35 Burst results for "Buzzfeed"
"buzzfeed" Discussed on Digiday Podcast
"Consumer electronics or like the two big categories that we started to see some challenges. And we saw that through Q two. And so we've been working since the top of the year and thinking about our messaging our product mix and how we were going to attack those, but also the categories that we're starting to see growth in how we were going to focus in on those. And so we've had a good plan in place, which we believe is currently set up for the back half of this year and going into next year. And with that, how did the different sales pitches change based on those fluctuations? For example, in Q one, I think it was Felicia again on one of the earnings calls. Mentioned how CPG was down year over year in Q one, but then recovered to flat growth in Q two. And financial services grew in Q two, but then tech and retail have been the most challenged in Q two and going into Q three as well. And so given that you have some that are recovering, some that are doing well like financial services. And then some that are still being impacted like tech and retail. How do you have to adjust what the pitch is or come up with new inventory sources at products for the different advertisers to the extent there is still money from them on the table. They just may be more discerning with how they spend it. Yeah, absolutely. I mean, it's definitely a matrix in each categories being hit by different factors. And so I guess each one really needs its own messaging and what's the value proposition that BuzzFeed could offer them. So that's number one. We couldn't have one singular value proposition across every single category because it wouldn't make as much sense.
"buzzfeed" Discussed on Digiday Podcast
"So you had a brand like a BuzzFeed that for over 16 years. I think has been the best at tinkering with the Internet and understanding how audiences are changing their consumption habits. And then on the complex side, you've had for now 20 years, us really being at the forefront of what culture means across sneakers and hip hop, streetwear, street art. And so those brands kind of coming together now, what we wanted to make sure was that we were keeping the strength of each of those brands in place. And so it wasn't just about integration and let's just find who has the best relationships. But let's find where the strength of each of those brands exists and let's try to keep them as intact as possible. And so that's how we kept a very similar structure that BuzzFeed already had with verticals that were very category specific. And that we could just almost add a fourth vertical that was very pure play to our complex has been building its business. And that is in fashion and footwear. As well as some grooming as well as some other categories like liquor and beer and so that's how we set it up and then from there we set up the support systems to be able to manage the business. And so some of that sits with me with marketing and then as I mentioned before my partner in this cat oversees more adapts revives at biz development as well. Got it. So on the sales side, when it comes to being organized by verticals, is that by content verticals to BuzzFeed, HuffPost, tasty, complex, or is it by advertiser vertical retail auto CPG? Yeah, it's by categories of business, not by brands. So we want the sales team to represent all brands. And going out there and speaking about each of them fluently, we believe that the best opportunity for brands to get access and work with one seller who is knowledgeable about the entire business.
"buzzfeed" Discussed on Digiday Podcast
"Towards content and away from commerce in the first half of the year? Yeah. Well, there seems to always be ebbs and flows based off of where brands are headed. So we've seen those things change consistently over time. The thing that you have to take into account is that there was a major integration in these quarters. And so the revenue mix was changing. And so just for example, if on the complex side, we were equally branded content to advertising that model is going to start to change. But storytelling, especially during the pandemic through social injustice and social unrest and storytelling has become even more important and behalf of brands. And so we've been very well situated as BuzzFeed Inc to be a partner of these brands to help them and do more storytelling and brand building. And so I think naturally that's where you've seen a lot of growth through the pandemic. Got it. And then so talking about the advertising side of things. And imagine this will touch on branded content as well. I'm curious how you all are organized, especially post merger, because you all would have had your own respective teams. So post merger, what's the sales organization look like? How's it structured? Yeah, so for the sales side, I think what we wanted to make sure to do, because you have such different and unique brands here. And I think that's what's great about what Jonah and rich were able to do during the pandemic and the times that we're in because I think it was actually perfect timing. So you had a brand like a BuzzFeed that for over 16 years. I think has been the best at tinkering with the Internet and understanding
"buzzfeed" Discussed on Digiday Podcast
"I don't think the challenge is in overlap. I think the challenges in what the future state of that business is. And how you continue to grow it from where it is. The BuzzFeed team has done a fantastic job of building a paid affiliate. Business over the last several years and it's scaled quite quickly. I think the question that is really mapping is how do you scale it even further and how do you leverage that teams to take more holistically about the partnerships that they're building on the sales side. So I haven't seen what has been referenced as any cannibalization of the business or any competition there seems to be strong lines of communication. And that's not me saying I set that up. That was set up before I even stepped into the role. And then in the I think it was the Q one earnings call and may Felicia Della fortuno, the CFO of BuzzFeed talked about in the first half of 2022, seeing a mix shift towards content and away from commerce. What were the factors behind that and especially given that you are overseeing at least the branded content side, which I imagine where that shift was going towards away from commerce towards branded content within content. What did you all do to drive that or to what extent did you all do anything to drive that? Basically, what were the factors behind this mix shift towards content and away from commerce in the first half of the year? Yeah. Well, there seems to always be ebbs and flows based off of where brands are headed.
