B common stock, including shares of Class A common stock underlying the Public Warrants and Private Warrants (as defined in Note 4 herein), stock options, restricted stock units, shares of Class A common stock available for grant under the Company’s equity incentive plans, shares of Class A common stock sold and available for sale under the Company’s at-the-market offering, and all conversion ratios,

exercise prices, and per share information with respect thereto in the consolidated financial statements have been retroactively adjusted to reflect the one-for-four (1-for-4) Reverse Stock Split, as if the split occurred at the beginning of the earliest period presented in this Annual Report on Form 10-K.

Discontinued Operations and Held for Sale

A business is classified as held for sale when management, having the authority to approve the action, commits to a plan to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current fair value, and when certain other criteria are met. A business classified as held for sale is recorded at the lower of (i) its carrying amount and (ii) estimated fair value less costs to sell. When the carrying amount of the business exceeds its estimated fair value less costs to sell, a loss is recognized and updated each reporting period as appropriate.

The results of operations of businesses classified as held for sale are reported as discontinued operations if the disposal represents a strategic shift that will have a major effect on the entity’s operations and financial results. When a business is identified for discontinued operations reporting: (i) results for prior periods are retrospectively reclassified as discontinued operations; (ii) results of operations are reported in a single line, net of tax, in the consolidated statements of operations; and (iii) assets and liabilities are reported as held for sale in the consolidated balance sheets in the period in which the business is classified as held for sale.

The Company disposed of Complex Networks, excluding the First We Feast brand, on February 21, 2024 (i.e., the “Complex Disposition”). Additionally, the Company disposed of First We Feast on December 11, 2024 (i.e., the “First We Feast Disposition”). The financial results of Complex Networks and First We Feast have been presented as discontinued operations in the consolidated statements of operations for the years ended December 31, 2024 and 2023. Refer to Note 18 herein for additional details.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported results of operations during the reporting period. Due to the use of estimates inherent in the financial reporting process, actual results could differ from those estimates.

Key estimates and assumptions relate primarily to revenue recognition, valuation allowances for deferred income tax assets, allowance for doubtful accounts, useful lives of tangible and intangible assets, impairment of long-lived assets and goodwill, ultimate revenue used for the amortization of capitalized film costs and accruals of investor costs and participations, and capitalized software costs.

Fair Value Measurements

The fair value framework under the applicable authoritative guidance requires the categorization of assets and liabilities into three levels:

•Level 1 — inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2 — inputs are observable, either directly or indirectly, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

•Level 3 — inputs are generally unobservable inputs and typically reflect management’s best estimate of assumptions that market participants would use in pricing the asset or liability.

The fair value of a financial instrument is the amount for which the instrument could be exchanged in a current transaction between willing parties. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety.

The carrying amounts of cash and cash equivalents, accounts receivable, prepaid and other current assets, accounts payable, accrued expenses, deferred revenue, other current liabilities approximate fair value. Money market funds (including restricted cash) are categorized as Level 1.

The Company’s non-financial assets, which include property and equipment, capitalized software costs, film costs, prepaid and other assets, and intangible assets, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required and the Company is required to evaluate the non-financial asset for impairment, a resulting asset impairment would require that the non-financial asset be recorded at its fair value.

Cash and Cash Equivalents and Restricted Cash

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. The Company considers instruments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company’s cash and cash equivalents consist of demand deposits with financial institutions and investments in money market funds. Deposits held with these financial institutions may exceed the amount of insurance provided on such deposits. The associated risk of concentration is mitigated by banking with creditworthy institutions.

The Company classifies all cash, the use of which is limited by contractual provisions, as restricted cash. Restricted cash primarily includes cash that is held as collateral for certain lease agreements which affect the amount of cash the Company has available for other uses. As of, and for the years ended December 31, 2025 and 2024, restricted cash totaled $19.3 million and $16.3 million, respectively.

Accounts Receivable and Allowance for Doubtful Accounts

The Company’s accounts receivable are customer obligations due under normal trade terms, carried at their face value less an allowance for doubtful accounts if required. The Company determines its allowance for doubtful accounts based on the evaluation of the aging of its accounts receivable and on a customer-by-customer analysis of its high-risk customers. The Company’s reserve contemplates its historical loss rate on receivables, specific customer situations, and the economic environments in which the Company operates.

The change in the Company’s allowance for doubtful accounts was as follows:


	Year Ended December 31,
	2025		2024		2023
Balance as of January 1,	$	1,039	$	1,424	$	1,879
Additions	469		138		1,407
Write-offs, net of recoveries	(825)		(523)		(1,862)
Balance as of December 31,	$	683	$	1,039	$	1,424

As of December 31, 2025 and 2024, the Company had one customer that represented 26% of net accounts receivable for both years (i.e., Amazon, primarily for our affiliate commerce transactions). The Company had one customer that represented 28% of total revenue for the year ended December 31, 2025 (i.e., Amazon, primarily for our affiliate commerce transactions), one customer that represented 30% of total revenue for the year ended December 31, 2024, and two customers that represented 20% and 11% of total revenue for the year ended December 31, 2023, respectively. One customer, Amazon, accounts for the significant majority of our commerce and other revenues.

Film Costs, net

Capitalized film costs are predominantly monetized individually.

Film cost amortization as well as participation liabilities are based on management’s estimates. Costs to produce films are amortized and estimated liabilities for participations are accrued using the individual film forecast method, based on the ratio of the current period’s revenues to management’s estimated remaining total gross revenues to be earned (“ultimate revenue”). The Company’s judgment is required in estimating ultimate revenue and the costs to be incurred throughout the life of each film.

The Company estimates ultimate revenue based on historical experience with similar titles or the title genre, the general public appeal of the cast, actual performance (when available) at the box office or in markets currently being exploited, and other factors such as the quality and acceptance of motion pictures or programs that our competitors release into the marketplace at or near the same time, critical reviews, general economic conditions, and other tangible and

intangible factors, many of which we do not control and which may change. For feature films, ultimate revenue includes estimates over a period not to exceed ten years following the date of initial release of the motion picture.

Film costs, which were included in film costs, net, on the on the consolidated balance sheets, were as follows:


	December 31, 2025		December 31, 2024
Individual Monetization:
Feature films in production	$	13,118	$	—
Completed feature films, less amortization	6,279		1,712
Total	$	19,397	$	1,712

The Company amortized film costs of $7.4 million, $0.1 million, and $3.2 million associated with individually monetized feature films during the years ended December 31, 2025, 2024 and 2023, respectively. Film cost amortization is included in cost of revenue, excluding depreciation and amortization, in the consolidated statements of operations.

The Company enters into co-financing arrangements with third parties to jointly finance or distribute certain of its film productions. These arrangements can take various forms, but in most cases involve the grant of an economic interest in a film to an investor who owns an undivided copyright interest in the film. The number of investors and the terms of these arrangements can vary, although investors generally assume the full risks and rewards of ownership proportionate to their ownership in the film. The Company accounts for the proceeds received from the investor under these arrangements as a reduction of its capitalized film costs (approximately $4.7 million as of December 31, 2025) and the investor’s interest in the profit or loss of the film is recorded as either a charge or a benefit, respectively, in cost of revenue, excluding depreciation and amortization, in the consolidated statements of operations. The investor’s interest in the profit or loss of a film is recorded each period using the individual film forecast computation method.

Governmental Assistance

Production tax incentives reduced capitalized film costs by $2.6 million and $0.3 million as of December 31, 2025 and December 31, 2024, respectively. Production tax incentives resulted in a reduction of cost of revenue, excluding depreciation and amortization, in the consolidated statements of operations of approximately $2.0 million for the year ended December 31, 2025. The Company had receivables related to production tax credits of $3.2 million and $1.3 million as of December 31, 2025 and 2024, respectively, included in prepaid and other current assets in the consolidated balance sheets.

Property and Equipment

Property and equipment is stated at cost, less accumulated depreciation. Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life. The estimated useful lives of property and equipment of each asset category are as follows:


			Useful Life (Years)
Furniture and fixtures			5
Leasehold improvements			7 – 11
Computer equipment			4
Video equipment			3

Capitalized Software Costs

The Company capitalizes certain costs incurred for development of websites or software for internal use. The Company capitalizes development costs when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. Costs include payroll and payroll-related costs of employees directly associated with the development activities. Costs incurred for enhancements that are expected to result in additional features or functionality are capitalized

and amortized over the estimated useful life of the enhancements, generally one to three years. Costs incurred in the preliminary and post-implementation stages of the Company’s products are expensed as incurred.

Investments

For equity investments in entities that the Company does not exercise significant influence over, if the fair value of the investment is not readily determinable, the investment is accounted for at cost, and adjusted for subsequent observable price changes. If the fair value of the investment is readily determinable, the investment is accounted for at fair value. The Company reviews equity investments without readily determinable fair values at each period end to determine whether they have been impaired.

As of December 31, 2025 and 2024, the Company had an investment in equity securities of a privately-held company without a readily determinable fair value. The total carrying value of the investment, included in prepaid and other assets on the consolidated balance sheets, was $0.8 million and $0.8 million as of December 31, 2025 and 2024, respectively.

Evaluation of Long-Lived Assets and Impairment

The Company reviews its long-lived assets, including capitalized software costs, right-of-use assets, and property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If circumstances require a long-lived asset to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by the asset to its carrying value. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, which may include discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary. There was no impairment of long-lived assets for the years ended December 31, 2025, 2024, or 2023.

Revenue Recognition

The Company recognizes revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

The Company primarily generates its revenue from advertising services and content, which includes strategic partnerships and promotional content, and from commerce and other arrangements.

Advertising

The Company generates its advertising revenue from managing a customer’s Internet advertising campaigns to target markets, both via BuzzFeed’s proprietary owned and operated sites, as well as premium publishers (e.g., Facebook and Google). Our performance obligations typically consist of a promised number of ads delivered or a promised number of actions related to the ads (such as impressions or views). Advertising revenue is recognized in the period that the related views, impressions, or actions by users on advertisements are delivered. When ads are placed on the Company’s owned and operated or third parties’ properties, the Company generally recognizes revenue on a gross basis because the Company is primarily responsible for the delivery of the promised services, has pricing discretion, and controls the advertising inventory prior to transfer to the customer. In some cases, the Company utilizes third-party intermediaries to facilitate the sale of advertising to the end customer. In these situations, while the Company is primarily responsible for the delivery of the promised services and controls the advertising inventory prior to transfer to the end customer, the Company typically does not have insight, and does not expect to have insight, into the gross amount paid by the end customer and therefore records as revenue the net amount received from the intermediary.

Content

The Company generates revenue from creating content, including promotional content, customer advertising, feature films, micro-dramas, and content licensing. The Company’s performance obligations typically consist of Company-created content for use by its customers or the delivery of a promised number of actions related to the content (impressions or views). The revenue is recognized when the content, or the related action, is delivered, and the window for the exploitation right in that territory has begun, which is the point in time at which the customer is able to begin to use and benefit from the content.

Commerce and other

The Company participates in multiple marketplace arrangements with third parties such as Amazon, whereby the Company provides affiliate links which redirect the audience to purchase products and / or services from the third parties. When the participant purchases a product and / or service, the Company receives a commission fee for that sale from the third parties. The revenue is recognized when a successful sale is made and the commission is earned.

Cost of Revenue, Excluding Depreciation and Amortization

Cost of revenue, excluding depreciation and amortization, consists primarily of compensation-related expenses and costs incurred for the publishing of editorial, promotional, and news content across all platforms, as well as amounts due to third party websites and platforms to fulfill customers’ advertising campaigns. Production costs paid to third parties and web hosting and advertising serving platform costs are also included in cost of revenue, excluding depreciation and amortization.

Sales and Marketing

Sales and marketing expenses consist primarily of compensation-related expenses for sales employees. In addition, marketing and sales-related expenses include advertising costs and market research.

General and Administrative

General and administrative expenses consist primarily of compensation-related expenses for corporate employees. Also, it consists of expenses for facilities, professional services fees, insurance costs, and other general overhead costs.

Research and Development

Research and development expenses consist primarily of compensation-related expenses incurred for the development of, enhancements to, and maintenance of the Company’s website, technology platforms, and infrastructure. Research and development expenses that do not meet the criteria for capitalization are expensed as incurred. Certain development expenses are capitalized under the provisions of the applicable authoritative guidance, whereby the Company capitalizes costs associated with website and internal-use software systems that have reached the application development stage.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company recognizes tax benefits from uncertain tax positions if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position.

The Company made a policy election to treat the income tax with respect to the global intangible low taxed income (“GILTI”) as a period expense when incurred.

Stock-Based Compensation

Stock-based compensation is recognized as an expense in the consolidated financial statements and is measured at the fair value of the award. The Company recognizes compensation expense for stock awards based on grant date fair value using the Black-Scholes option-pricing model. The Company accounts for forfeitures as they occur.

The following table summarizes stock-based compensation cost included in the consolidated statements of operations:


	Year Ended December 31,
	2025		2024		2023
Cost of revenue, excluding depreciation and amortization	$	1,332	$	1,298	$	752
Sales and marketing	631		492		781
General and administrative	3,277		3,297		3,911
Research and development1	580		444		(162)
	$	5,820	$	5,531	$	5,282

_________________________________

(1) The negative stock-based compensation expense for the year ended December 31, 2023 for research and development was primarily due to forfeitures.

The Company recognized no income tax benefit in the consolidated statements of operations for stock-based compensation arrangements in 2025, 2024 or 2023.

Comprehensive Loss

Comprehensive loss includes certain changes in stockholders’ equity that are excluded from net loss, such as cumulative foreign currency translation adjustments, comprehensive income (loss) attributable to noncontrolling interests, and foreign currency translation adjustment attributable to noncontrolling interests.

Foreign Currency

The functional currency of our foreign subsidiaries is generally the local currency. The financial statements of these subsidiaries are translated into U.S. dollars using month-end rates of exchange for assets and liabilities, and average rates of exchange for revenue, costs, and expenses during the year. Translation gains and losses are recorded in accumulated other comprehensive loss in stockholders’ equity. Transaction gains and losses including intercompany transactions denominated in a currency other than the functional currency of the entity involved are included in exchange gain (loss) within other expense, net in the consolidated statements of operations. The Company does not enter into foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of adverse fluctuations in foreign currency exchange rates.

Revision of Prior Period Financial Statements

During the fourth quarter of the year ended December 31, 2025, the Company identified an immaterial classification and disclosure misstatement related to the presentation and disclosure of restricted cash in its previously issued consolidated financial statements for the years ended December 31, 2024 and 2023. Specifically, the restricted cash amounts were not previously presented or disclosed in the consolidated financial statements. SEC Regulation S-X, Rule 5-02(1), requires registrants to separately disclose cash and cash items which are restricted as to withdrawal or usage. The Company evaluated the misstatement and concluded that it was not material to its previously issued interim and annual consolidated financial statements. The Company has revised the classification and disclosure of restricted cash in its consolidated balance sheets as of the relevant periods.

The Company determined that the misstatement originated from the existing material weakness over the financial statement close process. The misstatement had no impact on the consolidated statements of operations, and no impact on

total assets and total liabilities within the consolidated balance sheets. The misstatement did not change any of management’s conclusions on its ability to continue as a going concern for any period.

A summary of the revisions to the impacted periods are shown below (in thousands):


	As of December 31, 2024						As of December 31, 2023
	As Reported		Revision		As Revised		As Reported		Revision		As Revised
Cash and cash equivalents	$	38,648	$	(16,275)	$	22,373	$	35,637	$	(25,000)	$	10,637
Restricted cash	—		—		—		—		—		—
Total current assets	100,886		(16,275)		84,611		132,789		(25,000)		107,789
Noncurrent restricted cash	—		16,275		16,275		—		25,000		25,000
Total assets	$	221,398	$	—	$	221,398	$	411,476	$	—	$	411,476

Recently Adopted Accounting Pronouncements

The Company, an emerging growth company (“EGC”), elected to take advantage of the benefits of the extended transition period provided for in Section 7(a)(2)(B) of the Securities Act, as amended, for complying with new or revised accounting standards, which allows the Company to defer adoption of certain accounting standards until those standards would otherwise apply to private companies.

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance the transparency, decision usefulness, and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state, and foreign taxes, and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective for annual periods beginning after December 15, 2024. The Company adopted this standard for the year ended December 31, 2025, and applied the new disclosure requirements retrospectively. The adoption of this standard did not have a material impact to the Company’s consolidated financial statements. Refer to Note 11 herein for additional details.

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires companies to disclose disaggregated information of certain expense captions presented on the face of the income statement within continuing operations that include following expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible amortization, and (5) depreciation, depletion, and amortization (“DD&A”) recognized as part of oil-and gas-producing activities. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Companies have the option to apply the guidance either on a retrospective or prospective basis, and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,” which provides a practical expedient to measure credit losses on current accounts receivable and contract assets. The practical expedient allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. For public business entities, this ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” which is intended to improve the operability and application of guidance related to capitalized software development costs. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual

reporting periods. Early adoption is permitted in an interim or annual reporting period; however, if adopted in an interim period, it must be applied from the beginning of the related annual reporting period. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, “Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities,” which establishes authoritative guidance on the recognition, measurement, and presentation of a government grant received by a business entity. Under ASU 2025-10, government grants are recognized when it is probable that the business entity will both comply with the conditions of the grant and the grant will be received. The ASU provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements,” which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. ASU 2025-11 also adds lists to ASC 270 of the interim disclosures required by all other codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments are effective for public business entities for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and the guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact of adopting this guidance on its condensed consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Change in Allowance for Doubtful Accounts

The change in the Company’s allowance for doubtful accounts was as follows:


	Year Ended December 31,
	2025		2024		2023
Balance as of January 1,	$	1,039	$	1,424	$	1,879
Additions	469		138		1,407
Write-offs, net of recoveries	(825)		(523)		(1,862)
Balance as of December 31,	$	683	$	1,039	$	1,424

Schedule of Film Costs

Film costs, which were included in film costs, net, on the on the consolidated balance sheets, were as follows:


	December 31, 2025		December 31, 2024
Individual Monetization:
Feature films in production	$	13,118	$	—
Completed feature films, less amortization	6,279		1,712
Total	$	19,397	$	1,712

Schedule of Estimated Useful Lives of Property and Equipment

The estimated useful lives of property and equipment of each asset category are as follows:


			Useful Life (Years)
Furniture and fixtures			5
Leasehold improvements			7 – 11
Computer equipment			4
Video equipment			3

Schedule of Stock-Based Compensation Cost

The following table summarizes stock-based compensation cost included in the consolidated statements of operations:


	Year Ended December 31,
	2025		2024		2023
Cost of revenue, excluding depreciation and amortization	$	1,332	$	1,298	$	752
Sales and marketing	631		492		781
General and administrative	3,277		3,297		3,911
Research and development1	580		444		(162)
	$	5,820	$	5,531	$	5,282

_________________________________

(1) The negative stock-based compensation expense for the year ended December 31, 2023 for research and development was primarily due to forfeitures.