"buzzfeed" Discussed on Digiday Podcast
"Working with the commerce teams. And instead of spending money with on the advertising side of things with the publisher, we can just take that money towards commerce, it'll go a long way, and maybe we don't even need to spend as much. And so that led to a lot of concern from both teams of how competitive there is. And it feels like that makes an argument for CROs also overseeing commerce only to make sure everyone's playing well together. As you mentioned, you're not overseeing commerce, but you are working with the commerce leads there. What are the processes or structures you all have in place to ensure that the different teams are incentivized to be working together as opposed to being incentivized to, well, I'm commerce. I want to make sure commerce does well. Yeah, absolutely. I think it would be pretty short sighted if an advertiser just thought if I just partnered up with a brand for an affiliate program that that would check off a box. That I think wouldn't really deliver on the overall promise of working with a brand like BuzzFeed Inc, right? And so I don't think that would be the first time advertisers would be accused of being shorts. Yeah, totally. So I think for us, there's so many ways to activate against our audience that, you know, obviously the sales team is out there and showcasing that. The commerce side specifically, and if there's been overlap from what I can tell and I've only been in the position less than 9 months, is that there's a system in place that the commerce and the advertising team are working in conjunction to understand what brands to go out there and to have conversations. I don't think the challenge is in overlap. I think the challenges in what the future state of that business is. And how you continue to grow it
"buzzfeed" Discussed on Digiday Podcast
"Things. But so BuzzFeed, at least in its earnings reports kind of delineates three revenue streams or three kind of revenue buckets. There's advertising. There's content. And then there's commerce and other, which is commerce, but then also events, like you mentioned, you all have complex con, complex land. Of those three buckets advertising content, commerce, and other do all of those report into you. Currently not all aspects of them. So the advertising and content do for the most part, we do have a studio business that is doing fantastic led by rich Reid. We actually had our first national release last week in partnership with lionsgate. And so they continue to build up a lot of premium programming. So that aspect is run by him, but for the branded content perspective, I'm overseeing those revenues. And then on the commerce side, it split up in a couple of different buckets and the bucket that I currently oversees the experiential bucket. And that is represented through complex con and complex land. Got it. And so what's the argument for divvying things up in that respect? One of the trends we've been seeing with folks like joy Robbins at The Washington Post, Ryan Polly at vox media is. And even me and Libby from Daily Beast talked about this when she spoke with Kayleigh. How historically chief revenue officer at a media company had basically been like kind of chief ad sales officer or chief advertising officer and that that role had brought in beyond just advertising. Yours has in the sense of you cover experiential, but it hasn't brought in entirely to encompass commerce and even revenue with respect to the studio business. So what's the argument for structure in it the way you all have currently? I think focus. Especially right now, it's a big business that we're operating here. And when you think about how large the advertising and content business is, especially the value proposition that we believe so strongly and we have to set that foundation right. And so it's massively important that the sales team is set up in a way to deliver against that promise. And be able to execute. And so for right now, my focus is getting those things right. And setting them off so that they can continue to build from there. What the future state is and where my focus is need is really dependent on where the brand is at, right? And so as we kind of stabilize and we look at it, I might get tapped in different areas. And that's always been the case and I'm very lucky that I came from a company like complex that was just very entrepreneurial old minded. We've been always adapting to the marketplace and moving ahead of it and so I think that has put me in different positions from running the international business when we needed to because we saw that as a big growth area. And launching an in-house agency because we thought there was a big opportunity that was being missed. And so for us right now, there's plenty of things for me to focus in on exclusively in the advertising content. But that doesn't mean that these pieces work in separate silos. I'm working very closely with the owners of those individual businesses. And in a lot of cases, they're already working on behalf of the client side. We have robust partnerships with big box retailers that very much aren't embedded in commerce. And some things that coming from the complex slide was really exciting to see and how they were forming some of these partnerships. So everything is already currently working together. It's just that I might not be overseeing it all. And to that point, advertising and I do want to really dive deep into the advertising
"buzzfeed" Discussed on Digiday Podcast
"Changing role of the Sierra, but then also how people in the CRO position are kind of managing the business given the economic downturn and everything. And it's kind of perfect timing to talk with you for this because BuzzFeed just reported earnings that we have actual numbers that we're able to go off. But then also we've talked to a lot of CROs whose responsibilities have changed because inside their companies, there's just kind of been that organic change. Your role has changed because the company itself has changed in the sense of your Sierra complex networks, complex networks, merges with BuzzFeed, and now you are the Sierra BuzzFeed. So with that change, how have your responsibilities changed beyond just now it's complex and BuzzFeed and HuffPost altogether. Yeah, absolutely. I mean, prior to joining BuzzFeed, I was the CRO of complex and certainly I'd seen my role change many times based off of the different stages of the business. And I continue to be the case in how I think about my role. Now, stepping into BuzzFeed Inc and overseeing all of the different brands at a major inflection point and we're setting the foundation for future growth. It's a time for me that I'm really spending a lot with Ken bloom, who is my partner in this and thinking about what the state of the business should look like. So not only through an integration of how do we go ahead and make it easy from a sales team perspective, a messaging, a product of process, that's kind of the first phase of this. But more so how do we push the boundaries of where the industry is going? And start to build for that. And so initially here, I'm actually kind of going back to the core of what a CRO has initially done.
Can the FBI Be Trusted?
"You have several years under president Trump, of the FBI, attempting to undermine the president of the United States on pretextual information, provided by the Quentin campaign on the basis of the Steele dossier. James Comey, the former head of the FBI, when he was head of the FBI, approaching Donald Trump to launder into the press, the Steele dossier, knowing that there was nothing in the Steele dossier that had been verified. He went to Donald Trump, he told him about it simply so that the media could then run with the story that the Steele dossier had been presented to president Trump and therefore it was newsworthy and BuzzFeed could run all of that material. For example, and then we got years and years of investigations down rabbit holes that led nowhere with regard to Russia. In other words, trust in the FBI is at an all time low. And yet it's the FBI under Christopher wray, apparently with a warrant that had to be signed off on by the DoJ and attorney general Merrick Garland. Now, initiating a raid into the former president of the United States. So here's the thing, could there theoretically, in some world, be it rationale for this sort of activity, sure? Sure, there could. But is that going to have to be a damned, extraordinarily solid, like rocks, I like bedrock solid, rationale, with serious underlying evidence, it had better be or what we are looking at is a political crisis.
Why 'Field of Dreams' Should Give All Screenwriters Hope
"And if your member of the iconic film field of dreams in which radio plays shoeless Joe Jackson and there's that great scene where James Earl Jones says to Kevin Costner who is thinking of building a baseball field and his cornfield and Iowa and James says to Kevin, the one constant is baseball, meanwhile, Timothy busfield, member him from 30 something. Timothy BuzzFeed is trying to get him to sign over the house because he's gonna go broke. But James Earl Jones just tries to tell him if you build it, they will come. Bus feels says you broke ray. If you don't sell now, you'll lose everything. James Earl Jones. The one constant through all the years has been baseball. I don't care who you are or how hardened your heart is. Oh, it should kill her scene. And I love that movie. And as a, as a screenwriter, as a guy that's been in the room with people and pitched movies and sold films that haven't been made yet, but I've sold three different screenplays that have been made. That's just the nature of the business. When I look at field of dreams, it should get everybody hope who's a screenwriting because it took that movie 13 years to get made, guys. Something is brilliant as field of dreams took 13. Maybe it was 11. I think Forrest Gump believe it or not, took 13 years. Maybe feel the dreams was 11 years. And I have some scripts that are going on 15 to 20 years. It's still having been made and you go, well, that's just the way Hollywood goes. How many assholes read that and couldn't see the brilliance and the genius of field of dreams? It just proves what the great screenwriter William Goldman said years ago about Hollywood. Nobody knows anything.
Eyes Turn to Hillary Clinton, Not Trump in the Russiagate Scandal
"This story, by the way, about Hillary Clinton's team breaking into the servers for Trump. It's not even in here. Like the media isn't even covering it. It didn't even happen. Which we're going to talk about some more in a second, but first, I just think that this is pretty shocking that no one's on this, and now we're learning that from a report, by the way, out of Fox, that John Radcliffe was saying, look, there's enough evidence here for some heads to roll effects effectively or at least for some indictment. So the saying that you can indict a ham sandwich, but apparently, not if you're part of team Clinton, then there's no indictments happening. It's possible and I wonder if in some ways there were people within the deep state so to speak that felt like, well, this would be a bad move for the country in very banana republic ask and maybe they were sort of this hush. I was trying to cover it up, but I'm kind of shocked that another candidate could infiltrate the servers of the rival and somehow get away with that. I mean, and then you think of what this country was put through, right? There should be some punishment for that. Because our country was put through a lot. For basically three years, three years of Russia Russia Russia. And three years of constant media attention and somehow Donald Trump was the manchurian candidate propped up by Russia and they had apparently all these goods on him and were basically pulling all the strings. I mean, it was all so wild. So fantastical, I read the so called dossier that BuzzFeed, by the way, by the way, it was out there. Everybody kind of knew it was sort of fake it a red, by the way, like a piece of fake Intel. It read like something no offense against the national inquirer. I realized they break a lot more stories than, you know, a lot of other news organizations, but it read like that, like tabloid supermarket stuff, and this was something that BuzzFeed went for it in published and the media, the mainstream media really ran with, and I'm like, why is nobody checking any sources here? I mean, our own FBI. Didn't check any sources on all this.
"buzzfeed" Discussed on MarketFoolery
"Me for Intel to make this move. Pat gelsinger and the CEO at Intel compared mobile eye to Tesla, which I suppose I would say that if I were a bad girl singer or sure what $1 trillion company can we compare this to? Let me think. But to go back to something you just touched on, it seems like at least part of the calculus for Intel in this move is maybe informed by what they have seen with rivian and the fact that, as you said, it's a $70 billion company with no vehicles on the road. And look, this is one of those things that shouldn't matter to investors like you and me, but it actually does because it involves institutions buying shares in blocks much larger than you or I or anyone. Listen to yourself, but okay. But you look at, you look at what happened with, let me put it this way. It's hard for me to look at what's happened with rivian and draw a conclusion other than there's an appetite among institutional investors for. Tesla type investments that aren't Tesla. They've already made their investment in Tesla. They know it's going to be they missed it or they missed it. Or they got in later than they wanted to. And they want and they recognize it's not going to be just like there's not one automaker. There's not going to be one electric vehicle maker. There are going to be multiples. They're going to be multiple winners. And so some of that money is going to go into businesses like