Schedule of Revisions to Impacted Periods

A summary of the revisions to the impacted periods are shown below (in thousands):


	As of December 31, 2024						As of December 31, 2023
	As Reported		Revision		As Revised		As Reported		Revision		As Revised
Cash and cash equivalents	$	38,648	$	(16,275)	$	22,373	$	35,637	$	(25,000)	$	10,637
Restricted cash	—		—		—		—		—		—
Total current assets	100,886		(16,275)		84,611		132,789		(25,000)		107,789
Noncurrent restricted cash	—		16,275		16,275		—		25,000		25,000
Total assets	$	221,398	$	—	$	221,398	$	411,476	$	—	$	411,476

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Loss Before Provision for Income Taxes on Continuing Operations

The domestic and foreign components of loss before provision for income taxes on continuing operations were as follows:


	Year Ended December 31,
	2025		2024		2023
Domestic	$	(59,109)	$	(33,156)	$	(59,254)
Foreign	2,161		(138)		5,144
Total loss before income taxes	$	(56,948)	$	(33,294)	$	(54,110)

Schedule of Provision (Benefit) for Income Taxes On Continuing Operations

The provision / (benefit) for income taxes on continuing operations consisted of the following:


	Year Ended December 31,
	2025		2024		2023
Current provision / (benefit)
Federal	$	(118)	$	—	$	—
State	(47)		49		92
Foreign	462		956		(1,689)
Total current provision / (benefit)	$	297	$	1,005	$	(1,597)
Deferred provision / (benefit)
Federal	$	(38)	$	1	$	3
State	(25)		11		(4)
Foreign	152		(355)		3,200
Total deferred provision / (benefit)	$	89	$	(343)	$	3,199
Total provision / (benefit)
Federal	$	(156)	$	1	$	3
State	(72)		60		88
Foreign	614		601		1,511
Total provision / (benefit)	$	386	$	662	$	1,602

Schedule of Reconciliation of the U.S. Statutory Income Tax Rate On Continuing Operations to the Company's Effective Tax Rate

A reconciliation of the U.S. federal statutory income tax rate on continuing operations of 21% for the years ended December 31, 2025, 2024, and 2023 to the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2025				2024				2023
U.S. federal statutory tax rate	$	(11,959)	21.0	%	$	(6,992)	21.0	%	$	(11,363)	21.0	%
State and local income taxes, net of federal income tax effect1	(116)		0.2	%	(704)		2.1	%	198		(0.4)	%
Foreign tax effects
Canada:
Other	183		(0.3)	%	209		(0.6)	%	(83)		0.2	%
Other foreign jurisdictions
Foreign exchange impacts	364		(0.6)	%	325		(1.0)	%	(218)		0.4	%
Change in valuation allowance	(4,797)		8.4	%	(61)		0.2	%	(1,321)		2.4	%
Return to accrual	4,074		(7.2)	%	(54)		0.2	%	1,599		(3.0)	%
Other	322		(0.6)	%	39		(0.1)	%	339		(0.6)	%
Effects of cross-border tax laws	—		—	%	—		—	%	511		(0.9)	%
Tax credits
Research and development credit	—		—	%	(2,135)		6.4	%	—		—	%
Change in valuation allowance	5,964		(10.5)	%	8,266		(24.9)	%	9,526		(17.6)	%
Nontaxable or non-deductible items
Stock-based compensation	75		(0.1)	%	228		(0.7)	%	2,137		(3.9)	%
Goodwill impairment	6,342		(11.1)	%	—		—	%	—		—	%
Loss on debt extinguishment	993		(1.7)	%	—		—	%	—		—	%
Warrant and derivative liabilities	(321)		0.6	%	288		(0.9)	%	(36)		0.1	%
Other non-taxable or non-deductible items	161		(0.3)	%	308		(0.9)	%	294		(0.5)	%
Uncertain tax positions	—		—	%	2		—	%	—		—	%
Other reconciling items
Return to accrual	(881)		1.5	%	802		(2.4)	%	231		(0.4)	%
Other	(18)		—	%	141		(0.4)	%	(212)		0.2	%
Total tax expense	$	386	(0.7)	%	$	662	(2.0)	%	$	1,602	(3.0)	%

_____________________________

(1)For the year ended December 31, 2025, California made up greater than 50% of the effect of the U.S. state and local income tax category. For the years ended December 31, 2024, and 2023, California, New York, and New York City made up greater than 50% of the effect of the US. state and local income tax category.

Schedule of Significant Components of Deferred Tax Assets and Deferred Tax Liabilities

Significant components of deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025		2024
Deferred tax assets
Net operating loss and tax credit carryforwards	$	89,768	$	86,005
Accruals	1,461		2,191
Depreciation and amortization	720		283
Stock-based compensation	1,648		773
Bad debt	65		177

Interest expense	6,833		4,713
Lease liabilities	6,735		8,830
Section 174 capitalized R&D costs	8,227		9,328
Capitalized production expenses	156		213
Other	1,610		1,373
Total deferred tax asset	$	117,223	$	113,886
Valuation allowance	(103,114)		(99,097)
Net deferred tax asset	$	14,109	$	14,789

Deferred tax liabilities

Operating lease, right-of-use asset	(5,647)		(6,778)
Intangible assets	(8,236)		(7,720)
Other	(24)		—
Total deferred tax liability	$	(13,907)	$	(14,498)
Net deferred tax asset	$	202	$	291

Schedule of Cash Paid for Income Taxes, Net of Refunds

The following table presents taxes paid by respective jurisdiction in excess of 5% of total income taxes paid, net of refunds received.


	Year Ended December 31,
	2025		2024		2023
U.S. Federal	$	40	$	673	$	—
U.S. state and local
California	244		314		(63)


Illinois	119		129		—



New York	43		73		48
New York City	4		39		4
Pennsylvania	68		76		7
All other	204		271		130
Total U.S. State and Local	682		902		126
Non-US
Australia	—		(32)		131
Canada	146		(1,142)		896
United Kingdom	87		—		—
Germany	7		30		—
India	—		—		129
Mexico	31		72		—
All Other	19		11		14
Total Non-U.S	290		(1,061)		1,170
Total cash income taxes paid, net	$	1,012	$	514	$	1,296


	Year Ended December 31,
	2025		2024		2023
Cash paid for income taxes, net	$	1,012	$	514	$	1,296
Cash paid for interest	3,921		11,926		17,169
Non-cash investing and financing activities:
Debt assumed for acquisition of Girls Like Girls Film Inc.	4,790		—		—
Non-cash debt repaid against Girls Like Girls Film Inc. Indebtedness	3,600		—		—
Non-cash consideration from film financing arrangements	500		—		—
Non-cash debt repaid against film financing arrangements	210		—		—
Non-cash consideration from co-financing arrangements for feature films	475		—		—
Capitalized interest for film financing arrangements	2,702		—		—
Accrued debt issuance costs for Term Loan	640		—		—
Accounts payable and accrued expenses related to property and equipment	292		31		134
Accrued deferred offering costs	67		68		597
Exchange of accounts receivable in exchange for investment in equity securities	—		—		750
Non-cash contingent consideration for business combination	424		—		—



Reconciliation of cash and cash equivalents and restricted cash within the consolidated balance sheets to the amounts shown in the statement of cash flows:
Cash and cash equivalents	$	8,465	$	22,373	$	10,637
Restricted cash	15,750		—		—
Noncurrent restricted cash	3,524		16,275		25,000
Total cash and cash equivalents and restricted cash	$	27,739	$	38,648	$	35,637

Schedule of Income Tax Examinations

The earliest years’ tax returns filed by the Company that are still subject to examination by the tax authorities in the major jurisdictions are as follows:


			Years
United States			2021
United Kingdom			2022
Japan			2020
Canada			2021

Held for Sale, Discontinued Operations, and Disposals (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Net (Loss) Income from Discontinued Operations, Net of Taxes and Assets and Liabilities of Discontinued Operations

Details of net loss from discontinued operations, net of tax, are as follows (for the Complex Disposition):


	For the Year Ended December 31,
	2024		2023
Revenue	$	2,115	$	58,292
Costs and Expenses
Cost of revenue, excluding depreciation and amortization	3,500		44,646
Sales and marketing	1,046		11,387
General and administrative	225		1,816
Research and development	344		2,143
Depreciation and amortization	—		10,809

Total costs and expenses	5,115		70,801
Loss from discontinued operations	(3,000)		(12,509)
Loss on partial debt extinguishment	(4,919)		—
Gain (loss) on remeasurement of classification to held for sale	854		(9,462)
Other expense, net	(292)		—
Interest expense, net	(1,230)		(7,019)
Loss from discontinued operations before income taxes	(8,587)		(28,990)
Income tax provision	963		—
Net loss from discontinued operations, net of tax	$	(9,550)	$	(28,990)

Details of net income (loss) from discontinued operations, net of tax, are as follows (for the First We Feast Disposition):


	For the Year Ended December 31,
	2024		2023
Revenue	$	29,338	$	22,236
Costs and Expenses
Cost of revenue, excluding depreciation and amortization	15,867		12,584
Sales and marketing	3,150		3,047


Depreciation and amortization	1,474		1,608

Total costs and expenses	20,491		17,239
Income from discontinued operations	8,847		4,997

Gain on sale	42,600		—
Loss on partial debt extinguishment	(6,866)		—
Interest expense, net	(9,376)		(9,617)
Income (loss) from discontinued operations before income taxes	35,205		(4,620)
Income tax provision	1,627		—
Net income (loss) from discontinued operations, net of tax	$	33,578	$	(4,620)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Leases - Schedule of Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Right-of-use assets	$ 23,002	$ 28,562
Liabilities
Current lease liabilities	12,706	22,084
Noncurrent lease liabilities	14,725	15,138
Total lease liabilities	$ 27,431	$ 37,222

Goodwill and Intangibles, net - Schedule of Intangible Assets and the Weighted Average Remaining Useful Lives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Value	$ 14,955	$ 15,368
Accumulated Amortization	4,788	3,617
Net Carrying Value	10,167	11,751
Trademarks and Trade Names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets	68	1,368
Indefinite lived intangible asset derecognized	$ 1,300
Trademarks and Trade Names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted- Average Remaining Useful Lives (in years)	10 years
Gross Carrying Value	$ 14,000	14,000
Accumulated Amortization	4,550	3,617
Net Carrying Value	$ 9,450	10,383
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted- Average Remaining Useful Lives (in years)	2 years
Gross Carrying Value	$ 887	0
Accumulated Amortization	238	0
Net Carrying Value	$ 649	$ 0

Debt - Schedule of Net Carrying Amount (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Aug. 25, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Principal outstanding	$ 60,233
Convertible Debt
Debt Instrument [Line Items]
Principal outstanding	0		$ 30,000
Unamortized debt discount and issuance costs	0		(4,482)
Net carrying value	0		25,518
Line of Credit \| Amended Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Principal outstanding	45,000		0
Unamortized debt discount and issuance costs	(1,848)	$ (2,500)	0
Net carrying value	$ 43,152		$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


	Year Ended December 31,
	2025		2024		2023
Cash paid for income taxes, net	$	1,012	$	514	$	1,296
Cash paid for interest	3,921		11,926		17,169
Non-cash investing and financing activities:
Debt assumed for acquisition of Girls Like Girls Film Inc.	4,790		—		—
Non-cash debt repaid against Girls Like Girls Film Inc. Indebtedness	3,600		—		—
Non-cash consideration from film financing arrangements	500		—		—
Non-cash debt repaid against film financing arrangements	210		—		—
Non-cash consideration from co-financing arrangements for feature films	475		—		—
Capitalized interest for film financing arrangements	2,702		—		—
Accrued debt issuance costs for Term Loan	640		—		—
Accounts payable and accrued expenses related to property and equipment	292		31		134
Accrued deferred offering costs	67		68		597
Exchange of accounts receivable in exchange for investment in equity securities	—		—		750
Non-cash contingent consideration for business combination	424		—		—



Reconciliation of cash and cash equivalents and restricted cash within the consolidated balance sheets to the amounts shown in the statement of cash flows:
Cash and cash equivalents	$	8,465	$	22,373	$	10,637
Restricted cash	15,750		—		—
Noncurrent restricted cash	3,524		16,275		25,000
Total cash and cash equivalents and restricted cash	$	27,739	$	38,648	$	35,637

Commitments and Contingencies (Details) - Subsequent Event	Mar. 02, 2026 $ / shares
Other Commitments [Line Items]
Consecutive trading days, suspension from trading or the delisting of common stock	30 days
Share price, threshold for delisting (in dollars per share)	$ 1.00
Initial period, suspension from trading or the delisting of common stock (in days)	180 days
Consecutive trading days, before compliance date, suspension from trading or the delisting of common stock (in days)	10 days
Second period, suspension from trading or the delisting of common stock (in days)	180 days

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Stock Options Activity

A summary of the stock option activity under the Company's equity incentive plans is presented below:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Term	Aggregate Intrinsic Value
Balance as of December 31, 2024	6,882	$	2.95	9.24	$	3,263
Granted	—	—
Exercised	(7)	2.38
Forfeited	(657)	2.19
Expired	(218)	8.18
Balance as of December 31, 2025	6,000	$	2.85	7.98	$	—
Expected to vest at December 31, 2025	6,000	$	2.85	7.98	$	—
Exercisable at December 31, 2025	3,162	$	3.42	7.62	$	—

Schedule of Fair Value of Stock Option Awards Valuation Assumptions

The fair value of stock option awards is estimated on the date of grant using the Black-Scholes option-pricing model based upon the following range of assumptions. No stock options were granted during 2025 and therefore certain information is not applicable (“N/A”).

2025

2024

2023

Exercise price

N/A

$1.55 –$4.46

$2.44 – $2.48

Expected dividend yield

N/A

Expected volatility

N/A

65% – 74%

93% –97%

Expected term (years)

N/A

5.47 – 6.20

6.10 – 6.20

Risk free interest rate

N/A

4.2% – 4.7%

4.2% – 4.6%

Schedule of RSU Activity

A summary of RSU activity is presented below:


	Shares	Weighted Average Grant-Date Fair Value
Outstanding as of December 31, 2024	1,103	$	1.97
Granted	3,293	1.90
Vested	(950)	2.14
Forfeited	(276)	2.03
Outstanding as of December 31, 2025	3,170	$	1.84

Goodwill and Intangible, net - Schedule of Estimated Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ 1,229
2027	1,229
2028	991
2029	933
2030	933
Thereafter	4,784
Total	$ 10,099

Summary of Significant Accounting Policies - Schedule of Film Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Individual Monetization:
Feature films in production	$ 13,118	$ 0
Completed feature films, less amortization	6,279	1,712
Total	$ 19,397	$ 1,712

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

In connection with the closing of the Business Combination, the Company authorized the issuance of 700,000,000 shares of Class A common stock, par value $0.0001 per share, 20,000,000 shares of Class B common stock, par value $0.0001 per share, and 10,000,000 shares of Class C common stock, par value $0.0001 per share. Each share of Class A common stock is entitled to one vote and each share of Class B common stock is entitled to 50 votes. Class C common stock is non-voting.

Preferred Stock

In connection with the closing of the Business Combination, the Company authorized the issuance of 50,000,000 shares of preferred stock, par value $0.0001 per share. Our board of directors is authorized, without further stockholder approval, to issue such preferred stock in one or more series, to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations, and restrictions thereof, applicable to the shares of each series. There were no issued and outstanding shares of preferred stock as of December 31, 2025 or 2024.

Repurchase of Common Stock

On May 23, 2025, the Company entered into a share repurchase agreement with New Enterprise Associates 13, L.P., then a holder of the Company’s outstanding Class A common stock, providing for the Company to repurchase 1.8 million shares of its Class A common stock, par value of $0.0001 per share, in a privately negotiated transaction, at a purchase price of $1.82 per share, for an aggregate purchase price of approximately $3.3 million. The repurchase was approved by the Company’s board of directors, and this repurchase of common stock took place on May 23, 2025. This transaction resulted in the repurchased 1.8 million shares of the Company’s Class A common stock being classified as treasury stock, which was recorded at cost, within the Company’s consolidated balance sheet as of December 31, 2025, as the Company does not have any current formal or constructive plans to retire the shares.

Stock-Based Compensation

Stock Incentive Plans

On December 2, 2021, prior to, and effective as of, the closing of the Business Combination, the 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”) was adopted by the 890 board and approved by the 890 stockholders. The 2021 Equity Incentive Plan allows the Company to grant awards of stock options, restricted stock awards, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), cash awards, performance awards, and stock bonus awards to officers, employees, directors, and consultants. A total of 7,801,638 shares of our Class A common stock were reserved for issuance under the 2021 Equity Incentive Plan as of its effective date. The number of shares reserved for issuance under the Equity Incentive Plan will increase automatically on January 1 of each year from 2022 through 2031 by a number of shares equal to 5% of the total number of outstanding shares of all classes of common stock as of the immediately preceding December 31, or a lesser number as may be determined by our board of directors or its compensation committee. As such, an additional 1,918,422 shares of our Class A common stock became issuable from the automatic increase as of January 1, 2025 and 1,868,677 shares of our Class A common stock became issuable as of January 1, 2026.

Stock Options

A summary of the stock option activity under the Company's equity incentive plans is presented below:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Term	Aggregate Intrinsic Value
Balance as of December 31, 2024	6,882	$	2.95	9.24	$	3,263
Granted	—	—
Exercised	(7)	2.38
Forfeited	(657)	2.19
Expired	(218)	8.18
Balance as of December 31, 2025	6,000	$	2.85	7.98	$	—
Expected to vest at December 31, 2025	6,000	$	2.85	7.98	$	—
Exercisable at December 31, 2025	3,162	$	3.42	7.62	$	—

Options are generally granted for a term of 10 years from the date of grant. Stock options generally vest over four years based on service.

2025

2024

2023

Exercise price

N/A

$1.55 –$4.46

$2.44 – $2.48

Expected dividend yield

N/A

Expected volatility

N/A

65% – 74%

93% –97%

Expected term (years)

N/A

5.47 – 6.20

6.10 – 6.20

Risk free interest rate

N/A

4.2% – 4.7%

4.2% – 4.6%

The Company uses the simplified method in accordance with the applicable authoritative guidance to estimate the expected term of the option, due to the limited historical experience to date. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Since the Company’s common stock has not been publicly traded for a sufficient time period, the expected volatility is based on expected volatilities of similar companies that have a history of being publicly traded. No dividends have been assumed.

The Company records stock-based compensation expense on a straight-line basis over the vesting period. For a graded vesting award with both a service and a performance condition, the Company records stock-based compensation expense on a straight-line basis over the vesting period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. As of December 31, 2025, the total share-based compensation costs not yet recognized related to unvested stock options was $3.8 million, which is expected to be recognized over the weighted-average remaining requisite service period of 0.7 years. There were no stock options granted during the year ended December 31, 2025, and the weighted average fair value of stock options granted during the years ended December 31, 2024, and 2023 was $2.19, and $2.44, respectively. The intrinsic value of stock options exercised was $nil, $nil, and $nil for the years ended December 31, 2025, 2024 and 2023, respectively.

Restricted Stock Units

A summary of RSU activity is presented below:


	Shares	Weighted Average Grant-Date Fair Value
Outstanding as of December 31, 2024	1,103	$	1.97
Granted	3,293	1.90
Vested	(950)	2.14
Forfeited	(276)	2.03
Outstanding as of December 31, 2025	3,170	$	1.84

As of December 31, 2025, there were approximately $4.4 million of unrecognized compensation costs related to RSUs.