Mobileye. Yeah, no, absolutely. And mobilize to me as a picks and pans play on the industry. You know, you go back in time and obviously, obviously, I don't know that this is a huge insight, but I'm going to make it anyway. The automobile turned out to be a pretty big deal here in the United States of America and around the world. And yet we went from hundreds of auto companies in the 1940s to essentially four American companies at the beginning of the century. I mean, that was how it worked out. This will be a similar this will be a similar. You know, it's going to be a rough go for business for an industry that really does have a lot of great things in front of us. This will be a lord of the flies industry. I believe that to be true. But companies like Mobileye, which are which are providing, which aren't really worried so much about which company wins, I mean, I think that they're in a really great spot. The market also thinks that they're in a really great spot. And pat gelsinger to your point recognizes that the rest of Intel isn't in a great spot, but you know what would help? Some cash. The timing is such that right now we're looking at the middle of 2022. So for those in the business media who are looking to aggregate their list of IPOs to watch in 2022, it's Christmas come early, because you can put mobile out on that list. One less thing to do. Yes. Speaking of media and aggregation and list building, BuzzFeed went public yesterday, via a special purpose acquisition company. I think everybody knows BuzzFeed, or is at least, if not a regular consumer, at some point, someone has sent you a BuzzFeed article or a list of some sort or it's popped up in your Twitter or Instagram feed. And it wasn't a great day. In terms of what happened with it closed down 11%, there was sort of that early pop. We got the reports over the weekend that a lot of people were initially interested in this, and then they just sort of walked away. And I mentioned all this because not to pick on BuzzFeed, but I do wonder we've seen so many companies go public via spac. Some of them in terms of getting attention from investors and the business media. They barely resonate. It's barely a blip. This is a well-known business. And so, therefore, it got more attention than the size of the business would warrant. And I'm wondering if you think this signals not the end of spacs, but part of me feels like whatever heat spacs had as a category, this was just one more bucket of cold water being dumped on it. I know how much you love for your guests to read on this show. I know you love this. But I do have to read something that we at The Motley Fool put out about a year ago. And it was about specs and a year ago now basically there were a lot of people who believe that the way that you invest was to buy us back, wait for it to announce sell it and then buy another spac and they were going to get rich that way. And we're not trying to get you to invest in spacs or to be excited about them. Every investment fed in history has ended badly for the majority of investors and we expect nothing different from specs when all is said and done. It's not to say we told you so because it's dumb to say we told you so, but it is to say that in our job, every once in a while, it's really unnerving to watch people to try and play the investment game in a way that it ought not be played in a way that things aren't really done, because you would hope they would figure it out, but usually figuring out that you're playing a game that you don't understand comes with some pain. And the spac market this year has been horrible. There are spacs that have come out public this year that are down more than 90%. And it's incredible to think about. So in the case of BuzzFeed, maybe because it is a higher profile company, this may be the very the death knell of our thinking about spacs as being magic beanstalk beans. It's a way of coming public. Nothing more nothing less than there are things about spacs that are better than coming public through a traditional initial public offering. But then there are things that are a lot worse and they're really should have been some sort of breaks put on BuzzFeed when 94% of the pre market money decided to redeem rather than go public with the company. Because that as they say is bad. Well, hopefully this has a similar and yet opposite effect from what we were talking about earlier with mobilize and rivian in the same way that someone at Intel might have looked at what was happening with rivian and said, you know, if we spin up mobile eye, we could probably make a decent buff. I'm sure I am a 100% confident. There were digital media companies watching closely with their fingers crossed on Monday when BuzzFeed went public via spac because they were thinking, boy, if this works, then we can do the same thing. And hopefully, at least some of those digital media companies and the people running them are looking at what's happened to BuzzFeed and.
"buzzfeed" Discussed on Squawk Pod
"Viewers. Anytime. Big story today. BuzzFeed set to go public today via spac amid some drama over investor redemptions in a dispute with employees, Leslie picker joins us now with more Leslie. Hey, Andrew. That's right. BuzzFeed said to make its debut after merging with a spac where 98% of shareholders supported the deal that doesn't mean investors and BuzzFeed employees are happy about it. A mere $16 million remains in a trust after 94% of shareholders redeemed from the spac known as 8 95th Avenue partners. The name apparently comes from the address of The Avengers headquarters in the marvel comic. The redemption option leaves BuzzFeed with just a fraction of the cash it was expecting from the transaction, although the company will have gross proceeds of about a 150 million from convertible notes in connection with this merger. Now the redemption proportion is the highest for any spac in the fourth quarter and more than double this year's average rate of 42%. While shareholders were casting their ballots last week, the BuzzFeed news union walked off the job for about 24 hours. Union representatives in a tweet say they've been bargaining for contracts for two years and are seeking more than the 1% guaranteed annual raise and $50,000 salary floor. A spokesman for BuzzFeed telling CNBC in response, quote, there is a bargaining session plan for Tuesday, which will be tomorrow where we look forward to making more progress with the union before then the company is about to achieve an incredible milestone becoming the first publicly traded digital media company with complex networks in our ranks and equity for more deals ahead. NBCUniversal, the parent company of CNBC is an investor in BuzzFeed, as he mentioned as a spokesperson mentioned today's debut will be closely watched as a proxy for public investor interest in digital media companies Andrew. It's quite the story Leslie and we're going to be speaking just a little bit with BuzzFeed's founder. Jonah peretti, but how much do you think that this is a signal, if you will for the rest of the market? Yeah, I mean, I think the redemption numbers are certainly something that people will have to consider when they choose this back route. If you're going into this thinking that you're going to get somewhere closer to $288 million, that's how much the stock raised in the first place and at the end of the day you're ending up with about $16 million, you might say, hey, if I had gone the traditional IPO route, maybe I would have had more cash on hand as a result of this deal or if I would have just done a regular way M and a transaction I would have had more cash on hand as a result of this merger. So I think it definitely changes the calculus for a lot of companies. Now, not every company is going to be in this situation, as I mentioned, this views redemption levels, 90 4% redemption levels. That's the highest of the fourth quarter, more than double the average of this year. So it's definitely not the norm, but it's not unheard of as well. This is something that people need to realize is a possibility. Hey, Leslie, real quick, and maybe just explaining to the audience because I'm not sure everybody totally always understands when an investor invests in a spac before the D specking. Not only can they get their money back, but they can get their money back with interest. So when you see a big investor group go into a spac early, it's not clear that that unto itself is some signal that they support the deal, if you will, or they support what's about to happen next. That's right. So there are two things that you can do with us back. And what's interesting here is, of course, as I mentioned, this deal got overwhelming shareholder support, 98% of shareholders voted in favor of the deal, that's because they have a way better option if you're an investor here, you can choose to redeem at the $10 IPO price if you so choose to while supporting the deal. You don't really care because you're getting your money back as you mentioned with interest. So just because a deal has tremendous support, which almost invariably these deals do, doesn't mean you can't redeem. It doesn't mean you won't redeem it. A lot of that has to do with where the shares are trading at this point in time. It was trading well below those $10 on Friday as well. And so that makes it more attractive to redeem if you can get your money back at a higher price than where it's trading in the market. That has a certain calculus to it. But then also if you get the sense in the market that other people are going to redeem as well and the stock could fall on its listing day, that may be another reason to redeem before the merger actually takes place. Leslie picker, thanks for breaking it down. Thanks. BuzzFeed, going public today on the NASDAQ through a business combination with 8 95th Avenue partners. It's a spac and the deal includes an acquisition of complex networks for $300 million, NBCUniversal, an investor in BuzzFeed, joining us right now. First on CNBC is BuzzFeed founder and CEO Jonah peretti John. It's great to see you. Congratulations on this milestone. So many questions about what you're going to do next. But also about the transaction itself, as you know, given the headlines around it, you're raising about $16 million in equity on top of that. There's that convertible note, which brings you up over a $100 million in top lab at more than that, actually. But I'm curious, as you think about spacs today and you think about this transaction, whether if you could do it all over again, you would still do it this way, which is to say would you go off into an M and a transaction or try to raise $16 million through the private markets? Yeah, thanks for having me Andrew. So I'm not an expert on spacs or invested in any particular vehicle. The thing that was so great about this transaction is it allowed us to go public and do an acquisition at the same time. And that's why the vehicle was really attractive to us. Digital media has really struggled to consolidate and get operating leverage because private to private transactions are really difficult. And so with the spec transaction, let us do is add complex, get public, have a public currency, and so we're very excited about the transaction and being able to become a public company today. So now that you're a public company, tell us what therefore comes next. So we're going to continue to grow our business. We're going to continue to look for attractive acquisition targets with BuzzFeed, complex, HuffPost, tasty, we're bringing together the best brands and digital media. And we really are excited about being the pioneering company and digital media that will be the comp for other players in the space and really show that digital media can be a strong business. And we reach so many millennial Gen Z consumers that are just very hard to reach other ways. And I think a really exciting time where digital media is growing and becoming a really excellent business. In terms of the path to profitability, the business still does lose money. What does it look like? We were even a profitable last year. We'll be EBITDA profitable this year. Significantly more than last year. So I think there's a great path for profitability in this space. And we've been able to achieve that. And so looking at the operating leverage, you get also as companies get bigger. It's something that digital media has been lacking with a lot of smaller players. With more scale, you have the ability to invest in commerce, invest in advertising, invest in technology and really build the platform, a modern platform.
"buzzfeed" Discussed on Squawk Pod