At-The-Market-Offering

On March 21, 2023, the Company filed a shelf registration statement on Form S-3 (the “Shelf Registration Statement”) under which it may, from time to time, sell securities in one or more offerings having an aggregate offering price of up to $150.0 million. The Shelf Registration Statement was declared effective as of April 5, 2023. On June 20, 2023, the Company entered into an At-The-Market Offering agreement with Craig-Hallum Capital Group LLC pursuant to which it was able to sell up to 3,316,503 shares of its Class A common stock. In July 2024, the Company increased the size of the offering available under the At-The-Market-Offering agreement to $150.0 million. As of December 31, 2025, the Company sold, in the aggregate, 1,153,345 shares of our Class A common stock, at an average price of $2.52 per share, for aggregate net proceeds of $2.8 million after deducting commissions and offering expenses. The Company used the aggregate net proceeds for general corporate purposes.

- Definition

The entire disclosure for equity.

+ References

+ Details

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Information [Abstract]

Schedule of Supplemental Cash Flow Information

The following table presents taxes paid by respective jurisdiction in excess of 5% of total income taxes paid, net of refunds received.


	Year Ended December 31,
	2025		2024		2023
U.S. Federal	$	40	$	673	$	—
U.S. state and local
California	244		314		(63)


Illinois	119		129		—



New York	43		73		48
New York City	4		39		4
Pennsylvania	68		76		7
All other	204		271		130
Total U.S. State and Local	682		902		126
Non-US
Australia	—		(32)		131
Canada	146		(1,142)		896
United Kingdom	87		—		—
Germany	7		30		—
India	—		—		129
Mexico	31		72		—
All Other	19		11		14
Total Non-U.S	290		(1,061)		1,170
Total cash income taxes paid, net	$	1,012	$	514	$	1,296


	Year Ended December 31,
	2025		2024		2023
Cash paid for income taxes, net	$	1,012	$	514	$	1,296
Cash paid for interest	3,921		11,926		17,169
Non-cash investing and financing activities:
Debt assumed for acquisition of Girls Like Girls Film Inc.	4,790		—		—
Non-cash debt repaid against Girls Like Girls Film Inc. Indebtedness	3,600		—		—
Non-cash consideration from film financing arrangements	500		—		—
Non-cash debt repaid against film financing arrangements	210		—		—
Non-cash consideration from co-financing arrangements for feature films	475		—		—
Capitalized interest for film financing arrangements	2,702		—		—
Accrued debt issuance costs for Term Loan	640		—		—
Accounts payable and accrued expenses related to property and equipment	292		31		134
Accrued deferred offering costs	67		68		597
Exchange of accounts receivable in exchange for investment in equity securities	—		—		750
Non-cash contingent consideration for business combination	424		—		—



Reconciliation of cash and cash equivalents and restricted cash within the consolidated balance sheets to the amounts shown in the statement of cash flows:
Cash and cash equivalents	$	8,465	$	22,373	$	10,637
Restricted cash	15,750		—		—
Noncurrent restricted cash	3,524		16,275		25,000
Total cash and cash equivalents and restricted cash	$	27,739	$	38,648	$	35,637

Capitalized Software Costs, net - Schedule of Capitalized Software Costs, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Capitalized Computer Software, Net [Abstract]
Website and internal-use software	$ 101,084	$ 91,425
Less: Accumulated amortization	(76,839)	(68,772)
Net carrying value	$ 24,245	$ 22,653

Revenue Recognition - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 185,266	$ 189,887	$ 230,441
United States
Disaggregation of Revenue [Line Items]
Revenue	174,105	177,611	203,775
International
Disaggregation of Revenue [Line Items]
Revenue	11,161	12,276	26,666
Advertising
Disaggregation of Revenue [Line Items]
Revenue	91,685	94,362	113,642
Content
Disaggregation of Revenue [Line Items]
Revenue	37,045	33,875	66,748
Commerce and other
Disaggregation of Revenue [Line Items]
Revenue	$ 56,536	$ 61,650	$ 50,051

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Gross carrying value	$ 54,476	$ 54,211
Less: Accumulated depreciation	(49,972)	(48,016)
Net carrying value	4,504	6,195
Leasehold improvements
Property, Plant and Equipment [Line Items]
Gross carrying value	48,651	47,849
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Gross carrying value	3,788	3,439
Computer equipment
Property, Plant and Equipment [Line Items]
Gross carrying value	1,685	2,554
Video equipment
Property, Plant and Equipment [Line Items]
Gross carrying value	$ 352	$ 369

Summary of Significant Accounting Policies - Schedule of Stock-Based Compensation Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	$ 5,820	$ 5,531	$ 5,282
Cost of revenue, excluding depreciation and amortization
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	1,332	1,298	752
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	631	492	781
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	3,277	3,297	3,911
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	$ 580	$ 444	$ (162)

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Standby Letters of Credit

During the second quarter of 2024, the Company entered into an agreement with a financial institution for standby letters of credit in the amount of $15.5 million, which were issued during the second quarter of 2024 in favor of certain of the Company’s landlords and remain outstanding as of December 31, 2025. Additionally, during the first quarter of 2025, the Company entered into an agreement with a financial institution for a standby letter of credit in the amount of approximately $2.9 million, which was issued in the first quarter of 2025 in favor of the Company’s landlord for its new corporate headquarters, and remains outstanding as of December 31, 2025. Refer to Note 13 herein for additional details with respect to this new lease.

Convertible Notes

In June 2021, in connection with the entry into the merger agreement pursuant to which the Business Combination was consummated, the Company entered into subscription agreements with certain investors to sell $150.0 million aggregate principal amount of unsecured convertible notes due 2026 (i.e., the Notes). In connection with the closing of the Business Combination, the Company issued, and those investors purchased, the Notes, which were governed by an indenture, dated December 3, 2021, which was amended on each of July 10, 2023, February 28, 2024, October 28, 2024, and December 10, 2024 (the “Indenture”). The Notes were convertible into shares of our Class A common stock at an initial conversion price of approximately $50.00 and bore interest at a rate of 8.5% per annum, payable semi-annually.

During the year ended December 31, 2024, the Company repurchased / redeemed $120.0 million of the Notes in connection with various transactions, which resulted in aggregate losses on partial debt extinguishments of approximately $3.9 million, recorded within other expense, net.

Pursuant to the fourth supplemental Indenture, on January 31, 2025, the Company paid a cash fee of $0.9 million to the Trustee (as defined in the Indenture) for the benefit of all holders of the Notes then-outstanding, thereby extending the earliest date that the Optional Repurchase Notices (as defined in the Indenture) may be delivered to the Company to March 31, 2025. On February 25, 2025, approximately $0.3 million of Notes were repurchased in connection with proceeds received from a previous asset sale. On March 31, 2025, pursuant to the fourth supplemental Indenture, the Company paid a cash fee of approximately $1.2 million to the Trustee (as defined in the Indenture) for the benefit of all holders of the Notes then-outstanding, thereby extending the earliest date that the Optional Repurchase Notices (as defined in the Indenture) may be delivered to the Company to May 31, 2025. As a result of the aforementioned repurchases / payments, the Company determined the modified debt terms were not substantially different from the original terms and applied modification accounting, utilizing the original cash flows in the cash flow test since the debt was modified more than once in one year. The Company derecognized approximately 1% of the unamortized debt discount and issuance costs, which resulted in an approximately $nil loss on partial debt extinguishment.

On June 3, 2025, the Company redeemed all of the remaining Notes for approximately $30.9 million, consisting of $29.7 million of principal and $1.2 million of accrued interest. The Indenture has been satisfied and discharged in full, except for those provisions that expressly survive as provided in Section 3.01 of the Indenture, including without limitation, Section 7.06 of the Indenture. The Company recorded a loss on early extinguishment of debt of approximately $5.5 million for the for the year ended December 31, 2025, which was recorded within other expense, net.

Interest expense on the Notes was recognized at an effective interest rate of 22.8%, and totaled $2.1 million and $5.8 million for the year ended December 31, 2025 and 2024, respectively, of which amortization of the debt discount and issuance costs comprised $1.0 million and $2.1 million for the year ended December 31, 2025 and 2024, respectively. The effective interest rate of 22.8% was remeasured in connection with the aforementioned modification accounting and assumed a maturity date of December 3, 2026.

The net carrying amount of the Notes as of December 31, 2025 was:


	December 31, 2025		December 31, 2024
Principal outstanding	$	—	$	30,000
Unamortized debt discount and issuance costs	—		(4,482)
Net carrying value	$	—	$	25,518

The fair value of the Notes as of December 31, 2024 approximated the face value (principal amount outstanding) and was estimated using Level 3 inputs.

Term Loan

On May 23, 2025 (the “Closing Date”), the Company entered into a credit agreement (the “Credit Agreement”) with a financial institution that provides for, among other things, an asset-backed term loan (i.e., the Term Loan), with a commitment amount of the greater of $40.0 million and a borrowing base calculated as a percentage of the face amount of certain eligible receivables, plus an overadvance amount of up to $25.0 million from August 25, 2025 through April 30, 2026, as discussed below, $20.0 million through August 31, 2026, and thereafter $10.0 million until the second anniversary of the Closing Date, and $5.0 million thereafter. The Company borrowed $40.0 million on the Closing Date. The Term Loan matures on May 23, 2028, and bears interest at the rate of Secured Overnight Financing Rate (“SOFR”), plus 6.5% per annum, subject to a SOFR floor of 3.5% (the interest rate was approximately 10.4% at December 31, 2025). The Company is required to repay $15.0 million of the Term Loan on August 31, 2026, upon the contractual expiration of certain of its outstanding standby letters of credit. The Term Loan is guaranteed by certain of the Company’s domestic and Canadian subsidiaries. The Term Loan’s lender has a first lien on substantially all assets of the Company and the Guarantors (as defined in the Credit Agreement). Pursuant to the Credit Agreement, the Company must maintain minimum

liquidity of $5.0 million. No other financial maintenance covenants are applicable, and the Company was in compliance with the aforementioned covenant as of December 31, 2025.

On August 25, 2025, the Company entered into Amendment No. 2 to Credit Agreement (the “Second Amended Credit Agreement,” as amended, supplemented, or otherwise modified from time to time prior to the Second Amended Credit Agreement, the “Credit Agreement”), which provided for an incremental loan commitment of $5.0 million, which was required to be repaid in full on February 20, 2026. The Company borrowed the incremental $5.0 million on August 25, 2025. As a result of this modification, the Company determined the modified debt terms were not substantially different from the original debt terms and applied modification accounting. The Company incurred debt discount / issuance fees paid to the creditor of approximately $0.2 million associated with this modification.

The Second Amended Credit Agreement also provides for a permitted overadvance of $25.0 million from August 25, 2025, through February 20, 2026 (the Third Amended Credit Agreement extended the $25.0 million overadvance through April 30, 2026, as discussed below).

On February 20, 2026, the Company entered into a consent letter with the Term Loan’s lenders and agent, thereby extending the repayment date until February 27, 2026. On February 27, 2026, the Company entered into a second consent letter with the Term Loan’s lenders and agents, thereby further extending the repayment date until March 6, 2026.

On March 11, 2026, the Company entered into Amendment No. 3 to Credit Agreement (the “Third Amended Credit Agreement,” as amended, supplemented, or otherwise modified from time to time prior to the Third Amended Credit Agreement, the “Credit Agreement”), which provided for an extension of the $5.0 million due date to April 30, 2026, and during the period from, and including March 6, 2026 to and including the date the $5.0 million is repaid, an incremental 2.0% rate of interest will apply (above the rate otherwise applicable under the Credit Agreement). Additionally, the minimum liquidity covenant of $5.0 million was reduced to $3.5 million at all times on or prior to April 30, 2026, and then it reverts back to $5.0 million at all times thereafter.

$45.0 million aggregate principal amount of indebtedness associated with the Term Loan remains outstanding as of December 31, 2025.

The Credit Agreement, as amended, also contains customary representations and warranties, events of default, financial reporting requirements, and affirmative and negative covenants, including restrictive covenants that, among other things, limit the ability of the Company and its subsidiaries to incur additional debt or liens, make acquisitions, make investments, pay dividends or buy back capital stock, dispose of assets or enter into transactions with affiliates, subject in each case to exceptions. The Company may prepay the Term Loan in whole or in part at any time after May 23, 2026 upon at least one business day’s notice together with accrued interest and a prepayment premium on the amount repaid equal to 2.5% until the second anniversary of the closing date and 1.0% thereafter.

Total debt discount / issuance costs related to the Term Loan totaled $2.5 million, and the unamortized amounts will be amortized to interest expense using the effective interest method over the contractual term.

Interest expense on the Term Loan is recognized at an effective interest rate of approximately 13.9% and totaled $3.4 million for the year ended December 31, 2025, of which amortization of debt discount and issuance costs comprised $0.6 million for the year ended December 31, 2025.

The net carrying amount of the Term Loan as of December 31, 2025 was:


	December 31, 2025		December 31, 2024
Principal outstanding	$	45,000	$	—
Unamortized debt discount and issuance costs	(1,848)		—
Net carrying value	$	43,152	$	—

$19.2 million of the net carrying value of the Term Loan was classified as current debt and the remaining $24.0 million was classified as non-current debt within the consolidated balance sheets as of December 31, 2025. The

estimated fair value of the Term Loan approximates the carrying value because the variable interest rate approximates current market rates.

Girls Like Girls Film Inc. Indebtedness

On June 26, 2025, BuzzFeed Studios Canada, Inc., an indirectly held subsidiary of the Company, acquired a majority stock interest (i.e., 70%) in Girls Like Girls Film Inc. Upon acquisition, Girls Like Girls Film Inc. had debt of approximately $4.8 million (CAD $6.6 million) (the “Girls Like Girls’ Indebtedness”), of which $4.0 million was required to be repaid with proceeds from a contract with a third party for distribution rights for a feature film, and the remaining $0.8 million was due when Girls Like Girls Film Inc. received expected production tax credits. $3.6 million was repaid in September 2025 and approximately $1.0 million was repaid in December 2025. The remaining balance was paid in February 2026, and this debt facility is now closed.

Included in the Girls Like Girls’ Indebtedness is an interest reserve of $0.3 million used to satisfy interest expense. The Girls Like Girls’ Indebtedness bears an interest rate of the Royal Bank Prime rate as published by the Royal Bank of Canada, plus an applicable margin of 1.25% (the implied interest rate was approximately 5.7% as of December 31, 2025). The Company did not incur any incremental interest expense apart from the aforementioned interest reserve during the year ended December 31, 2025.

Girls Like Girls Film Inc. also has available to it a $0.4 million (CAD $0.6 million) foreign exchange line of credit, of which there is no amount currently outstanding.

The Girls Like Girls’ Indebtedness contains customary financial reporting requirements and affirmative and negative covenants, including covenants that, among other things, restrict the cost of production exceeding 105% of the reported budget and prohibit the disposal of assets or entrance into any business combination without prior consent (the Company was in compliance with the covenants as of December 31, 2025). The entire $0.2 million aggregate principal amount of the Girls Like Girls’ Indebtedness was classified as current debt within the consolidated balance sheet as of December 31, 2025.

Film Financing Arrangements

The Company, through indirectly held subsidiaries, enters into various film financing arrangements in order to cash flow feature films in various phases of production. These arrangements commonly utilize both short-term and long-term debt instruments, including both general credit facilities as well as financing secured by anticipated future cash flows, such as expected production tax credits or the value of current and prospective contractual arrangements with third parties. The lenders of these film financing arrangements often have a first priority lien in all of the aforementioned indirectly held subsidiaries’ assets until all outstanding indebtedness is repaid. Furthermore, these film financing arrangements are often funded in installments over time, and often require repayment in installments or tranches. Interest and other fees are often fixed, unless in the event of default. Some of these arrangements require funds to be remitted directly to the lenders from tax authorities or from the Company’s customers.

As interest expense associated with film financing arrangements is generally fixed, debt discount / issuance costs are capitalized and included in film costs, net within the consolidated balance sheets. These capitalized costs are amortized to cost of revenue, excluding depreciation and amortization, using the individual film forecast method, under which amortization is recognized in proportion to the ratio of current period revenue recognized to the film’s estimated remaining ultimate revenues (i.e., the total revenue to be received over the period of 10 years following release). The Company amortized $0.3 million of film-related interest expense for the year ended December 31, 2025.

A summary of these film financing arrangements outstanding as of December 31, 2025 is as follows (dollars in thousands):


Film Financing Arrangement	Principal Outstanding / Carrying Value		Contractual Maturity Dates(1)	Total Capitalized Debt Discount / Issuance Costs(2)		Remaining Capitalized Debt Discount / Issuance Costs
2X Blind Partners, Inc.	$	5,207	Ranging from March 2026 through September 2026	$	715	$	479
Adulting, Inc.	1,394		Ranging from February 2026 through February 2029	206		187
Gloria De Film, Inc.	3,599		Ranging from August 2026 through July 2027	520		520
Clover Film, Inc.	4,815		Ranging from August 2026 through December 2027	1,615		1,615



Total	$	15,015		$	3,056	$	2,801

(1)The maturity dates for 2X Blind Partners, Inc. are as follows: $2.6 million on March 16, 2026, $2.4 million on August 14, 2026, $0.2 million on September 14, 2026, and $0.2 million on September 17, 2026. For 2X Blind Partners, Inc., as of December 31, 2025, there was an additional $0.1 million of indebtedness available, but not yet incurred.

The maturity dates for Adulting, Inc. are as follows: $0.1 million on February 14, 2026, $0.9 million on May 1, 2026, $0.2 million on September 17, 2026, and the remaining $0.3 million between May 15, 2028 and February 15, 2029.

The maturity dates for Gloria De Film, Inc. are as follows: $0.4 million on August 5, 2026, $0.8 million on October 15, 2026, $0.2 million on November 14, 2026, $0.5 million on May 15, 2027, $1.6 million on July 29, 2027 (the earlier of July 29, 2027, or the date tax credit proceeds are received, which are expected within 12 months from December 31, 2025), and $0.4 million on July 31, 2027. For Gloria De Film, Inc., as of December 31, 2025, there was an additional $0.3 million of indebtedness available, but not yet incurred.

The maturity dates for Clover Film, Inc. are as follows: $0.3 million on August 15, 2026, $0.1 million between May 15, 2027 and November 15, 2027, $1.9 million on June 19, 2027 (the earlier of June 19, 2027, or the date tax credit proceeds are received, which are expected within 12 months from December 31, 2025), and the remaining $2.9 million on December 23, 2027. For Clover Film, Inc., as of December 31, 2025, there was an additional $0.4 million of indebtedness available, but not yet incurred.

Totals may not foot due to rounding.

(2)Interest is fixed, unless in the event of default.

As of December 31, 2025, the carrying value / principal amount of short-term debt and long-term debt associated with film financing arrangements totaled $11.1 million and $3.9 million, respectively.

Future Principal Payments of Total Debt

As of December 31, 2025, future principal payments of total debt outstanding were as follows:


Year	Amount
2026	$	31,318
2027	3,623
2028	25,039
2029	253
2030	—
Total	$	60,233

Of the principal repayments in 2026, approximately $1.2 million and $1.9 million relate to Gloria De Film, Inc. and Clover Film, Inc., respectively. While these obligations have contractual maturity dates in 2027, the underlying debt agreements contain on-demand repayment provisions requiring tax credit proceeds to be remitted directly from various tax

authorities to the lenders. As these tax credit collections are anticipated within the next 12 months, the associated balances have been classified as current as of December 31, 2025.