"Just last week announced plans to create an oceanside Bitcoin city at the base of a volcano, inspired by Alexander the Great. Here's Joe kernan. We say it got to 43. I think it got I had a print at one point on one of my services like 41, but anyway, 42 I've seen everywhere. The price of Bitcoin plunged, that's a pretty big move from 65 to 42. You can get 50% moves in this thing. Down and up. It was 28,000, not that long ago. Remember, then went back to 65. Anyway, strategist Matt malley at Miller tayback told CNBC, it looks like somebody got hit with a margin call yesterday was forced to sell. And they're talking about really derivatives based on Bitcoin that are leveraged. And you can have some type of relationship to Bitcoin futures, ramp up the leverage and small moves, get you a big return that goes the other way, you get a margin call. And then you've got a liquidate. You also noted that Bitcoin market tends me more thin on weekends. So that probably made things worse, but it's really about the fed too, and it's about speculative assets if interest rates go up because the fed tapers or even Titans at some point, just anything speculative becomes less. It's just a knee jerk. But you were saying you thought it was these other instruments. My understanding is that outside of the U.S., you can get leverage on certain sites like a hundred times just straight up on Bitcoin, no. On Bitcoin itself, that would make more sense because unless the tail is really wagging the dog, the dog probably can leverage too. It's volatile. And these are we're talking about multiple bees. I don't know if we hit teas, but we could hit tea at some point. Thinly traded, is it? I mean, for it to be able to be a thin traded market to make that sort of exacerbation. I mean, that's what the total I mean, the total market is, I think, of crypto is like one of the major tech stocks. It's about somewhere around there. So still not that big of a market. And then you've got the people that will never sell, and then you've got some people that bought recently, I think. And they were all up briefly. But now think if you bought it 55 60, 65 start hitting that dry throat, that feeling. Because it can really move. Other cryptos right now, ether also I read a couple of times last week it was outperforming Bitcoin. Well, not for long. It's tough to be a stacker. Don't you think? If you bought a stacker, it's a lot of stackers bought at 5, 6, 7, 8, ten, 12. Can you really, can you really save up $50,000 to buy on what I guess they do? I'm thinking of myself people just buying it. I'm having trouble. I would have trouble buying at this low. If you bought it, I think about it as low as 4900 or 4500 or something. I'm afraid. I mean, I took a lot of money. I'm not giving back my profit. I'm not, I guess I'm not a stacker. I'm not a gig a stacker. Maybe I should be, because when it goes back up, huh? You're not diamond hands either. No, I'm definitely not. Maybe what have I got maybe a third of what I had initially. I wouldn't call you paper hands, though. No, I'm not quite patient. I'm letting it ride now. You know, whatever happens happens. Bridgewater associates founder ray dalio speaking out over the weekend to try to clarify some of the comments he made last week on squawk box, China's record on human rights and specifically, the government, quote, disappearing people. Into the policy of appearing people. I'll give a little bit of a perspective of that. What they have is an autocratic system and one of the leaders described it. He said that the United States is a country of individuals and individual lives. And that's what it's about. He said in China, it's an extension of the family. He said, if you look at the word country in China, it consists of two characters. State family. And that has to do with confusion. And it's very much a top down. And as a top down country, what they're doing is that it's that kind of like a strict parent. They behaved like a strict Barrett. Here's what dalio said on LinkedIn over the weekend. He said, quote, I didn't mean to convey that human rights are an important because I certainly believe they are, and I didn't mean to convey that the U.S. and China deal with these issues similarly because they certainly don't. I was attempting to explain what a Chinese leader told me about how they think about governing. I was not expressing my own opinion or endorsing that approach. My overriding objective is to help understanding, understanding and agreeing are two different things, and that's what was lost in the interview. I'm sorry, my answer lacked that nuance and caused confusion. It also caused a lot of criticism and in certain cases piling on. Mitt Romney taking to Twitter, calling his friend saying describing his friend, describing radio as his friend, and also quote brilliant, but then saying that the comment was effectively a moral lapse, but it's been quite some consternation. The other piece of consternation that's happened as a result of this is inside Bridgewater itself because the company's the companies president David McCormick is perhaps set to maybe make a run at Senate at the Senate as a Republican in Pennsylvania and that has caused according to some reporting. Its own disconnect inside the firm over this issue and whether his comments could be used effectively against McCormick. So lots to unpack in lots going on there. Doctor Oz, Doctor Oz, also running there. I do think Jersey's pretty close. I'm thinking I might no, I probably won't. Not this time around, but probably won't throw up. I was gonna say, the two things that are fascinating to me about Dahlia's comments. One is it is worth noting and I think in fairness, it worth saying, I don't know if it's in fairness, but in disclosure for the purpose of Bridgewater, they have an enormous amount of money from the Chinese in their fund. And obviously that I think plays in all of this. The other piece though is I make a difference. Yeah, I think we figured that. Yeah. I like how he said I'm not an expert. After telling us, I mean, he just heard him pontificating again about everything he knows about China and then asking about genocide or Uighurs and he goes, oh, yeah, I'm not an expert. The notion of whatever they're doing in terms of calling in people and then and then behaving in a certain way. That's their approach. If I picked that evaluated all approaches around the world, in all countries, I'd be in a bind to try to find out where do I invest and so on. It's just not my domain and I'll leave it to the government to make those decisions. And that's my basic approach. I didn't really believe what he was saying that he believed when he was saying, I would generously say that I think that he really that the way he was describing it was the way he was what he now in this clarification says that he was trying to do, which was to say, this is how I think they think about it. I'm not sure this is actually how he thinks about it. But I'm sure that will be up for debate. I've argued both sides, Andrew, when you decided not to go to Saudi Arabia. I said, well, come on. We're not going to use oil. So we all have to make decisions as a country on where we draw the line and a lot of times you just you just can't draw the line necessarily when there's so much going on. If you took the moral high ground on everything single situation in multinational relations, I don't know what the world would look like. So impossible. But where do you come down on the diplomatic boycott of the Olympics? I know. I know. And I'm really looking forward to the Olympics. Me.
"buzzfeed" Discussed on WABE 90.1 FM
"Dot com This is weekend edition from NPR news I'm Scott Simon BuzzFeed the media company Started out with cute kittens Moved on to a Pulitzer Prize Now it's headed into the stock market But it's not the first time the company has tried to go public and the path this time around has raised questions about the future of digital news We're joined now by Ben Mullen media reporter at The Wall Street Journal Mister Mullen thanks so much for being with us Thanks for having me Scott BuzzFeed tried to go public a few years ago what happened if you could remind us Yeah basically there were a bunch of trends that were unfavorable to their underlying business which then was primarily based on advertising Over the last decade or so there have been a lot of companies in the digital media space like vice BuzzFeed group 9 media big part of their business model was predicated on selling advertising Companies like Alphabet Inc.'s Google and Facebook they were sucking up more and more of that ad revenue every year And so part of the problem was they were planning to go public They had these aggressive projections for their revenue growth but they were leaning into a business that was increasingly going to some of their competitors To put the point on it I gathered their BuzzFeed's only going to be getting $16 million in contrast to the $1 billion for which actual Springer for example bought Politico How is this going to affect their ambitions for the future Well BuzzFeed has these really aggressive growth targets They're planning to grow their revenue by 25% Every year for the next 5 years And they have less cash to spend on investing in new initiatives new ventures than it's going to be harder for them to hit those aggressive growth targets $16 million is not a lot of money I mean it's not even a second rate second basement on a major league team So why the IPO now Well I think they needed to go public for a few reasons to basically raise money to do mergers and acquisitions Their investors who've been in the company for a long time I mean BuzzFeed's been around for more than a decade now So a lot of those early investors want an exit They want to return on their money And another thing that Jonah Freddy was able to secure as part of this public listing was control over the company So now that BuzzFeed is a public company he has secured control over it through these voting shares Tell us about the role of Jonah peretti cofounder of BuzzFeed chief executive often referred to as a colorful character Yeah he's this really interesting guy He started as an engineering student He was a teacher as well And he basically went on to cofound Huffington Post And then ultimately he started BuzzFeed is kind of a side project while he was still a Huffington Post And he was trying to tap into the board of work network People who are just sitting at their desks and are really bored and want to look at cute kittens And that ended up growing into a multi-million dollar media empire Does what's happened with this offering being for the vastly reduced price that they had anticipated and certainly what they had desired does that suggest that the future of advertising supported news and information might be limited Yeah I think that the fact that BuzzFeed and its presentation to investors said that they were going to lean on a few different types of revenue they were going to sell you pots and pans through their tasty vertical which is those delicious hands and pans videos They have advertising obviously a licensing revenue stream So I think even BuzzFeed kind of knows that they're not going to become the company that they want to be unless they do more than advertising Ben Mullen is media reported The Wall Street Journal Thanks so much for being with us Thank you Scott Brexit has aggravated tensions between France and the UK that clashed over fishing rights submarine deals and the passage of migrants through the channel between them Making matters worse is what seems to be a personality clash between president Emmanuel Macron and British prime minister Boris Johnson who seems at times to dismiss Francis concerns I just think it's time for some of our dearest friends around the world to pronate grip about.
Appeals court orders release of some Mueller report passages
"Hi hi Mike Mike Rossi Rossi reporting reporting an an appeals appeals court court orders orders the the release release of of some some older older reports reports passages passages a a federal federal appeals appeals court court has has ruled ruled to to the the justice justice department department can't can't disclose disclose certain certain redacted redacted passages passages from from the the Russia Russia investigation investigation report report compiled compiled by by special special counsel counsel Robert Robert Muller Muller that that relate relate to to individuals individuals who who were were investigated investigated by by prosecutors prosecutors but but not not charged charged the the ruling ruling came came in in a a public public records records complaint complaint from from the the news news organization organization buzzfeed buzzfeed the the three three judge judge panel panel ruled ruled passages passages buzzfeed buzzfeed sued sued to to see see can can be be disclosed disclosed because because they they involve involve facts facts available available elsewhere elsewhere in in the the report report specifically specifically the the appeals appeals court court said said the the justice justice department department must must disclose disclose redacted redacted information information about about the the Muller Muller team's team's decision decision not not to to prosecute prosecute an an unnamed unnamed person person for for campaign campaign finance finance violations violations buzzfeed buzzfeed contends contends that that person person is is likely likely Donald Donald Trump Trump junior junior Mike Mike Crossey Crossey out out Washington Washington
Kanye West Brings out Marilyn Manson, DaBaby at Donda Event
"I just picture you know me being a Kanye fan. I only see myself existing in Kanye's world. And being a loyal supporter to report the news. But you know, last night he had a big performance at Soldier Field in Chicago. He's you know, releasing a new album. He's been doing some of these big stadium tours. And they are far from what you would call a normal record release or just any normal performance in any way shape. Well, he's selling out stadiums to listen to the album, right. He's not even performing which is really unique. Yeah, but the thing is, is that there's also been some of these other different types of, you know. Pop ups of different types of other types of famous hardest, other things that are coming into these types of acts, and I saw this on Buzzfeed's news today, A Kanye West brought out Marilyn Manson and the baby out on stage at his latest album, Listening to Party, even though one of them has a sexual assault allegations, and the other one has anti gay allegations against them, which is causing A pretty huge backlash. And, you know, we all know Kanye Kanye is the greatest artist of a generation, self proclaimed self proclaimed, He's I. The thing is that I love. I love how confident he is a part of my reason why I love God. He so much as I kind of buy into the craziness of it because I'm like dude graduations like one of the best albums ever like that album is a killer. And the thing that you can just keep progressing and keep making hits and being a success and then also dive bombing in your life. The dude's an absolute treasure. But when
Buzzfeed Reports About Strike Forces Tracking Down Illegal Guns
"In Buzzfeed. And Buzzfeed wasn't the first to really sort of uncover what took place here, but it's written the most comprehensive peace and moreover, It is a left wing website funded by leftists. And so it's uniquely interesting. That this piece appears there. But the bottom line is I want you to hear this. I want you to know this. And as a reminder the attorney general the United States is sending out. Strike force is I think they come, fanning them out across the country to try and track down illegal guns. Don't trust them. I would never have said that a few years ago ever Don't trust them under this attorney general, I don't trust them under the Into the individuals who Biden's appointed the Department of Justice. I don't trust them because of buying in this White House I've seen And they've let black lives matter and antifa. And these other Marx's violent organizations off the hook. While they're searching the country for people who just trespassed on the Capitol lawn. It didn't even breach the building. And trying to charge them and throw them in prison. I don't trust them. It's a sad day, but it's true.