Weighted-Average Interest Rate on Short-Term Borrowings

As at December 31, 2025, the weighted average interest rate on short-term borrowings was approximately 11.0%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Subparagraph (a)(3)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Schedule of Supplemental Cash Flow Information and Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	$ 25,591	$ 28,264	$ 32,870
Non-cash transactions:
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 11,747	$ 0	$ 0
Weighted average remaining lease term (in years)	3 years 4 months 24 days	1 year 9 months 18 days
Weighted average discount rate (as percent)	12.70%	14.00%

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Mar. 12, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39877
Entity Registrant Name	BuzzFeed, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3022075
Entity Address, Address Line One	50 West 23rd Street
Entity Address, State or Province	NY
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10010
City Area Code	646
Local Phone Number	397-2039
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	true
Document Financial Statement Restatement Recovery Analysis	false
Entity Shell Company	false
Entity Public Float			$ 65.3
Entity Central Index Key	0001828972
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Amendment Flag	false
Class A Common Stock, $0.0001 par value per share
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	BZFD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		36,296,018
Redeemable warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of approximately $46.00 per share
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of approximately $46.00 per share
Trading Symbol	BZFDW
Security Exchange Name	NASDAQ
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,342,709
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Held for Sale, Discontinued Operations, and Disposals - Schedule of Net Income (Loss) from Discontinued Operations, Net of Taxes (Details) - USD ($)		12 Months Ended
	Feb. 21, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Costs and Expenses
Net loss from discontinued operations, net of tax		$ 0	$ 24,028,000	$ (33,610,000)
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Complex Networks, Excluding The First We Feast Brand
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue			2,115,000	58,292,000
Costs and Expenses
Cost of revenue, excluding depreciation and amortization			3,500,000	44,646,000
Sales and marketing			1,046,000	11,387,000
General and administrative			225,000	1,816,000
Research and development			344,000	2,143,000
Depreciation and amortization			0	10,809,000
Total costs and expenses			5,115,000	70,801,000
Income from discontinued operations			(3,000,000)	(12,509,000)
Loss on partial debt extinguishment			(4,919,000)	0
Gain (loss) on remeasurement of classification to held for sale	$ 900,000		854,000	(9,462,000)
Other expense, net			(292,000)	0
Interest expense, net			(1,230,000)	(7,019,000)
Loss from discontinued operations before income taxes	$ (8,600,000)		(8,587,000)	(28,990,000)
Income tax provision			963,000	0
Net loss from discontinued operations, net of tax			(9,550,000)	(28,990,000)
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| First We Feast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue			29,338,000	22,236,000
Costs and Expenses
Cost of revenue, excluding depreciation and amortization			15,867,000	12,584,000
Sales and marketing			3,150,000	3,047,000
Depreciation and amortization			1,474,000	1,608,000
Total costs and expenses			20,491,000	17,239,000
Income from discontinued operations			8,847,000	4,997,000
Loss on partial debt extinguishment			(6,866,000)	0
Gain (loss) on remeasurement of classification to held for sale			42,600,000	0
Interest expense, net			(9,376,000)	(9,617,000)
Loss from discontinued operations before income taxes			35,205,000	(4,620,000)
Income tax provision			1,627,000	0
Net loss from discontinued operations, net of tax			$ 33,578,000	$ (4,620,000)

Summary of Significant Accounting Policies - Schedule of Change in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,039	$ 1,424	$ 1,879
Additions	469	138	1,407
Write-offs, net of recoveries	(825)	(523)	(1,862)
Ending balance	$ 683	$ 1,039	$ 1,424

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The domestic and foreign components of loss before provision for income taxes on continuing operations were as follows:


	Year Ended December 31,
	2025		2024		2023
Domestic	$	(59,109)	$	(33,156)	$	(59,254)
Foreign	2,161		(138)		5,144
Total loss before income taxes	$	(56,948)	$	(33,294)	$	(54,110)

The provision / (benefit) for income taxes on continuing operations consisted of the following:


	Year Ended December 31,
	2025		2024		2023
Current provision / (benefit)
Federal	$	(118)	$	—	$	—
State	(47)		49		92
Foreign	462		956		(1,689)
Total current provision / (benefit)	$	297	$	1,005	$	(1,597)
Deferred provision / (benefit)
Federal	$	(38)	$	1	$	3
State	(25)		11		(4)
Foreign	152		(355)		3,200
Total deferred provision / (benefit)	$	89	$	(343)	$	3,199
Total provision / (benefit)
Federal	$	(156)	$	1	$	3
State	(72)		60		88
Foreign	614		601		1,511
Total provision / (benefit)	$	386	$	662	$	1,602


	Year Ended December 31,
	2025				2024				2023
U.S. federal statutory tax rate	$	(11,959)	21.0	%	$	(6,992)	21.0	%	$	(11,363)	21.0	%
State and local income taxes, net of federal income tax effect1	(116)		0.2	%	(704)		2.1	%	198		(0.4)	%
Foreign tax effects
Canada:
Other	183		(0.3)	%	209		(0.6)	%	(83)		0.2	%
Other foreign jurisdictions
Foreign exchange impacts	364		(0.6)	%	325		(1.0)	%	(218)		0.4	%
Change in valuation allowance	(4,797)		8.4	%	(61)		0.2	%	(1,321)		2.4	%
Return to accrual	4,074		(7.2)	%	(54)		0.2	%	1,599		(3.0)	%
Other	322		(0.6)	%	39		(0.1)	%	339		(0.6)	%
Effects of cross-border tax laws	—		—	%	—		—	%	511		(0.9)	%
Tax credits
Research and development credit	—		—	%	(2,135)		6.4	%	—		—	%
Change in valuation allowance	5,964		(10.5)	%	8,266		(24.9)	%	9,526		(17.6)	%
Nontaxable or non-deductible items
Stock-based compensation	75		(0.1)	%	228		(0.7)	%	2,137		(3.9)	%
Goodwill impairment	6,342		(11.1)	%	—		—	%	—		—	%
Loss on debt extinguishment	993		(1.7)	%	—		—	%	—		—	%
Warrant and derivative liabilities	(321)		0.6	%	288		(0.9)	%	(36)		0.1	%
Other non-taxable or non-deductible items	161		(0.3)	%	308		(0.9)	%	294		(0.5)	%
Uncertain tax positions	—		—	%	2		—	%	—		—	%
Other reconciling items
Return to accrual	(881)		1.5	%	802		(2.4)	%	231		(0.4)	%
Other	(18)		—	%	141		(0.4)	%	(212)		0.2	%
Total tax expense	$	386	(0.7)	%	$	662	(2.0)	%	$	1,602	(3.0)	%

_____________________________

For the years ended December 31, 2025, 2024, and 2023, the Company’s effective tax rate was (0.7)%, (2.0)%, and (3.0)%, respectively. For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, the Company’s effective tax rate differed from the U.S. federal statutory income tax rate of 21% primarily related to a valuation allowance against net deferred tax assets that were not realizable on a more-likely-than-not basis, and an income tax provision for foreign taxes.

Significant components of deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025		2024
Deferred tax assets
Net operating loss and tax credit carryforwards	$	89,768	$	86,005
Accruals	1,461		2,191
Depreciation and amortization	720		283
Stock-based compensation	1,648		773
Bad debt	65		177

Interest expense	6,833		4,713
Lease liabilities	6,735		8,830
Section 174 capitalized R&D costs	8,227		9,328
Capitalized production expenses	156		213
Other	1,610		1,373
Total deferred tax asset	$	117,223	$	113,886
Valuation allowance	(103,114)		(99,097)
Net deferred tax asset	$	14,109	$	14,789

Deferred tax liabilities

Operating lease, right-of-use asset	(5,647)		(6,778)
Intangible assets	(8,236)		(7,720)
Other	(24)		—
Total deferred tax liability	$	(13,907)	$	(14,498)
Net deferred tax asset	$	202	$	291

During the fourth quarter of the year ended December 31, 2025, the Company identified an immaterial disclosure misstatement related to the presentation of the Company's deferred tax assets and liabilities in its previous annual consolidated balance sheet as of December 31, 2024. Specifically, the previously disclosed deferred tax assets and liabilities did not reflect the effects of discontinued operations related to the Complex Disposition and the First We Feast Disposition. This revision decreased net operating loss carryforwards in the amount of $26.5 million which was fully offset by a corresponding decrease in the valuation allowance of $26.5 million, and hence did not impact the net deferred tax asset (liability) nor the income tax expense as of December 31, 2024.

Net deferred tax assets are included within prepaid expenses and other assets, and net deferred tax liabilities are included within other liabilities, on the Company’s consolidated balance sheets.

In assessing the realizability of its deferred tax assets, the Company considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Based upon the weight of available evidence, the Company concluded it is more likely than not that it will not be able to realize its U.S. deferred tax assets and therefore has maintained a full valuation allowance on its U.S. deferred tax assets. In addition, the Company maintains a valuation allowance against certain deferred tax assets in Spain, Japan, Australia, and Canada. The Company’s valuation allowance increased by approximately $4.0 million in 2025.

As of December 31, 2025, the Company has U.S. federal and state net operating losses (i.e., “NOLs”) of approximately $327.5 million and $13.9 million, respectively. Due to complexities in various state laws, the state value of NOLs have been disclosed on a tax-effected basis.

Of the $327.5 million of U.S. federal NOL carryforwards, $201.5 million expire in tax year beginning 2030 through 2037 if not utilized and $126.0 million that have an indefinite lived carryforward period, but are only available to offset 80% of future taxable income. The $13.9 million of state NOL carryforwards will expire in tax years beginning in 2026 to 2045 if not utilized. Utilization of NOLs and tax credit carryforwards are subject to certain limitations under Section 382 of

the Internal Revenue Code of 1986, as amended (the “Code”), in the event of a change in the Company’s ownership, as defined in current income tax regulations.

As of December 31, 2025, the Company has foreign NOL carryforwards of $3.6 million in Canada expiring in 2041 through 2043 and $2.2 million in Japan expiring in 2026 through 2033, and $1.5 million in Spain and $0.9 million in Australia (both with indefinite carryforward periods).

During the year ended December 31, 2024, the Company applied $88.9 million of NOL carryforwards against the taxable gain recognized from the Complex Disposition and the First We Feast Disposition, reducing the total tax liability from discontinued operations by approximately $18.5 million.

As of December 31, 2025, the Company has federal and state deferred interest expense carryforwards under Section 163(j) of the Code of $26.3 million and $0.5 million, respectively, which may be carried forward indefinitely but only available to offset 30% of tax adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), under the One Big Beautiful Act (“OBBBA”) changes. This limitation applies for federal income tax purposes; treatment for states may differ as each state jurisdiction follows its own conformity rules and may not adopt the OBBBA changes. In addition, the Company had federal research and development tax credits of approximately $7.5 million, which expire in the tax years beginning in 2036 through 2044, if not utilized.

Notwithstanding the current taxation of certain foreign subsidiaries under global intangible low-taxed income (i.e., “GILTI”) and one-time transition taxation enacted as part of the Tax Cut and Jobs Act, the Company intends to continue to reinvest its foreign earnings indefinitely outside the U.S. If these future earnings are repatriated to the U.S., or if the Company determines that such earnings will be remitted in the foreseeable future, the Company may be required to accrue U.S. deferred taxes (if any) and applicable withholding taxes. It is not practicable to estimate the tax impact of the reversal of the outside basis difference, or the repatriation of cash due to the complexity of its hypothetical calculation.

On July 4, 2025, H.R.1, commonly referred to as the “One Big Beautiful Bill Act,” was signed into law. These changes include provisions allowing accelerated tax deductions for qualified property and research expenditures. The impact of these law changes did not have a material impact on the Company’s consolidated financial statements.

The Company applies the applicable authoritative guidance which prescribes a comprehensive model in which a company should recognize, measure, present, and disclose in its financial statements all material uncertain tax positions that the Company has taken or expects to take on a tax return. The Company recognizes interest and penalties related to income tax positions taken on the Company’s tax returns in income tax expense in the consolidated statements of operations. As of December 31, 2025 and 2024, the Company recorded an uncertain tax position of $nil including interest and penalties related to state taxes. As of December 31, 2025 and 2024, the Company had accrued minimal uncertain tax positions.

Cash paid for income taxes, net of refunds, was $1.0 million for the year ended December 31, 2025. The following table presents taxes paid by respective jurisdiction in excess of 5% of total income taxes paid, net of refunds received.


	Year Ended December 31,
	2025		2024		2023
U.S. Federal	$	40	$	673	$	—
U.S. state and local
California	244		314		(63)


Illinois	119		129		—



New York	43		73		48
New York City	4		39		4
Pennsylvania	68		76		7
All other	204		271		130
Total U.S. State and Local	682		902		126
Non-US
Australia	—		(32)		131
Canada	146		(1,142)		896
United Kingdom	87		—		—
Germany	7		30		—
India	—		—		129
Mexico	31		72		—
All Other	19		11		14
Total Non-U.S	290		(1,061)		1,170
Total cash income taxes paid, net	$	1,012	$	514	$	1,296

The Company, or one of its subsidiaries, files its tax returns in the U.S. and certain state and foreign income tax jurisdictions with varying statute of limitations. The earliest years’ tax returns filed by the Company that are still subject to examination by the tax authorities in the major jurisdictions are as follows:


			Years
United States			2021
United Kingdom			2022
Japan			2020
Canada			2021

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Reconciliation of the U.S. Statutory Income Tax Rate On Continuing Operations to the Company's Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. federal statutory tax rate	$ (11,959)	$ (6,992)	$ (11,363)
State and local income taxes, net of federal income tax effect	(116)	(704)	198
Effects of cross-border tax laws	0	0	511
Research and development credit	0	(2,135)	0
Stock-based compensation	75	228	2,137
Goodwill impairment	6,342	0	0
Loss on debt extinguishment	993	0	0
Warrant and derivative liabilities	(321)	288	(36)
Other non-taxable or non-deductible items	161	308	294
Uncertain tax positions	0	2	0
Other	(18)	141	(212)
Total provision / (benefit)	$ 386	$ 662	$ 1,602
Percent
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect	0.20%	2.10%	(0.40%)
Effects of cross-border tax laws	0.00%	0.00%	(0.90%)
Research and development credit	0.00%	6.40%	0.00%
Stock-based compensation	(0.10%)	(0.70%)	(3.90%)
Goodwill impairment	(11.10%)	0.00%	0.00%
Loss on debt extinguishment	(1.70%)	0.00%	0.00%
Warrant and derivative liabilities	0.60%	(0.90%)	0.10%
Other non-taxable or non-deductible items	(0.30%)	(0.90%)	(0.50%)
Uncertain tax positions	0.00%	0.00%	0.00%
Other	0.00%	(0.40%)	0.20%
Total tax expense	(0.70%)	(2.00%)	(3.00%)
Canada:
Amount
Other	$ 183	$ 209	$ (83)
Percent
Other	(0.30%)	(0.60%)	0.20%
Other foreign jurisdictions
Amount
Other	$ 322	$ 39	$ 339
Foreign exchange impacts	364	325	(218)
Change in valuation allowance	(4,797)	(61)	(1,321)
Return to accrual	$ 4,074	$ (54)	$ 1,599
Percent
Other	(0.60%)	(0.10%)	(0.60%)
Foreign exchange impacts	(0.60%)	(1.00%)	0.40%
Change in valuation allowance	8.40%	0.20%	2.40%
Return to accrual	(7.20%)	0.20%	(3.00%)
United States
Amount
Change in valuation allowance	$ 5,964	$ 8,266	$ 9,526
Return to accrual	$ (881)	$ 802	$ 231
Percent
Change in valuation allowance	(10.50%)	(24.90%)	(17.60%)
Return to accrual	1.50%	(2.40%)	(0.40%)

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2025
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	5 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	7 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	11 years
Computer equipment
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	4 years
Video equipment
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	3 years

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company has determined that its chief executive officer is its CODM who makes resource allocation decisions and assesses performance based upon financial information at the consolidated level. The Company manages its operations as a single segment for the purpose of evaluating and making operating decisions.

Information about the Company’s types of products and services from which it derives its revenues, as well as the accounting policies of the Company’s single operating and reporting segment, are the same as those described in the summary of significant accounting policies (refer to Note 2 herein for additional details). The CODM assesses performance based on net loss from continuing operations as reported on the consolidated statements of operations for purposes of deciding how to direct resources.


	Year Ended December 31,
	2025		2024		2023

Variable cost of revenue	$	49,396	$	39,061	$	45,870
Fixed cost of revenue	60,755		66,004		83,912
Total cost of revenue, excluding depreciation and amortization	$	110,151	$	105,065	$	129,782

All other significant segment expenses and other significant segment items that comprise consolidated net loss from continuing operations and are regularly provided to the CODM are consistent with what is presented on the consolidated statements of operations. The aggregate total of such expenses, which are comprised of sales and marketing, general and administrative, research and development, depreciation and amortization, impairment expense, other expense, net, interest

expense, net, change in fair value of warrant liabilities, change in fair value of derivative liability, and income tax provision, were $132.4 million, $118.8 million, and $156.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Asset information and capital expenditures are not provided to the CODM and are not utilized for the purpose of assessing performance or allocating resources, and therefore such information has not been presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Costs

The following illustrates the lease costs for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	21,634	$	24,282	$	29,511
Sublease income	(16,638)		(17,386)		(15,694)
Total lease cost	$	4,996	$	6,896	$	13,817

Schedule of Right-of-Use Assets and Lease Liabilities

The following amounts were recorded in the Company’s consolidated balance sheets related to operating leases:


	December 31, 2025		December 31, 2024
Assets
Right-of-use assets	$	23,002	$	28,562

Liabilities
Current lease liabilities	12,706		22,084
Noncurrent lease liabilities	14,725		15,138
Total lease liabilities	$	27,431	$	37,222

Schedule of Supplemental Cash Flow Information and Additional Information

Other information related to leases was as follows:


	Year Ended December 31,
	2025		2024		2023
Supplemental cash flow information
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	$	25,591	$	28,264	$	32,870
Non-cash transactions:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	11,747	$	—	$	—


	December 31, 2025		December 31, 2024
Weighted average remaining lease term (years)	3.4		1.8
Weighted average discount rate	12.7	%	14.0	%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2025 were as follows:


Year	Operating Leases
2026	$	15,010
2027	4,766
2028	3,213
2029	2,958
2030	2,650
Thereafter	5,804
Total lease payments	$	34,401
Less: imputed interest	(6,970)
Total	$	27,431

Schedule of Sublease Receipts to be Received Under Noncancellable Subleases

Sublease receipts to be received in the future under noncancellable subleases as of December 31, 2025 were as follows:


Year	Amount
2026	$	6,300




Thereafter	—
Total	$	6,300

Other Expense, Net (Tables)

12 Months Ended

Dec. 31, 2025

Nonoperating Income (Expense) [Abstract]

Schedule of Other Expense, Net

Other expense, net consisted of the following for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
Exchange gain	$	967	$	618	$	1,103
Loss on investments	—		—		(3,500)
Other expense	(804)		(1,517)		(841)
Other income	1,291		1,973		73
Loss on partial debt extinguishment	(5,532)		(3,929)		—
(Loss) gain on disposition of assets	(800)		1,250		175
Total	$	(4,878)	$	(1,605)	$	(2,990)

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 15,010
2027	4,766
2028	3,213
2029	2,958
2030	2,650
Thereafter	5,804
Total lease payments	34,401
Less: imputed interest	(6,970)
Total	$ 27,431	$ 37,222

Restructuring Costs	12 Months Ended
Restructuring Costs	Dec. 31, 2025
Restructuring Costs [Abstract]
Restructuring Costs	Restructuring Costs In August 2025, the Company implemented plans to reduce its then-current workforce by approximately 6%. The reduction in workforce plan was intended to reduce operating expenses by further aligning its cost structure to focus on areas the Company believes are more likely to generate the best long-term results. The Company incurred approximately $1.6 million of restructuring costs in connection with these actions. In February 2025, the Company implemented plans to reduce expenses by implementing an approximately 5% reduction in our then-current workforce. The reduction in workforce was intended to streamline the news operations for HuffPost. The Company incurred approximately $1.9 million of restructuring costs due to these actions. As a result of the 2025 restructuring actions, the Company incurred approximately $3.5 million of aggregate restructuring costs for the year ended December 31, 2025, comprised mainly of severance and related benefit costs, of which $2.9 million were included in cost of revenue, excluding depreciation and amortization, $0.4 million were included in sales and marketing, and $0.2 million were included in general and administrative. In February 2024, the Company implemented plans to reduce expenses by implementing an approximately 16% reduction in the then-current workforce (after the Complex Disposition, as discussed within Note 18 herein). In doing so, the Company reduced the size of its centralized operations to enable our individual brands to operate with more autonomy and deliver against their differentiated value propositions for advertisers. The reduction in workforce plan was intended to position us to be more agile, sustainable, and profitable. The Company incurred approximately $2.9 million of restructuring costs for the year ended December 31, 2024, comprised mainly of severance and related benefits costs, of which $1.2 million were included in cost of revenue, excluding depreciation and amortization, $1.5 million were included in sales and marketing, and $0.2 million were included in general and administrative. Additionally, in accordance with the Asset Purchase Agreement (the “Complex Sale Agreement;” refer to Note 18 herein for additional details), dated as of February 21, 2024 between a wholly-owned subsidiary of the Company and Commerce Media Holdings, LLC., pursuant to which the Complex Disposition was consummated, Commerce Media reimbursed the Company for approximately $1.8 million in payments related to “Non-Transferring Employees” (as defined in the Complex Sale Agreement), including severance. The amount of these severance and related charges are not included within the restructuring charges noted above. The Company treated the reimbursement as an expense reimbursement. In April 2023, the Company implemented plans to reduce expenses by implementing an approximately 15% reduction in the then-current workforce. The reduction in workforce plan was part of a broader strategic re-prioritization across the Company in order to improve upon profitability and cash flow. The Company incurred approximately $6.8 million of restructuring costs for the year ended December 31, 2023, comprised mainly of severance and related benefit costs, of which $4.3 million were included in cost of revenue, excluding depreciation and amortization, $1.3 million were included in sales and marketing, $0.4 million were included in general and administrative, and $0.8 million were included in research and development.

Summary of Significant Accounting Policies (Polices)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Financial Statements

Basis of Financial Statements and Principles of Consolidation

GAAP. Certain prior-period amounts have been reclassified to conform to the current-period presentation. All intercompany balances and transactions have been eliminated in consolidation.

Principles of Consolidation

Basis of Financial Statements and Principles of Consolidation

GAAP. Certain prior-period amounts have been reclassified to conform to the current-period presentation. All intercompany balances and transactions have been eliminated in consolidation.

Reverse Stock Split

Discontinued Operations and Held for Sale

Use of Estimates

Fair Value Measurements

The fair value framework under the applicable authoritative guidance requires the categorization of assets and liabilities into three levels:

•Level 1 — inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 3 — inputs are generally unobservable inputs and typically reflect management’s best estimate of assumptions that market participants would use in pricing the asset or liability.

Cash and Cash Equivalents and Restricted Cash

Accounts Receivable and Allowance for Doubtful Accounts

Film Costs, net

Capitalized film costs are predominantly monetized individually.

Film costs, which were included in film costs, net, on the on the consolidated balance sheets, were as follows:


	December 31, 2025		December 31, 2024
Individual Monetization:
Feature films in production	$	13,118	$	—
Completed feature films, less amortization	6,279		1,712
Total	$	19,397	$	1,712

Governmental Assistance

Property and Equipment


			Useful Life (Years)
Furniture and fixtures			5
Leasehold improvements			7 – 11
Computer equipment			4
Video equipment			3

Capitalized Software Costs

Investments

Evaluation of Long-Lived Assets and Impairment

Revenue Recognition

The Company primarily generates its revenue from advertising services and content, which includes strategic partnerships and promotional content, and from commerce and other arrangements.

Advertising

Content

Commerce and other

Cost of Revenue, Excluding Depreciation and Amortization

Sales and Marketing

Sales and marketing expenses consist primarily of compensation-related expenses for sales employees. In addition, marketing and sales-related expenses include advertising costs and market research.

General and Administrative

Research and Development

Income Taxes

The Company made a policy election to treat the income tax with respect to the global intangible low taxed income (“GILTI”) as a period expense when incurred.

Stock-Based Compensation

Comprehensive Loss

Foreign Currency

Revision of Prior Period Financial Statements

Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

Segment Information - Schedule of Significant Segment Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total cost of revenue, excluding depreciation and amortization	$ 110,151	$ 105,065	$ 129,782
Reportable Segment
Segment Reporting Information [Line Items]
Total cost of revenue, excluding depreciation and amortization	110,151	105,065	129,782
Variable cost of revenue \| Reportable Segment
Segment Reporting Information [Line Items]
Total cost of revenue, excluding depreciation and amortization	49,396	39,061	45,870
Fixed cost of revenue \| Reportable Segment
Segment Reporting Information [Line Items]
Total cost of revenue, excluding depreciation and amortization	$ 60,755	$ 66,004	$ 83,912

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis are summarized below:


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Restricted cash:
Money market funds	$	19,302	$	—	$	—	$	19,302
Total	$	19,302	$	—	$	—	$	19,302
Liabilities:

Other current liabilities:
Public Warrants	247		—		—		247
Private Placement Warrants	—		2		—		2
Total	$	247	$	2	$	—	$	249


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Restricted cash:
Money market funds	$	16,345	$	—	$	—	$	16,345
Total	$	16,345	$	—	$	—	$	16,345
Liabilities:

Other non-current liabilities:
Public Warrants	1,765		—		—		1,765
Private Placement Warrants	—		13		—		13
Total	$	1,765	$	13	$	—	$	1,778

The Company’s investments in money market funds are measured at amortized cost, which approximates fair value. The difference between the total amount of funds held in money market accounts and the total restricted cash balances on the consolidated balance sheets relates to interest that is unrestricted.

The Company’s warrant liability as of December 31, 2025 and 2024 includes public and private placement warrants that were originally issued by 890, but which were assumed by the Company in connection with the closing of the Business Combination (the “Public Warrants” and “Private Placement Warrants,” respectively, or together, the “Public and Private Placement Warrants”). The Public and Private Placement Warrants are recorded on the balance sheet at fair value. The carrying amount is subject to remeasurement at each balance sheet date. With each remeasurement, the carrying amount is adjusted to fair value, with the change in fair value recognized in the Company’s consolidated statements of operations and comprehensive loss.

The Public Warrants are publicly traded under the symbol “BZFDW,” and the fair value of the Public Warrants at a specific date is determined by the closing price of the Public Warrants as of that date. As such, the Public Warrants are classified within Level 1 of the fair value hierarchy. The closing price of the Public Warrants was $0.03 and $0.18 as of December 31, 2025 and 2024, respectively.

The warrant liability was classified as a current liability, included within other current liabilities within the accompanying consolidated balance sheet as of December 31, 2025, as the expiration date of the warrants is less than one year as of such date.

There were no transfers between fair value measurement levels during the year ended December 31, 2025 or 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Debt - Narrative (Details) - USD ($)			12 Months Ended
Debt - Narrative (Details) - USD ($)	Jun. 03, 2025	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Feb. 25, 2025	Jan. 31, 2025	Dec. 10, 2024	Jun. 30, 2024	Feb. 21, 2024	Jun. 30, 2021
Debt Instrument [Line Items]
Loss on debt extinguishment			$ 5,532,000	$ 3,929,000	$ 0
Weighted average interest rate on short-term borrowings (as percent)			11.00%
Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount											$ 150,000,000.0
Initial conversion price (in dollars per share)								$ 50.00
Interest rate (as percent)								8.50%
Debt instrument, repurchase amount			$ 30,000,000.0	120,000,000.0		$ 300,000				$ 30,900,000
Loss on debt extinguishment		$ 0	$ 5,500,000	3,900,000
Standby letter of credit fee		$ 1,200,000					$ 900,000
Debt Instrument, debt issuance costs, derecognized (as percent)		1.00%
Repayments of long-term debt	$ 30,900,000
Repayments of principal	29,700,000
Repayments of accrued interest	$ 1,200,000
Effective interest rate (as percent)			22.80%
Interest expense			$ 2,100,000	5,800,000
Amortization of debt discount and issuance costs			$ 1,000,000.0	$ 2,100,000
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 2,900,000							$ 15,500,000
Standby letter of credit fee										$ 500,000

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Effective income tax rate (as percent)	(0.70%)	(2.00%)	(3.00%)
Increase (decrease) in valuation allowance	$ 4,000,000.0
Operating loss carryforwards, amount applied against taxable gain on disposition of business		$ 88,900,000
Discontinued operation, tax liability, decrease from application of operating loss carryforward		18,500,000
Tax credits	7,500,000
Cash paid for income taxes, net of refunds	1,012,000	514,000	$ 1,296,000
Revision of Prior Period, Error Correction, Adjustment
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards	(26,500,000)
Increase (decrease) in valuation allowance	(26,500,000)
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating losses	327,500,000
Net operating losses subject to expiration	201,500,000
Operating losses indefinite lived carryforward	$ 126,000,000.0
Maximum percentage available to offset future taxable income	80.00%
Deferred interest expense carryforwards	$ 26,300,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating losses	13,900,000
Net operating losses subject to expiration	13,900,000
Deferred interest expense carryforwards	500,000
Unrecognized tax benefits	0	$ 0
Foreign Tax Jurisdiction \| Canada
Operating Loss Carryforwards [Line Items]
Net operating losses	3,600,000
Foreign Tax Jurisdiction \| JAPAN
Operating Loss Carryforwards [Line Items]
Net operating losses	2,200,000
Foreign Tax Jurisdiction \| SPAIN
Operating Loss Carryforwards [Line Items]
Net operating losses	1,500,000
Foreign Tax Jurisdiction \| Australia
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 900,000

Restructuring Costs (Details) - USD ($) $ in Millions		1 Months Ended				12 Months Ended
Restructuring Costs (Details) - USD ($) $ in Millions	Feb. 21, 2024	Aug. 31, 2025	Feb. 28, 2025	Feb. 29, 2024	Apr. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commerce Media Holdings, LLC
Restructuring Cost and Reserve [Line Items]
Reimbursement for restructuring costs	$ 1.8
2025 Workforce Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring costs						$ 3.5
2025 Workforce Reduction \| Cost of revenue, excluding depreciation and amortization
Restructuring Cost and Reserve [Line Items]
Restructuring costs						2.9
2025 Workforce Reduction \| Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring costs						0.4
2025 Workforce Reduction \| General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs						0.2
August 2025 Workforce Reduction
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated (as percent)		6.00%
Restructuring costs incurred						1.6
February 2025 Workforce Reduction
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated (as percent)			5.00%
Restructuring costs incurred						$ 1.9
2024 Workforce Reduction
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated (as percent)				16.00%
Restructuring costs							$ 2.9
2024 Workforce Reduction \| Cost of revenue, excluding depreciation and amortization
Restructuring Cost and Reserve [Line Items]
Restructuring costs							1.2
2024 Workforce Reduction \| Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring costs							1.5
2024 Workforce Reduction \| General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs							$ 0.2
2023 Workforce Reduction
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated (as percent)					15.00%
Restructuring costs								$ 6.8
2023 Workforce Reduction \| Cost of revenue, excluding depreciation and amortization
Restructuring Cost and Reserve [Line Items]
Restructuring costs								4.3
2023 Workforce Reduction \| Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring costs								1.3
2023 Workforce Reduction \| General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs								0.4
2023 Workforce Reduction \| Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring costs								$ 0.8

Summary of Significant Accounting Policies - Schedule of Revisions to Impacted Periods (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents	$ 8,465	$ 22,373	$ 10,637
Restricted cash	15,750	0	0
Total current assets	86,122	84,611	107,789
Noncurrent restricted cash	3,524	16,275	25,000
Total assets	$ 188,139	221,398	411,476
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents		38,648	35,637
Restricted cash		0	0
Total current assets		100,886	132,789
Noncurrent restricted cash		0	0
Total assets		221,398	411,476
Revision
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents		(16,275)	(25,000)
Restricted cash		0	0
Total current assets		(16,275)	(25,000)
Noncurrent restricted cash		16,275	25,000
Total assets		$ 0	$ 0

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of asset recognized for present right to economic benefit, classified as current.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt - Term Loan (Details)				12 Months Ended
Debt - Term Loan (Details)	Aug. 31, 2026 USD ($)	Aug. 25, 2025 USD ($) businessDay	May 23, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 11, 2026 USD ($)	Aug. 31, 2025 USD ($)	May 31, 2025 USD ($)
Debt Instrument [Line Items]
Payment of deferred issuance costs				$ 754,000	$ 0	$ 0
Aggregate principal amount of indebtedness outstanding				60,233,000
Current debt				30,524,000	25,518,000
Noncurrent debt				27,861,000	0
Secured Debt \| Amended Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Effective interest rate (as percent)		13.90%
Aggregate principal amount of indebtedness outstanding				45,000,000	0
Prepayment written notice period \| businessDay		1
Unamortized debt discount and issuance costs		$ 2,500,000		1,848,000	$ 0
Interest expense				3,400,000
Amortization of debt discount and issuance costs				600,000
Current debt				19,200,000
Noncurrent debt				$ 24,000,000.0
Secured Debt \| Amended Credit Agreement, Until Second Anniversary Of Closing Date \| Line of Credit
Debt Instrument [Line Items]
Prepayment premium on amount repaid (as percent)		2.50%
Secured Debt \| Amended Credit Agreement, After Second Anniversary Of Closing Date \| Line of Credit
Debt Instrument [Line Items]
Prepayment premium on amount repaid (as percent)		1.00%
Secured Debt \| Asset-Backed Term Loan \| Line of Credit
Debt Instrument [Line Items]
Aggregate principal amount			$ 40,000,000.0						$ 40,000,000.0
Borrowed amount			$ 40,000,000.0
Debt instrument margin rate (as percent)			6.50%
Debt instrument floor rate (as percent)			3.50%
Effective interest rate (as percent)				10.40%
Minimum liquidity			$ 5,000,000.0
Secured Debt \| Asset-Backed Term Loan \| Line of Credit \| Forecast
Debt Instrument [Line Items]
Repayments of long-term debt	$ 15,000,000.0
Secured Debt \| Asset-Backed Term Loan, From August 25, 2025 Through February 20, 2026 \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, overadvance amount			25,000,000.0
Secured Debt \| Asset-Backed Term Loan, Through August 31, 2026 \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, overadvance amount			20,000,000.0
Secured Debt \| Asset-Backed Term Loan, From August 31, 2026 Until Second Anniversary Of Closing Date \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, overadvance amount			10,000,000.0
Secured Debt \| Asset-Backed Term Loan, After Second Anniversary Of Closing Date \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, overadvance amount			$ 5,000,000.0
Secured Debt \| Second Amended Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, overadvance amount		$ 25,000,000.0
Borrowed amount		5,000,000.0
Incremental loan commitment amount		5,000,000.0						$ 5,000,000.0
Payment of deferred issuance costs		$ 200,000
Aggregate principal amount of indebtedness outstanding				$ 45,000,000.0
Secured Debt \| Third Amended Credit Agreement \| Line of Credit \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, overadvance amount							$ 25,000,000.0
Minimum liquidity							5,000,000.0
Incremental loan commitment amount							$ 5,000,000.0
Incremental rate of interest							2.00%
Secured Debt \| Third Amended Credit Agreement, All Times on or Prior to April 30, 2026 \| Line of Credit \| Subsequent Event
Debt Instrument [Line Items]
Minimum liquidity							$ 3,500,000
Secured Debt \| Third Amended Credit Agreement, All Times Thereafter \| Line of Credit \| Subsequent Event
Debt Instrument [Line Items]
Minimum liquidity							$ 5,000,000.0

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract assets	$ 7,500	$ 4,500
Deferred revenue	7,405	$ 555
Contract with customer, liability, revenue recognized	$ 500

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Total	$ 19,302	$ 16,345
Other current liabilities:
Total	249	1,778
Public Warrants
Other current liabilities:
Other non-current liabilities	247	1,765
Private Placement Warrants
Other current liabilities:
Other non-current liabilities	2	13
Level 1
Assets:
Total	19,302	16,345
Other current liabilities:
Total	247	1,765
Level 1 \| Public Warrants
Other current liabilities:
Other non-current liabilities	247	1,765
Level 1 \| Private Placement Warrants
Other current liabilities:
Other non-current liabilities	0	0
Level 2
Assets:
Total	0	0
Other current liabilities:
Total	2	13
Level 2 \| Public Warrants
Other current liabilities:
Other non-current liabilities	0	0
Level 2 \| Private Placement Warrants
Other current liabilities:
Other non-current liabilities	2	13
Level 3
Assets:
Total	0	0
Other current liabilities:
Total	0	0
Level 3 \| Public Warrants
Other current liabilities:
Other non-current liabilities	0	0
Level 3 \| Private Placement Warrants
Other current liabilities:
Other non-current liabilities	0	0
Money market funds
Assets:
Restricted cash:	19,302	16,345
Money market funds \| Level 1
Assets:
Restricted cash:	19,302	16,345
Money market funds \| Level 2
Assets:
Restricted cash:	0	0
Money market funds \| Level 3
Assets:
Restricted cash:	$ 0	$ 0

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York

Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 3.8	$ 6.2	$ 6.7

Debt - Schedule of Film Financing Arrangements Outstanding (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Film Financing Arrangement
Debt Instrument [Line Items]
Principal Outstanding / Carrying Value	$ 15,015
Total Capitalized Debt Discount / Issuance Costs	3,056
Remaining Capitalized Debt Discount / Issuance Costs	2,801
2X Blind Partners, Inc. \| Film Financing Arrangement
Debt Instrument [Line Items]
Principal Outstanding / Carrying Value	5,207
Total Capitalized Debt Discount / Issuance Costs	715
Remaining Capitalized Debt Discount / Issuance Costs	479
Indebtedness available, but not yet incurred	100
2X Blind Partners, Inc. \| Loan Commitment, Due March 16, 2026
Debt Instrument [Line Items]
Aggregate principal amount	2,600
2X Blind Partners, Inc. \| Loan Commitment, Due August 16, 2026
Debt Instrument [Line Items]
Aggregate principal amount	2,400
2X Blind Partners, Inc. \| Loan Commitment, Due September 14, 2026
Debt Instrument [Line Items]
Aggregate principal amount	200
2X Blind Partners, Inc. \| Loan Commitment, Due September 17, 2026
Debt Instrument [Line Items]
Aggregate principal amount	200
Adulting, Inc. \| Film Financing Arrangement
Debt Instrument [Line Items]
Principal Outstanding / Carrying Value	1,394
Total Capitalized Debt Discount / Issuance Costs	206
Remaining Capitalized Debt Discount / Issuance Costs	187
Adulting, Inc. \| Film Financing Arrangements, Due February 14, 2026
Debt Instrument [Line Items]
Aggregate principal amount	100
Adulting, Inc. \| Film Financing Arrangements, Due May 1, 2026
Debt Instrument [Line Items]
Aggregate principal amount	900
Adulting, Inc. \| Film Financing Arrangements, Due September 17, 2026
Debt Instrument [Line Items]
Aggregate principal amount	200
Adulting, Inc. \| Film Financing Arrangements, Due Between May 15, 2028 and February 15, 2029
Debt Instrument [Line Items]
Aggregate principal amount	300
Gloria De Film, Inc. \| Film Financing Arrangement
Debt Instrument [Line Items]
Principal Outstanding / Carrying Value	3,599
Total Capitalized Debt Discount / Issuance Costs	520
Remaining Capitalized Debt Discount / Issuance Costs	520
Indebtedness available, but not yet incurred	300
Gloria De Film, Inc. \| Film Financing Arrangements, Due August 5, 2026
Debt Instrument [Line Items]
Aggregate principal amount	400
Gloria De Film, Inc. \| Film Financing Arrangements, Due October 15, 2026
Debt Instrument [Line Items]
Aggregate principal amount	800
Gloria De Film, Inc. \| Film Financing Arrangements, Due November 14, 2026
Debt Instrument [Line Items]
Aggregate principal amount	200
Gloria De Film, Inc. \| Film Financing Arrangements, Due May 15, 2027
Debt Instrument [Line Items]
Aggregate principal amount	500
Gloria De Film, Inc. \| Film Financing Arrangements, Due July 29, 2027
Debt Instrument [Line Items]
Aggregate principal amount	1,600
Gloria De Film, Inc. \| Film Financing Arrangements, Due July 31, 2027
Debt Instrument [Line Items]
Aggregate principal amount	400
Clover Film, Inc. \| Film Financing Arrangement
Debt Instrument [Line Items]
Principal Outstanding / Carrying Value	4,815
Total Capitalized Debt Discount / Issuance Costs	1,615
Remaining Capitalized Debt Discount / Issuance Costs	1,615
Indebtedness available, but not yet incurred	400
Clover Film, Inc. \| Film Financing Arrangements, Due August 15, 2026
Debt Instrument [Line Items]
Aggregate principal amount	300
Clover Film, Inc. \| Film Financing Arrangements, Due Between May 15, 2027 and November 15, 2027
Debt Instrument [Line Items]
Aggregate principal amount	100
Clover Film, Inc. \| Film Financing Arrangements, Due June 19, 2027
Debt Instrument [Line Items]
Aggregate principal amount	1,900
Clover Film, Inc. \| Film Financing Arrangements, Due December 23, 2027
Debt Instrument [Line Items]
Aggregate principal amount	$ 2,900

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts receivable, net of allowance for doubtful accounts	$ 683	$ 1,039
Treasury stock, at cost (in shares)	1,827,000	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	37,857,000	37,025,000
Common stock, shares outstanding (in shares)	36,030,000	37,025,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	1,343,000	1,343,000
Common stock, shares outstanding (in shares)	1,343,000	1,343,000

Goodwill and Intangibles, net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles, net

The following table presents the goodwill activities for the periods presented:


Balance as of December 31, 2023	$	43,304


Balance as of December 31, 2024	$	43,304
Goodwill Impairment	(30,199)

Balance as of December 31, 2025	$	13,105

The following table presents the detail of intangible assets for the periods presented and the weighted average remaining useful lives:


	December 31, 2025							December 31, 2024
	Weighted- Average Remaining Useful Lives (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value

Trademarks and Trade Names	10 years	$	14,000	$	4,550	$	9,450	$	14,000	$	3,617	$	10,383
Trademarks and Trade Names(1)	Indefinite	68		—		68		1,368		—		1,368
Customer relationships	2 years	887		238		649		—		—		—
Total		$	14,955	$	4,788	$	10,167	$	15,368	$	3,617	$	11,751

_________________________________

Amortization expense associated with intangible assets for the years ended December 31, 2025, 2024, and 2023 was $1.2 million, $1.2 million, and $2.8 million, respectively, included in depreciation and amortization expense.

Estimated future amortization expense as of December 31, 2025 is as follows (in thousands):


2026	$	1,229
2027	1,229
2028	991
2029	933
2030	933
Thereafter	4,784
Total	$	10,099

Acquisitions

In March 2025, the Company completed an acquisition of the assets and liabilities of a small private company that focuses on producing custom content. The Company paid $0.3 million in cash, and identified $0.5 million of contingent consideration. In connection with this acquisition, the Company recorded an intangible asset (customer relationships) of $0.9 million, with a 3-year estimated economic useful life. The fair value of this intangible asset was estimated using Level 3 inputs. The remaining acquired assets and liabilities were immaterial working capital balances, and no goodwill was

recorded in connection with this acquisition. This acquisition contributed approximately $4.1 million of revenue, and did not have a material impact to the Company’s net loss from continuing operations, for the year ended December 31, 2025.

On June 26, 2025 (the “Acquisition Date”), BuzzFeed Studios Canada, Inc., an indirectly held subsidiary of the Company, acquired a majority stock interest (i.e., 70%) in Girls Like Girls Film Inc. The Company determined that Girls Like Girls Film Inc. was a variable interest entity that did not meet the definition of a business as substantially all of the fair value of the assets acquired were concentrated in a single group of similar assets (i.e., capitalized production costs). The Company consolidated Girls Like Girls Film Inc. on the Acquisition Date. The Company did not record any intangible assets, goodwill, or any material gain or loss from this acquisition. The estimated fair value of the assets acquired was approximately $4.8 million, and the estimated fair value of the liabilities assumed was approximately $4.8 million (refer to Note 8 herein for additional details). There was no material purchase price as the Company waived a $0.1 million executive producer fee as purchase consideration. This acquisition contributed approximately $4.1 million of revenue, and did not have a material impact to the Company’s net loss from continuing operations, for the year ended December 31, 2025.

Goodwill Impairment

Goodwill is tested for impairment at the reporting unit level, which is an operating segment, or one level below. We test goodwill for impairment annually on October 1, or more frequently if an event occurs or if circumstances change that would more likely than not reduce the fair value of our reporting unit below its carrying value. We have determined we have one reporting unit for the purposes of allocating and testing goodwill.

For the 2025 annual impairment test, the Company performed a qualitative assessment. The assessment included, but was not limited to, consideration of macroeconomic conditions, industry and market conditions, actual and expected financial performance, legal and regulatory environments, and historical performance. Based on the qualitative assessment, considering the aggregation of the relevant factors, the Company concluded that it was more likely than not that the fair value of our reporting unit was greater than its carrying amount and therefore performing a quantitative impairment test was unnecessary. However, during the fourth quarter of 2025, we experienced a sustained decline in share price, and as such, we performed a quantitative impairment assessment as of December 31, 2025. The results of the quantitative impairment assessment concluded the fair value of our single reporting unit was below the carrying value and as such we recorded a non-cash goodwill impairment charge of $30.2 million.

Our quantitative impairment assessment utilized a market approach. The key assumption in the market approach included determining a control premium, which was estimated using historical transactions that occurred between 2022 and 2025. Our impairment analysis is sensitive to changes in key assumptions and market data, including the quoted price of our common stock and the estimated control premium. If market conditions deteriorate or if our stock price declines further, it is possible that an additional impairment charge may need to be recorded in the future.

Stockholders' Equity - Schedule of Fair Value of Stock Option Awards Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield (as percent)		0.00%	0.00%
Expected volatility minimum (as percent)		65.00%	93.00%
Expected volatility maximum (as percent)		74.00%	97.00%
Risk free interest rate minimum (as percent)		4.20%	4.20%
Risk free interest rate maximum (as percent)		4.70%	4.60%
Minimum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)		$ 1.55	$ 2.44
Expected term (years)		5 years 5 months 19 days	6 years 1 month 6 days
Maximum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)		$ 4.46	$ 2.48
Expected term (years)		6 years 2 months 12 days	6 years 2 months 12 days

Income Taxes - Schedule of Domestic and Foreign Components of Loss Before Provision for Income Taxes on Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ (59,109)	$ (33,156)	$ (59,254)
Foreign	2,161	(138)	5,144
Total loss before income taxes	$ (56,948)	$ (33,294)	$ (54,110)

Property and Equipment, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following:


	December 31, 2025		December 31, 2024
Leasehold improvements	$	48,651	$	47,849
Furniture and fixtures	3,788		3,439
Computer equipment	1,685		2,554
Video equipment	352		369
Gross carrying value	$	54,476	$	54,211
Less: Accumulated depreciation	(49,972)		(48,016)
Net carrying value	$	4,504	$	6,195

Depreciation totaled $3.8 million, $6.2 million, and $6.7 million for the years ended December 31, 2025, 2024 and 2023, respectively, and was included in depreciation and amortization expense.

Segment Information - Narrative (Details) $ in Millions	12 Months Ended
Segment Information - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments	1
Number of operating segments	1
Reportable Segment
Segment Reporting Information [Line Items]
Aggregate total of expenses, amount \| $	$ 132.4	$ 118.8	$ 156.4

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees In the course of business, the Company both provides and receives indemnities which are intended to allocate certain risks associated with business transactions. Similarly, the Company may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not fulfill its obligations under an indemnification obligation. The Company records a liability for indemnification obligations and other contingent liabilities when probable and reasonably estimable. Legal Matters The Company is party to various lawsuits and claims in the ordinary course of business. Although the outcome of such matters cannot be predicted with certainty and the impact that the final resolution of such matters will ultimately have on the Company’s consolidated financial statements is not known, the Company does not believe that the resolution of these matters will have a material adverse effect on the Company’s future results of operations or cash flows. The Company settled or resolved certain legal matters during the years ended December 31, 2025, 2024, and 2023 that did not individually or in the aggregate have a material impact on the Company’s business or its consolidated financial position, results of operations, or cash flows. Indemnification Agreements The Company has entered into indemnification agreements with each of its directors and executive officers. These agreements require the Company to indemnify each such individual, against any and all expenses incurred by him or her because of his or her status as one of our directors or executive officers, to the fullest extent permitted by Delaware law, our second amended and restated certificate of incorporation, and our restated bylaws. Nasdaq Listing Compliance On March 2, 2026, the Company received a letter (the “Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the previous 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Requirement”). The Notice has no effect at this time on the Company’s common stock or warrants, which continue to trade on the Nasdaq Capital Market under the symbols “BZFD” and “BZFDW,” respectively. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until August 31, 2026 (the “Compliance Date”), to regain compliance with the Bid Price Requirement. If, at any time before the Compliance Date, the bid price for the Company’s common stock closes at $1.00 or more for at least 10 consecutive business days, unless the Staff exercises its discretion to extend this 10-day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H), the Staff will provide written notification to the Company that it has regained compliance with the Bid Price Requirement. If the Company is not in compliance with the Bid Price Requirement by the Compliance Date, the Company may qualify for a second 180-calendar day compliance period under Nasdaq Listing Rule 5810(c)(3)(A)(ii). To qualify, the Company would be required, among other things, to meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the bid price deficiency during the second compliance period. If the Company does not qualify for, or fails to regain compliance during, a second compliance period, then the Staff will provide written notification to the Company that its common stock will be subject to delisting. At that time, the Company may appeal the Staff’s delisting determination to the Nasdaq Listing Qualifications Panel. However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination, such an appeal would be successful. The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance with the Bid Price Requirement.

Goodwill and Intangibles, net - Schedule of Goodwill Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 43,304
Goodwill Impairment	(30,199)
Goodwill, ending balance	$ 13,105
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment expense

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount and Film Financing Arrangements Outstanding

The net carrying amount of the Notes as of December 31, 2025 was:


	December 31, 2025		December 31, 2024
Principal outstanding	$	—	$	30,000
Unamortized debt discount and issuance costs	—		(4,482)
Net carrying value	$	—	$	25,518

The net carrying amount of the Term Loan as of December 31, 2025 was:


	December 31, 2025		December 31, 2024
Principal outstanding	$	45,000	$	—
Unamortized debt discount and issuance costs	(1,848)		—
Net carrying value	$	43,152	$	—

A summary of these film financing arrangements outstanding as of December 31, 2025 is as follows (dollars in thousands):


Film Financing Arrangement	Principal Outstanding / Carrying Value		Contractual Maturity Dates(1)	Total Capitalized Debt Discount / Issuance Costs(2)		Remaining Capitalized Debt Discount / Issuance Costs
2X Blind Partners, Inc.	$	5,207	Ranging from March 2026 through September 2026	$	715	$	479
Adulting, Inc.	1,394		Ranging from February 2026 through February 2029	206		187
Gloria De Film, Inc.	3,599		Ranging from August 2026 through July 2027	520		520
Clover Film, Inc.	4,815		Ranging from August 2026 through December 2027	1,615		1,615



Total	$	15,015		$	3,056	$	2,801

Totals may not foot due to rounding.

(2)Interest is fixed, unless in the event of default.

Schedule of Future Principal Payments of Total Debt Outstanding

As of December 31, 2025, future principal payments of total debt outstanding were as follows:


Year	Amount
2026	$	31,318
2027	3,623
2028	25,039
2029	253
2030	—
Total	$	60,233

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis are summarized below:


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Restricted cash:
Money market funds	$	19,302	$	—	$	—	$	19,302
Total	$	19,302	$	—	$	—	$	19,302
Liabilities:

Other current liabilities:
Public Warrants	247		—		—		247
Private Placement Warrants	—		2		—		2
Total	$	247	$	2	$	—	$	249


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Restricted cash:
Money market funds	$	16,345	$	—	$	—	$	16,345
Total	$	16,345	$	—	$	—	$	16,345
Liabilities:

Other non-current liabilities:
Public Warrants	1,765		—		—		1,765
Private Placement Warrants	—		13		—		13
Total	$	1,765	$	13	$	—	$	1,778

Stockholders' Equity - Schedule of RSU Activity (Details) - Restricted stock units shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Shares
Outstanding at beginning of period (in shares) \| shares	1,103
Granted (in shares) \| shares	3,293
Vested (in shares) \| shares	(950)
Forfeited (in shares) \| shares	(276)
Outstanding at end of period (in shares) \| shares	3,170
Weighted Average Grant-Date Fair Value
Outstanding at the beginning (in dollars per share) \| $ / shares	$ 1.97
Granted (in dollars per share) \| $ / shares	1.90
Vested (in dollars per share) \| $ / shares	2.14
Forfeited (in dollars per share) \| $ / shares	2.03
Outstanding at the end (in dollars per share) \| $ / shares	$ 1.84

Capitalized Software Costs, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Capitalized Computer Software, Net [Abstract]
Amount of capitalized internal used software	$ 12.4	$ 12.1	$ 13.9
Capitalized computer software, amortization	$ 10.8	$ 11.7	$ 10.9

Income Taxes - Schedule of Provision (Benefit) for Income Taxes On Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current provision / (benefit)
Federal	$ (118)	$ 0	$ 0
State	(47)	49	92
Foreign	462	956	(1,689)
Total current provision / (benefit)	297	1,005	(1,597)
Deferred provision / (benefit)
Federal	(38)	1	3
State	(25)	11	(4)
Foreign	152	(355)	3,200
Total deferred provision / (benefit)	89	(343)	3,199
Total provision / (benefit)
Federal	(156)	1	3
State	(72)	60	88
Foreign	614	601	1,511
Total provision / (benefit)	$ 386	$ 662	$ 1,602

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregated Revenue

The table below presents the Company’s revenue disaggregated based on the nature of its arrangements. Our management uses these categories of revenue to evaluate the performance of its businesses and to assess its financial results and forecasts.


	Year Ended December 31,
	2025		2024		2023
Advertising	$	91,685	$	94,362	$	113,642
Content	37,045		33,875		66,748
Commerce and other	56,536		61,650		50,051
	$	185,266	$	189,887	$	230,441

The following table presents the Company’s revenue disaggregated by geography:


	Year Ended December 31,
	2025		2024		2023
Revenue:
United States	$	174,105	$	177,611	$	203,775
International	11,161		12,276		26,666
Total	$	185,266	$	189,887	$	230,441

Contract Balances

The timing of revenue recognition, billings, and cash collections can result in billed accounts receivable, unbilled receivables, unbilled revenue (contract assets), and deferred revenues (contract liabilities). The payment terms and conditions within the Company’s contracts vary by the type; the substantial majority require that customers pay for their services on a monthly or quarterly basis, as the services are being provided. When the timing of revenue recognition differs

from the timing of payments made by customers, the Company recognizes either unbilled revenue (its performance precedes the billing date and payment is conditional on something other than the passage of time) or deferred revenue (customer payment is received in advance of performance). The Company records an unbilled receivable when revenue is recognized and it has an unconditional right to consideration and only the passage of time is required to receive the consideration. Unbilled receivables are presented within accounts receivable, net of allowance of doubtful accounts, within the consolidated balance sheets. In addition, we have determined our contracts generally do not include a significant financing component.

The Company’s contract assets are presented in prepaid and other current assets on the accompanying consolidated balance sheets and totaled $7.5 million and $4.5 million at December 31, 2025 and 2024, respectively. These amounts relate to revenue recognized during the respective year that is expected to be invoiced and collected in future periods.

The Company’s contract liabilities, which are recorded in deferred revenue on the accompanying consolidated balance sheets, are expected to be recognized as revenues during the succeeding 12-month period. Deferred revenue totaled $7.4 million and $0.6 million at December 31, 2025 and 2024, respectively. The amount of revenue recognized during the year ended December 31, 2025 that was included in the deferred revenue balance as of December 31, 2024 was $0.5 million.

Variable Consideration

The Company estimates whether it will be subject to variable consideration under the terms of the contract and includes its estimate of variable consideration, subject to constraint, in the transaction price based on the expected value method when it is deemed probable of being realized based on historical experience and trends. The Company updates its estimate of the transaction price each reporting period and the effect of variable consideration on the transaction price is recognized as an adjustment to revenue on a cumulative catch-up basis.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Total BuzzFeed, Inc. Stockholders' Equity	Total BuzzFeed, Inc. Stockholders' Equity Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Class A Common Stock	Class A Common Stock Common Stock	Class B Common Stock	Class B Common Stock Common Stock	Class C Common Stock	Class C Common Stock Common Stock
Balance at beginning (in shares) at Dec. 31, 2022												31,597,000		1,670,000		1,620,000
Balance at beginning at Dec. 31, 2022	$ 194,554	$ (126)	$ 191,217	$ (126)	$ 0	$ 716,244	$ (523,063)	$ (126)	$ (1,968)	$ 3,337		$ 3		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(89,322)		(88,579)				(88,579)			(743)
Stock-based compensation	6,323		6,323			6,323
Issuance of common stock in connection with share-based plans (in shares)												1,170,000
Issuance of common stock in connection with share-based plans	29		29			29
Shares withheld for employee taxes (in shares)												(171,000)
Shares withheld for employee taxes	(451)		(451)			(451)
Issuance of common stock in connection with at-the-market offering, net of issuance costs (in shares)												517,000
Issuance of common stock in connection with at-the-market offering, net of issuance costs	947		947			947
Other comprehensive income (loss)	(771)		(532)						(532)	(239)
Conversion of Class B common stock to Class A common stock (in shares)												302,000		(302,000)
Conversion of Class C common stock to Class A common stock (in shares)												1,620,000				(1,620,000)
Balance at end (in shares) at Dec. 31, 2023												35,035,000		1,368,000	0	0
Balance at end at Dec. 31, 2023	111,183		108,828		0	723,092	(611,768)		(2,500)	2,355		$ 3		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(9,928)		(10,096)				(10,096)			168
Stock-based compensation	5,725		5,725			5,725
Issuance of common stock in connection with share-based plans (in shares)												1,482,000
Shares withheld for employee taxes and other (in shares)												(149,000)
Shares withheld for employee taxes and other	(394)		(331)			(331)				(63)
Issuance of common stock in connection with at-the-market offering, net of issuance costs (in shares)												632,000
Issuance of common stock in connection with at-the-market offering, net of issuance costs	1,883		1,883			1,883
Other comprehensive income (loss)	(1,527)		(1,235)						(1,235)	(292)
Conversion of Class B common stock to Class A common stock (in shares)												25,000		(25,000)
Balance at end (in shares) at Dec. 31, 2024											37,025,000	37,025,000	1,343,000	1,343,000	0	0
Balance at end at Dec. 31, 2024	106,942		104,774		0	730,369	(621,864)		(3,735)	2,168		$ 3		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(57,334)		(57,724)				(57,724)			390
Stock-based compensation	5,820		5,820			5,820
Issuance of common stock in connection with share-based plans (in shares)												958,000
Shares withheld for employee taxes and other (in shares)												(130,000)
Shares withheld for employee taxes and other	(210)		(210)			(210)
Issuance of common stock in connection with at-the-market offering, net of issuance costs (in shares)												4,000
Issuance of common stock in connection with at-the-market offering, net of issuance costs	13		13			13
Other comprehensive income (loss)	109		20						20	89
Distributions attributable to noncontrolling interests	(1,923)									(1,923)
Repurchase of common stock	(3,332)		(3,332)		(3,332)
Balance at end (in shares) at Dec. 31, 2025											36,030,000	37,857,000	1,343,000	1,343,000	0	0
Balance at end at Dec. 31, 2025	$ 50,085		$ 49,361		$ (3,332)	$ 735,992	$ (679,588)		$ (3,715)	$ 724		$ 3		$ 1		$ 0

Leases - Schedule of Sublease Receipts to be Received Under Noncancellable Subleases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 6,300
Thereafter	0
Total	$ 6,300

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (57,334)	$ (9,928)	$ (89,322)
Other comprehensive income (loss)
Foreign currency translation adjustment	109	(1,527)	(771)
Other comprehensive income (loss)	109	(1,527)	(771)
Comprehensive loss	(57,225)	(11,455)	(90,093)
Comprehensive income (loss) attributable to noncontrolling interests	390	168	(743)
Foreign currency translation adjustment attributable to noncontrolling interests	89	(292)	(239)
Comprehensive loss attributable to BuzzFeed, Inc.	$ (57,704)	$ (11,331)	$ (89,111)

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Stockholders' Equity - Narrative (Details)					12 Months Ended			18 Months Ended
Stockholders' Equity - Narrative (Details)	May 23, 2025 USD ($) $ / shares shares	Jun. 20, 2023 shares	Mar. 21, 2023 USD ($)	Dec. 03, 2021 vote $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares shares	Jan. 01, 2026 shares	Jan. 01, 2025 shares	Jul. 31, 2024 USD ($)
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)				50,000,000
Preferred stock, par value per share (in dollars per share) \| $ / shares				$ 0.0001
Preferred stock, shares issued (in shares)					0	0		0
Preferred stock, shares outstanding (in shares)					0	0		0
Share repurchase program, authorized, number of shares (in shares)	1,800,000
Purchase price (in dollars per share) \| $ / shares	$ 1.82
Aggregate purchase price \| $	$ 3,300,000				$ 3,332,000
Shares repurchased (in shares)	1,800,000
Stock-based compensation cost not yet recognized, options \| $					$ 3,800,000
Stock options granted (in shares)					0
Weighted average fair value of stock options granted (in dollars per share) \| $ / shares						$ 2.19	$ 2.44
Intrinsic value of stock options exercised \| $					$ 0	$ 0	$ 0
Sale of stock, equity issuable, amount \| $			$ 150,000,000.0
ATM Offering Agreement
Class of Stock [Line Items]
Sale of stock, equity distribution agreement, maximum offering (in shares)		3,316,503
Sale of stock, increase in aggregate offering price \| $											$ 150,000,000.0
Number of shares issued (in shares)								1,153,345
Issue price (in dollars per share) \| $ / shares						$ 2.52		$ 2.52
Aggregate net proceeds after deducting commissions and offering expenses \| $								$ 2,800,000
2021 Equity Incentive Plan
Class of Stock [Line Items]
Number of shares available for future issuance (in shares)				7,801,638
Increase in number of shares reserved for issuance as percentage of total number of outstanding shares				5.00%
2015 Equity Incentive Plan
Class of Stock [Line Items]
Options granted term (in years)					10 years
Award vesting period (in years)					4 years
Stock options
Class of Stock [Line Items]
Weighted-average remaining requisite service period (in years)					8 months 12 days
Restricted stock units
Class of Stock [Line Items]
Unrecognized compensation costs \| $					$ 4,400,000
2015 Equity Incentive Plan
Class of Stock [Line Items]
Stock options granted (in shares)					0
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				700,000,000	700,000,000	700,000,000		700,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001			$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Common shares, votes per share (in vote per share) \| vote				1
Class A Common Stock \| 2021 Equity Incentive Plan
Class of Stock [Line Items]
Common stock, number of additional shares authorized										1,918,422
Class A Common Stock \| 2021 Equity Incentive Plan \| Subsequent Event
Class of Stock [Line Items]
Common stock, number of additional shares authorized									1,868,677
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				20,000,000	20,000,000	20,000,000		20,000,000
Common stock, par value (in dollars per share) \| $ / shares				$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Common shares, votes per share (in vote per share) \| vote				50
Class C Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				10,000,000
Common stock, par value (in dollars per share) \| $ / shares				$ 0.0001
Common shares, votes per share (in vote per share) \| vote				0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 8,465	$ 22,373
Restricted cash	15,750	0
Accounts receivable (net of allowance for doubtful accounts of $683 and $1,039 as at December 31, 2025 and 2024, respectively)	45,496	48,944
Prepaid expenses and other current assets	16,411	13,294
Total current assets	86,122	84,611
Property and equipment, net	4,504	6,195
Right-of-use assets	23,002	28,562
Capitalized software costs, net	24,245	22,653
Intangible assets, net	10,167	11,751
Goodwill	13,105	43,304
Film costs, net	19,397	1,712
Noncurrent restricted cash	3,524	16,275
Prepaid expenses and other assets	4,073	6,335
Total assets	188,139	221,398
Current liabilities
Accounts payable	19,548	14,251
Accrued expenses	12,411	18,881
Deferred revenue	7,405	555
Accrued compensation	8,305	11,668
Current lease liabilities	12,706	22,084
Current debt	30,524	25,518
Other current liabilities	4,319	3,879
Total current liabilities	95,218	96,836
Noncurrent lease liabilities	14,725	15,138
Debt	27,861	0
Warrant liabilities	0	1,778
Other liabilities	250	704
Total liabilities	138,054	114,456
Commitments and contingencies
Stockholders’ equity
Treasury stock, at cost, 1,827 and 0 shares at December 31, 2025 and 2024, respectively	(3,332)	0
Additional paid-in capital	735,992	730,369
Accumulated deficit	(679,588)	(621,864)
Accumulated other comprehensive loss	(3,715)	(3,735)
Total BuzzFeed, Inc. stockholders’ equity	49,361	104,774
Noncontrolling interests	724	2,168
Total stockholders’ equity	50,085	106,942
Total liabilities and stockholders' equity	188,139	221,398
Class A Common Stock
Stockholders’ equity
Common stock	3	3
Class B Common Stock
Stockholders’ equity
Common stock	$ 1	$ 1

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Janet Rollé [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On November 25, 2025, Janet Rollé, a member of the Company’s Board of Directors, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Ms. Rollé’s Rule 10b5-1 trading arrangement will commence on March 19, 2026, which is at least 90 days after the adoption date, and will continue until Ms. Rollé ceases to be a director of the Company. Ms. Rollé’s Rule 10b5-1 trading arrangement provides for (i) on a quarterly basis, the sale of up to $25,000 (actual dollars) in net sale proceeds of which total net sale proceeds will not exceed a cumulative $100,000 (actual dollars) under the Rule 10b5-1 trading arrangement.
Name	Janet Rollé
Title	member of the Company’s Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 25, 2025

Held for Sale, Discontinued Operations, and Disposals

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Held for Sale, Discontinued Operations, and Disposals

Held for Sale and Discontinued Operations:

Complex Disposition

As of December 31, 2023, the Company determined the assets of Complex Networks, excluding the First We Feast brand, met the criteria for classification as held for sale. The Company disposed of Complex Networks in order to refocus its business around scalable, high-margin, and tech-led revenue streams. As such, the Company concluded the ultimate disposal represented a strategic shift that had a major effect on the Company’s operations and financial results. Therefore, the historical results of Complex Networks are classified as discontinued operations for the years ended December 31, 2024 and December 31, 2023.

On February 21, 2024, a wholly-owned subsidiary of the Company entered into the Complex Sale Agreement with Commerce Media, providing for the sale of certain assets relating to the business of Complex Networks (i.e., the Complex Disposition). Pursuant to the Complex Sale Agreement, Commerce Media purchased certain assets, and assumed certain liabilities, related to the business of Complex Networks, excluding the business operating under the First We Feast brand and as otherwise set forth in the Complex Sale Agreement, for an aggregate purchase price of $108.6 million, which was received in cash upon closing on February 21, 2024.

In connection with the Complex Disposition, the Company was required to (i) repurchase approximately $30.9 million of Notes, and (ii) repay approximately $33.8 million outstanding under the revolving credit facility, plus accrued and unpaid interest of $0.7 million (such amounts were repurchased / repaid shortly after the Complex Disposition). The Company terminated the revolving credit facility, except for the $15.5 million in letters of credit then-outstanding. The Company incurred a $0.5 million early termination fee and a standby letter of credit fee of $0.5 million, both of which were paid upon closing of the Complex Disposition on February 21, 2024. Additionally, on February 28, 2024, the Indenture was amended to, among other things, provide that 95% of the net proceeds of future asset sales must be used to repay the Notes.

All historical interest expense associated with the revolving credit facility and 20.6% of the historical interest expense associated with the Notes were allocated to the discontinued operations of the Complex Disposition.

Details of net loss from discontinued operations, net of tax, are as follows (for the Complex Disposition):


	For the Year Ended December 31,
	2024		2023
Revenue	$	2,115	$	58,292
Costs and Expenses
Cost of revenue, excluding depreciation and amortization	3,500		44,646
Sales and marketing	1,046		11,387
General and administrative	225		1,816
Research and development	344		2,143
Depreciation and amortization	—		10,809

Total costs and expenses	5,115		70,801
Loss from discontinued operations	(3,000)		(12,509)
Loss on partial debt extinguishment	(4,919)		—
Gain (loss) on remeasurement of classification to held for sale	854		(9,462)
Other expense, net	(292)		—
Interest expense, net	(1,230)		(7,019)
Loss from discontinued operations before income taxes	(8,587)		(28,990)
Income tax provision	963		—
Net loss from discontinued operations, net of tax	$	(9,550)	$	(28,990)

Financial results of Complex Networks for the year ended December 31, 2024 are through the date of the Complex Disposition, February 21, 2024. Allocated general corporate overhead costs do not meet the criteria to be presented within net loss from discontinued operations, net of tax, and were excluded from all figures presented in the table above.

For the year ended December 31, 2024, there was tax expense related to discontinued operations as a result of non-deductible permanent differences and state taxes related to the Complex Disposition, offset with release in valuation allowance and excess tax benefits related to foreign derived intangible income (“FDII”). For the year ended December 31, 2023, there was no income tax provision in discontinued operations, as a result of the valuation allowance against net deferred tax assets that were not realizable on a more-likely-than-not basis.

The Company recorded a valuation allowance against the assets held for sale to reflect the write-down of the carrying value to fair value less estimated costs to sell. The non-cash valuation allowance of $9.5 million was recorded within gain (loss) from classification to held for sale in the summarized financial information of discontinued operations for the year ended December 31, 2023. The Company completed the Complex Disposition on February 21, 2024, and recorded a final gain on remeasurement of classification to held for sale of $0.9 million after recording final transaction and related expenses (for a total loss on disposal of approximately $8.6 million).

The Company had continuing involvement with Commerce Media through a transition services agreement, through which the Company and Commerce Media provided certain services to each other for a period of time following the Disposition (specifically, from February 21, 2024 until August 31, 2024). For the year ended December 31, 2024, the Company collected a total of $1.5 million related to the transition services agreement. Concurrent with the closing of the Complex Disposition, the Company and Commerce Media entered into a space sharing agreement whereby Commerce Media paid the Company a one-time license fee of approximately $2.8 million for use of the certain office space in our corporate headquarters from February 21, 2024 until June 30, 2025.

First We Feast Disposition

As of December 1, 2024, the Company determined the assets and liabilities (disposal group) of First We Feast met the criteria for classification as held for sale. The Company sold First We Feast to finalize its strategy to refocus its business around higher-margin revenue streams such as programmatic advertising and affiliate commerce, as well as tech-led initiatives. As such, the Company determined the ultimate disposal represented a strategic shift that had a major effect on the Company’s operations and financial results. Therefore, the historical results of First We Feast are classified as discontinued operations for the year ended December 31, 2024 and December 31, 2023.

On December 11, 2024, a wholly-owned subsidiary of the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with FEAST OPCO LLC (the “Purchaser”), providing for the sale by the Company to the Purchaser of certain assets and liabilities related to the Company’s business operating under the “First We Feast” brand (i.e., the First We Feast Disposition). The First We Feast Disposition closed on December 11, 2024, immediately following entry into the Asset Purchase Agreement. Pursuant to the terms of the Asset Purchase Agreement, the Purchaser purchased certain assets and assumed certain liabilities related to the business of First We Feast, and, at the Closing, paid a purchase price of $82.5 million, which gives effect to certain closing adjustments for net working capital and accrued employee compensation.

Pursuant to the Indenture, the Company was required to remit 95% of the net proceeds of asset sales to the holders of the Notes. Prior to the sale of the First We Feast brand, on December 10, 2024, the Company entered into privately negotiated transactions with certain holders of the Notes, in which the Company agreed to repurchase approximately $12.0 million aggregate principal amount of Notes from such holders on December 11, 2024. After giving effect to such Private Repurchase of $12.0 million of the Notes (together with accrued and unpaid interest), the Company redeemed $75.6 million of Notes with 95% of the net proceeds of the First We Feast Transaction (together with accrued and unpaid interest), and redeemed $1.2 million of Notes with cash on hand (together with accrued and unpaid interest).

Details of net income (loss) from discontinued operations, net of tax, are as follows (for the First We Feast Disposition):


	For the Year Ended December 31,
	2024		2023
Revenue	$	29,338	$	22,236
Costs and Expenses
Cost of revenue, excluding depreciation and amortization	15,867		12,584
Sales and marketing	3,150		3,047


Depreciation and amortization	1,474		1,608

Total costs and expenses	20,491		17,239
Income from discontinued operations	8,847		4,997

Gain on sale	42,600		—
Loss on partial debt extinguishment	(6,866)		—
Interest expense, net	(9,376)		(9,617)
Income (loss) from discontinued operations before income taxes	35,205		(4,620)
Income tax provision	1,627		—
Net income (loss) from discontinued operations, net of tax	$	33,578	$	(4,620)

Financial results of First We Feast for the year ended December 31, 2024 are through the date of the First We Feast Disposition, December 11, 2024. Allocated general corporate overhead costs do not meet the criteria to be presented within net income (loss) from discontinued operations, net of tax, and were excluded from all figures presented in the table above. 63.6% of the historical interest expense associated with the Notes was allocated to the discontinued operation of First We Feast. The Company recorded a gain on sale of $42.6 million, attributed to the discontinued operations of the First We Feast Disposition.

For the year ended December 31, 2024, there was tax expense related to discontinued operations as a result of non-deductible permanent differences and state taxes related to the First We Feast Disposition, offset with release in valuation allowance and excess tax benefits related to FDII. For the year ended December 31, 2023, there was no income tax provision / (benefit) in discontinued operations, as a result of the valuation allowance against net deferred tax assets that were not realizable on a more-likely-than-not basis.

The Company had continuing involvement with the Purchaser through a transition services agreement, pursuant to which the Company and the Purchaser provided certain services to each other for a period of time following the First We Feast disposition (specifically for an initial term from December 12, 2024 through June 11, 2025). For the years ended December 31, 2025 and December 31, 2024, the Company collected a total of $0.6 million and $0.4 million, respectively, pursuant to the transition services agreement. Additionally, the Company and the Purchaser entered into space sharing licensing agreements pursuant to which the Purchaser licensed the use of certain office space within the Company’s offices in New York, New York, and Los Angeles, California, for $0.1 million per month through May 31, 2025.

Sale of BringMe Brand

On June 13, 2024, the Company sold 100% of the assets related to the digital media brand known as BringMe for approximately $1.3 million in cash consideration, which is payable in installments through 2028 ($0.7 million of which was received as of December 31, 2025). BringMe did not have a material impact on the Company’s net loss for any period presented herein.

Sale of Goodful and As/Is Brands

On December 9, 2025, the Company sold 100% of the assets related to the digital media brands known as Goodful and As/Is for approximately $0.5 million in fixed cash consideration, which is payable in installments through May 1, 2027 ($0.2 million of which was received as of December 31, 2025). The Company derecognized an indefinite lived intangible asset of $1.3 million, and recorded a total loss on sale of $0.8 million, loss (gain) on disposition of assets, included in other

expense, net, in the consolidated statements of operations, for the year ended December 31, 2025. Goodful or As/Is did not have a material impact on the Company’s net loss for any period presented herein.

License of BuzzFeed, Tasty and HuffPost’s U.K. Operations:

On March 28, 2024, BuzzFeed Media Enterprises, Inc., BuzzFeed UK Ltd., and TheHuffingtonPost.com, Inc., all of which are wholly-owned subsidiaries of the Company, entered into a license agreement and an ancillary asset purchase and employee transfer agreement and IT services agreement with Independent Digital News and Media Limited (“IDNM”). Under the license agreement, the above-referenced entities granted IDNM a license to use the intellectual property, websites, social media accounts, and content of the BuzzFeed, Tasty and HuffPost brands in the U.K. The initial term is five years, unless earlier terminated pursuant to the terms of the license agreement. All employees who supported the BuzzFeed, Tasty, and HuffPost brands were transferred to IDNM as of April 1, 2024. Pursuant to the license agreement, IDNM will pay an annual license fee of between £0.3 million and £0.5 million (or approximately between $0.3 million and $0.6 million as of December 31, 2025), plus a net revenue share of 25% if certain criteria are met, as set forth in the license agreement.

Net (Loss) Income Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net (Loss) Income Per Share

Net (loss) income per share is computed using the two-class method. Basic net (loss) income per share is computed using the weighted average number of shares of common stock outstanding for the period. Diluted net (loss) income per share reflects the effect of the assumed exercise of any stock options, the vesting of any restricted stock units, and the exercise of any warrants (including the Public Warrants and the Private Placement Warrants), in each case only in the periods in which such effect would have been dilutive.

The Company utilizes the control number concept in the computation of diluted earnings per share to determine whether potential common stock equivalents are dilutive. The control number used is net loss from continuing operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories. Since the Company had a net loss from continuing operations for all periods presented, no dilutive effect has been recognized in the calculation of net income (loss) from discontinued operations, net of tax, per share or net loss per share. Basic and diluted net (loss) income per share were the same for all periods presented.

For the years ended December 31, 2025, 2024, and 2023, net (loss) income per share amounts were the same for Class A and Class B common stock because the holders of each class are entitled to equal per share dividends. There were no shares of Class C common stock outstanding for any period presented.

The table below presents the computation of basic and diluted net (loss) income per share:


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net loss from continuing operations	$	(57,334)	$	(33,956)	$	(55,712)
Net income (loss) from discontinued operations, net of tax	—		24,028		(33,610)

Less: net income (loss) attributable to noncontrolling interests	390		168		(743)

Net loss attributable to holders of Class A and Class B common stock for basic net loss per share	$	(57,724)	$	(10,096)	$	(88,579)




Amounts attributable to BuzzFeed, Inc for net loss per common share, basic and diluted:
Net loss from continuing operations	$	(57,724)	$	(34,124)	$	(54,969)
Net income (loss) from discontinued operations, net of tax	—		24,028		(33,610)
Net loss attributable to BuzzFeed, Inc.	$	(57,724)	$	(10,096)	$	(88,579)





Denominator:
Weighted average common shares outstanding, basic and diluted	37,835		37,386		35,766



Net (loss) income per common share, basic and diluted:
Continuing operations	$	(1.53)	$	(0.91)	$	(1.54)
Discontinued operations	—		0.64		(0.94)
Net loss per common share, basic and diluted, attributable to BuzzFeed, Inc.	$	(1.53)	$	(0.27)	$	(2.48)

The numerator for net loss per basic and diluted common share from continuing operations excludes the impact of net income (loss) attributable to the noncontrolling interests for all periods presented.

The table below presents the details of securities that were excluded from the calculation of diluted net loss per share as the effect would have been anti-dilutive:


	Year Ended December 31,
	2025	2024	2023
Stock options	6,000	6,882	845
Restricted stock units	3,170	1,103	2,190
Warrants	2,469	2,469	2,469

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Refer to Note 8 herein for details regarding the Term Loan’s debt repayment extensions and the Third Amended Credit Agreement, and for details regarding Girls Like Girls Film Inc. Indebtedness’ full repayment that took place in February 2026. Refer to Note 14 herein for details regarding the delisting notice that was received in March 2026.

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]
Total cash income taxes paid, net	$ 1,012	$ 514	$ 1,296
Cash paid for interest	3,921	11,926	17,169
Non-cash investing and financing activities:
Debt assumed for acquisition of Girls Like Girls Film Inc.	4,790	0	0
Non-cash debt repaid against Girls Like Girls Film Inc. Indebtedness	3,600	0	0
Non-cash consideration from film financing arrangements	500	0	0
Non-cash debt repaid against film financing arrangements	210	0	0
Non-cash consideration from co-financing arrangements for feature films	475	0	0
Capitalized interest for film financing arrangements	2,702	0	0
Accrued debt issuance costs for Term Loan	640	0	0
Accounts payable and accrued expenses related to property and equipment	292	31	134
Accrued deferred offering costs	67	68	597
Exchange of accounts receivable in exchange for investment in equity securities	0	0	750
Non-cash contingent consideration for business combination	424	0	0
Reconciliation of cash and cash equivalents and restricted cash within the consolidated balance sheets to the amounts shown in the statement of cash flows:
Cash and cash equivalents	8,465	22,373	10,637
Restricted cash	15,750	0	0
Noncurrent restricted cash	3,524	16,275	25,000
Total cash and cash equivalents and restricted cash	$ 27,739	$ 38,648	$ 35,637	$ 55,774

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 185,266	$ 189,887	$ 230,441
Costs and Expenses
Cost of revenue, excluding depreciation and amortization	110,151	105,065	129,782
Sales and marketing	15,755	19,729	35,942
General and administrative	50,426	58,627	78,026
Research and development	10,793	10,855	11,179
Depreciation and amortization	15,828	19,146	20,333
Impairment expense	30,199	0	0
Total costs and expenses	233,152	213,422	275,262
Loss from continuing operations	(47,886)	(23,535)	(44,821)
Other expense, net	(4,878)	(1,605)	(2,990)
Interest expense, net	(5,713)	(6,782)	(6,468)
Change in fair value of warrant liabilities	1,529	(1,372)	(11)
Change in fair value of derivative liability	0	0	180
Loss from continuing operations before income taxes	(56,948)	(33,294)	(54,110)
Income tax provision	386	662	1,602
Net loss from continuing operations	(57,334)	(33,956)	(55,712)
Net income (loss) from discontinued operations, net of tax	0	24,028	(33,610)
Net loss	(57,334)	(9,928)	(89,322)
Less: net income (loss) attributable to the noncontrolling interests	390	168	(743)
Net loss attributable to BuzzFeed, Inc.	(57,724)	(10,096)	(88,579)
Net loss from continuing operations attributable to holders of Class A and Class B common stock:
Basic	(57,724)	(34,124)	(54,969)
Diluted	$ (57,724)	$ (34,124)	$ (54,969)
Net loss from continuing operations per Class A and Class B common share:
Basic (in dollars per share)	$ (1.53)	$ (0.91)	$ (1.54)
Diluted (in dollars per share)	$ (1.53)	$ (0.91)	$ (1.54)
Weighted average common shares outstanding:
Basic (in shares)	37,835	37,386	35,766
Diluted (in shares)	37,835	37,386	35,766

Net (Loss) Income Per Share - Schedule of Computation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss from continuing operations	$ (57,334)	$ (33,956)	$ (55,712)
Net income (loss) from discontinued operations, net of tax	0	24,028	(33,610)
Less: net income (loss) attributable to noncontrolling interests	390	168	(743)
Net loss attributable to holders of Class A and Class B common stock for basic net loss per share	(57,724)	(10,096)	(88,579)
Amounts attributable to BuzzFeed, Inc for net loss per common share, basic and diluted:
Net loss from continuing operations, basic	(57,724)	(34,124)	(54,969)
Net loss from continuing operations, diluted	(57,724)	(34,124)	(54,969)
Net income (loss) from discontinued operations, net of tax, basic	0	24,028	(33,610)
Net income (loss) from discontinued operations, net of tax, diluted	0	24,028	(33,610)
Net loss attributable to holders of Class A and Class B common stock for basic net loss per share	(57,724)	(10,096)	(88,579)
Net loss income attributable to BuzzFeed, Inc., diluted	$ (57,724)	$ (10,096)	$ (88,579)
Denominator:
Weighted average common shares outstanding, basic (in shares)	37,835	37,386	35,766
Weighted average common shares outstanding, diluted (in shares)	37,835	37,386	35,766
Net (loss) income per common share, basic and diluted:
Continuing operations, basic (in dollars per share)	$ (1.53)	$ (0.91)	$ (1.54)
Continuing operations, diluted (in dollars per share)	(1.53)	(0.91)	(1.54)
Discontinued operations, basic (in dollars per share)	0	0.64	(0.94)
Discontinued operations, diluted (in dollars per share)	0	0.64	(0.94)
Net loss per common share, basic attributable to BuzzFeed, Inc. (in dollars per share)	(1.53)	(0.27)	(2.48)
Net loss per common share, diluted attributable to BuzzFeed, Inc. (in dollars per share)	$ (1.53)	$ (0.27)	$ (2.48)

Income Taxes - Schedule of Cash Paid for Income Taxes, Net of Refunds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
U.S. Federal	$ 40	$ 673	$ 0
U.S. state and local
Total U.S. State and Local	682	902	126
Non-US
Total Non-U.S	290	(1,061)	1,170
Total cash income taxes paid, net	1,012	514	1,296
California
U.S. state and local
Total U.S. State and Local	244	314	(63)
Illinois
U.S. state and local
Total U.S. State and Local	119	129	0
New York
U.S. state and local
Total U.S. State and Local	43	73	48
New York City
U.S. state and local
Total U.S. State and Local	4	39	4
Pennsylvania
U.S. state and local
Total U.S. State and Local	68	76	7
All other
U.S. state and local
Total U.S. State and Local	204	271	130
Australia
Non-US
Total Non-U.S	0	(32)	131
Canada
Non-US
Total Non-U.S	146	(1,142)	896
United Kingdom
Non-US
Total Non-U.S	87	0	0
Germany
Non-US
Total Non-U.S	7	30	0
India
Non-US
Total Non-U.S	0	0	129
Mexico
Non-US
Total Non-U.S	31	72	0
All Other
Non-US
Total Non-U.S	$ 19	$ 11	$ 14

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue


	Year Ended December 31,
	2025		2024		2023
Advertising	$	91,685	$	94,362	$	113,642
Content	37,045		33,875		66,748
Commerce and other	56,536		61,650		50,051
	$	185,266	$	189,887	$	230,441

The following table presents the Company’s revenue disaggregated by geography:


	Year Ended December 31,
	2025		2024		2023
Revenue:
United States	$	174,105	$	177,611	$	203,775
International	11,161		12,276		26,666
Total	$	185,266	$	189,887	$	230,441

Debt - Schedule of Future Principal Payments of Total Debt Outstanding (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 31,318
2027	3,623
2028	25,039
2029	253
2030	0
Total	$ 60,233

Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurement, transfers	$ 0	$ 0
Public Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Closing price of public warrants (in dollars per share)	$ 0.03	$ 0.18

Debt - Girls Like Girls Film Inc. Indebtedness (Details) $ in Millions		1 Months Ended
	Jun. 26, 2025 CAD ($)	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Jun. 26, 2025 USD ($)	Jun. 26, 2025 CAD ($)
Girls Like Girls \| Foreign Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 400,000	$ 0.6
Outstanding amount		$ 0
Girls Like Girls \| Girls Like Girls Indebtedness
Debt Instrument [Line Items]
Short term debt amount		200,000		4,800,000	$ 6.6
Repayment amount		$ 1,000,000.0	$ 3,600,000
Interest reserve	$ 0.3
Debt instrument margin rate (as percent)	1.25%
Effective interest rate (as percent)		5.70%
Percentage of cost of production exceeding reported budget, maximum	105.00%
Girls Like Girls \| Girls Like Girls Indebtedness, Required To Be Repaid With Feature Film Distribution Rights Proceeds
Debt Instrument [Line Items]
Short term debt amount				4,000,000.0
Girls Like Girls \| Girls Like Girls Indebtedness, Due Upon Receiving Expected Production Tax Credits
Debt Instrument [Line Items]
Short term debt amount				$ 800,000
Variable Interest Entity, Primary Beneficiary \| Girls Like Girls \| BuzzFeed Studios Canada, Inc
Debt Instrument [Line Items]
Stock interest acquired (as percent)				70.00%	70.00%

Leases - Narrative (Details) $ in Thousands			12 Months Ended
Leases - Narrative (Details) $ in Thousands	Jun. 16, 2025 USD ($) renewal_option	Jul. 08, 2022 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2025
Operating Leased Assets [Line Items]
Fixed monthly rent for sublease		$ 800
Proceeds from letter of credit			$ 0	$ 0	$ 2,128
Right-of-use assets			23,002	28,562
Noncurrent lease liabilities			$ 14,725	$ 15,138
Building
Operating Leased Assets [Line Items]
Term of contract, period	6 years 6 months					130 months
Number of renewal options \| renewal_option	1
Renewal term (in years)	5 years
Early termination option (in years)	6 years
Right-of-use assets	$ 11,700
Noncurrent lease liabilities	11,500
Building \| Minimum
Operating Leased Assets [Line Items]
Undiscounted lease payments to be paid monthly	200
Building \| Maximum
Operating Leased Assets [Line Items]
Undiscounted lease payments to be paid monthly	$ 300
Letter of Credit
Operating Leased Assets [Line Items]
Proceeds from letter of credit		$ 4,500

Held for Sale, Discontinued Operations, and Disposals - Narrative (Details) £ in Millions							1 Months Ended	12 Months Ended			19 Months Ended
	Jun. 03, 2025 USD ($)	Dec. 11, 2024 USD ($)	Apr. 01, 2024 GBP (£)	Mar. 28, 2024	Feb. 28, 2024	Feb. 21, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 09, 2025 USD ($)	Mar. 31, 2025 USD ($)	Feb. 25, 2025 USD ($)	Jan. 31, 2025 USD ($)	Jun. 13, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Letters of credit outstanding, amount						$ 15,500,000
Early termination fee								$ 0	$ 500,000	$ 0
One-time license fee received								16,638,000	17,386,000	15,694,000
Independent Digital News and Media Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
License agreement, term (in years)				5 years
Net sales revenue share (as percent)			25.00%
Minimum \| Independent Digital News and Media Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
License fees receivable			£ 0.3				$ 300,000	300,000			$ 300,000
Maximum \| Independent Digital News and Media Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
License fees receivable			£ 0.5				600,000	600,000			600,000
Commerce Media Holdings, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transition services agreement, amount collected									1,500,000
One-time license fee received						2,800,000
FEAST OPCO LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transition services agreement, amount collected								600,000	400,000
Sublease income receivable, monthly		$ 100,000
Revolving Credit Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of long-term debt						33,800,000
Accrued and unpaid interest payment						700,000
Early termination fee						500,000
Letter of Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Standby letter of credit fee						500,000
Convertible Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, repurchase amount						30,900,000	30,000,000.0	30,000,000.0	120,000,000.0		30,000,000.0			$ 300,000
Repayments of long-term debt	$ 30,900,000
Standby letter of credit fee													$ 1,200,000		$ 900,000
Percentage of net proceeds from future asset sales		0.95			0.95
Convertible Debt \| Private Repurchase Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, repurchase amount		$ 12,000,000.0
Convertible Debt \| Net Proceeds From Disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of long-term debt		75,600,000
Convertible Debt \| Repurchased With Cash On Hand
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, repurchase amount		1,200,000
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Complex Networks, Excluding The First We Feast Brand
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses						108,600,000
Income tax provision									963,000	0
Valuation allowance										9,500,000
Gain on remeasurement of classification to held for sale						900,000			854,000	(9,462,000)
Loss from discontinued operations before income taxes						$ 8,600,000			8,587,000	28,990,000
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Complex Networks, Excluding The First We Feast Brand \| Convertible Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest expense allocation (as percent)						0.206
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| First We Feast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses		$ 82,500,000
Income tax provision									1,627,000	0
Gain on remeasurement of classification to held for sale									42,600,000	0
Loss from discontinued operations before income taxes									$ (35,205,000)	$ 4,620,000
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| First We Feast \| Convertible Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest expense allocation (as percent)		0.636
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| BringMe
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses											$ 700,000
Percentage of assets sold																100.00%
Disposal group, including discontinued operation, consideration																$ 1,300,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Goodful and As/Is
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses							$ 200,000
Percentage of assets sold												100.00%
Disposal group, including discontinued operation, consideration												$ 500,000
Indefinite lived intangible asset derecognized								1,300,000
Loss on sale								$ 800,000

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company leases office space under non-cancelable operating leases with various expiration dates through 2031 (assumes the early termination option as discussed below is exercised, otherwise, the expiration date is 2036). The Company accounts for leases under ASU 2016-02, “Leases (Topic 842),” (“ASC 842”) by recording right-of-use assets and liabilities. The right-of-use asset represents the Company’s right to use underlying assets for the lease term and the lease liability represents the Company’s obligation to make lease payments under the lease. The Company determines if an arrangement is, or contains, a lease at contract inception and exercises judgment and applies certain assumptions when determining the discount rate, lease term, and lease payments. ASC 842 requires a lessee to record a lease liability based on the discounted unpaid lease payments using the interest rate implicit in the lease or, if the rate cannot be readily determined, the incremental borrowing rate. Generally, the Company does not have knowledge of the rate implicit in the lease and, therefore, uses its incremental borrowing rate for a lease. The lease term includes the non-cancelable period of the lease and options to extend or terminate the lease when it is reasonably certain the Company will exercise those options. The Company’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. Certain of the Company’s lease agreements include escalating lease payments. Additionally, certain lease agreements contain other provisions which require the Company to pay taxes, insurance, or maintenance costs.

The Company subleases certain leased office space to third parties when it determines there is excess leased capacity. In July 2022, the Company entered into a sublease with a third party with respect to substantially all of the Company’s then-existing corporate headquarters. The sublease commenced on August 26, 2022 and expires on May 30, 2026, unless terminated sooner in accordance with the provisions of the sublease. Pursuant to the terms of the sublease, the subtenant is obligated to pay a fixed monthly rent of $0.8 million, subject to periodic increases. In-lieu of a cash security deposit, the Company received a letter of credit from Citibank for approximately $4.5 million.

In March 2025, the Company entered into a 130-month lease agreement for a new corporate headquarters located in New York, New York, which commenced on June 16, 2025 (i.e., the “Commencement Date”). The lease contains one 5-year renewal option and an early termination option after 6 years of the rent commencement date (i.e., December 16, 2025 is the rent commencement date). Upon the Commencement Date, based on various economic and market-based factors, the Company concluded it is reasonably certain to exercise the early termination option, and therefore the lease term was determined to be 6 years, 6 months (i.e., the lease term was determined to be June 16, 2025 through December 15, 2031). The undiscounted lease payments range from approximately $0.2 million to $0.3 million per month throughout the contractual term of the lease (approximately $0.2 million per month throughout the term determined for accounting purposes). Variable lease expenses are not material, and include the Company’s proportionate share of operating expenses, property taxes, and insurance. The Company determined this lease was an operating lease, and recorded a right-of-use asset and a noncurrent lease liability of $11.7 million and $11.5 million, respectively, upon commencement. The lease did not provide an implicit rate, and therefore the Company used its incremental borrowing rate, which was based on the term of

the lease, the economic environment of the lease, and reflects the cost the Company would have had to pay to borrow on a secured basis.

Sublease rent income is recognized as an offset to rent expense on a straight-line basis over the lease term. In addition to sublease rent, other costs such as common-area maintenance, utilities, and real estate taxes are charged to subtenants over the duration of the lease for their proportionate share of these costs.

The following illustrates the lease costs for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	21,634	$	24,282	$	29,511
Sublease income	(16,638)		(17,386)		(15,694)
Total lease cost	$	4,996	$	6,896	$	13,817

All components of total lease cost are recorded within general and administrative expenses within the consolidated statements of operations. The Company does not have material short-term or variable lease costs.

The following amounts were recorded in the Company’s consolidated balance sheets related to operating leases:


	December 31, 2025		December 31, 2024
Assets
Right-of-use assets	$	23,002	$	28,562

Liabilities
Current lease liabilities	12,706		22,084
Noncurrent lease liabilities	14,725		15,138
Total lease liabilities	$	27,431	$	37,222

Other information related to leases was as follows:


	Year Ended December 31,
	2025		2024		2023
Supplemental cash flow information
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	$	25,591	$	28,264	$	32,870
Non-cash transactions:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	11,747	$	—	$	—


	December 31, 2025		December 31, 2024
Weighted average remaining lease term (years)	3.4		1.8
Weighted average discount rate	12.7	%	14.0	%

Maturities of lease liabilities as of December 31, 2025 were as follows:


Year	Operating Leases
2026	$	15,010
2027	4,766
2028	3,213
2029	2,958
2030	2,650
Thereafter	5,804
Total lease payments	$	34,401
Less: imputed interest	(6,970)
Total	$	27,431

Sublease receipts to be received in the future under noncancellable subleases as of December 31, 2025 were as follows:


Year	Amount
2026	$	6,300




Thereafter	—
Total	$	6,300