Black Women Photographers Are "Intentional With This Community"
"Today. We're going to be talking about building community and finding jobs in the world's photography and media and to do that we welcome journalist editor and photographer. Poly ringo poly works is in editor for wnyc. Here in town and a photograph published in buzzfeed bbc news. Cnn refinery twenty nine and okay player but polly is here with us. As the founder of black women photographers which is a global community and online database of black women and nonbinary photography's we also welcome photographer join banji. Dawn is a portrait. Photography art is based in virginia and through black women photography. She was hired for an assignment by the new york times. We're going to be speaking with doing about a photography and how be. Wpa has helped her find work and community. Welcome polly welcome dawn. And congratulations. Paulie up black in the photography's celebrating. Its first year anniversary this month. Thank you so much for that interim. Oh hey that's why they pay the big bucks. Okay thank you anyway. Let's it's been years. Let's talk about that Truly been a year it has been how have your thoughts and perceptions concerning a black photographers shifted costs over the past year of. Because this hasn't exactly been just another year right Now that's a great question. I mean for me. I really didn't know what to expect. You know everything that's happening. It's not what i had in mind like it's just been amazing to watch it unfold In it's happening like you said in the midst of this pandemic amidst of just crazy year I don't have to unpack for everyone listening and so it really has been able to. You know want for me at least personally. Just give me some sense of joy. Because i think it's so hard to find that join these times in Ah load is work to keep running. I mean it has been Really just joyous experience for me.
"buzzfeed" Discussed on Masters of Scale with Reid Hoffman
"Bob saffy. And i'm here with jonah peretti. Founder and ceo of buzzfeed jones is talking to us from his home in los angeles as i asked my questions from the opposite coast. John thanks for joining us. Thanks for having me. So you recently announced that buzzfeed would be going public spac at a billion and a half dollar valuation but when you on the show a year ago that seemed like a long way off you talked about how tens of millions of dollars of revenue had evaporated that you cut forty million dollars in cost but you still were ensure you could even end the year break. Even what happened i mean. When did things start to turn around. Twenty twenty was a really difficult and scary year. Of course for the human cost of having so many people get sick and so many people die and just a really tough year where initially the focus was. How do i keep people safe on our team. How do we have the best possible impact in terms of public health in terms of the information. We're putting out and then after that. There was this business concern of tens of millions of dollars from theatrical film advertising from travel even the auto advertisers ads had people high five getting into cars together and they couldn't run the creative. So we had tons of cancellations. And then i would say the back half of the year the real focus was how do we evolve the business. How do we take advantage of the fact that certain industries like amazon and walmart in the back. Half were seeing booming business. You had dating apps which into online mode. We had a whole focused which really started to happen in q. Three and then even more so in q four evolving our business for the new realities of people operating during lockdown and operating remotely and the team really did a tremendous job turning our business around we went from our pacey models showing us potentially having significant losses for the year to having thirty million dollar profit for the year and these pivots these changes in the business model that you're talking about during the some people say tech adoption accelerated five seven ten years during the year. How did that practically get manifest. We're a pure digital business. I love the internet. That was the focus of our entire company so we would think oh we should be doing great but so many of our partners were operating analog businesses that it was a challenge in the back half of the year what we saw was the digital businesses really excelled and then every traditional business had to fast track their digital strategy the digital strategy became the strategy for the whole business during covert and as a pure play digital company. Buzzfeed was in a position to say. Hey why don't you partner with us and we'll help you go direct to consumer will help you sell products online with our commerce business. Your brick and mortar stores are not open and so we really became a great partner for this digital transformation and continue to do that in our advertising and commerce and content businesses now late in the year. You acquired huff. Po which is a return home of sorts for you is that co founder was emanate always in your plan or was this something that was more opportunistic. It was always in the plan. And i talked about the need. For digital media. Companies to consolidate have more scale more operating leverage as partners to the big tech platforms. But it was really hard to pull off because none of the digital media. Companies were in a position of strength to acquire the others. We were all. For the most part private we were all in the mode especially through covert of conserving cash. Not spending cash and it was unclear. What the value of private stock is. So if you're trying to buy another company only have private stock to offer. There's the natural fights between video who can't agree on what the stock is actually worth to the back. Half of last year we saw that we had diversified a revenue model. We saw growth three accelerating strong profitability. And so when we saw our model is really working. It was clear. Now's the time where the natural consolidator in this space. We acquired huffpost next year. Acquiring complex networks we will have a currency as we become a couple of company and we have considerable cash on the balance sheet to look at other opportunities. And so we knew there needed to be consolidation. We worked towards building that sustainable profitable model and getting in a position of strength to be able to make these two acquisitions and hope to do more in the future. Originally you've been thinking about. An ipo is a goal as a way to sort of actualize the financial value. So that you could do more acquisitions and you shifted over to this alternate approach with spec during the year as well. Yeah last year. We were starting to explore traditional ipo and then covert hit. The spac market is very interesting because it allowed us to accelerate getting public so we made up for some loss time. because it's a faster process. It allows you to have price certainty and it makes it a lot. Easier to do. A as part of the process is very challenging to do significant acquisition simultaneously with traditional ipo by the spac vehicle is actually designed for and so we were able to get public faster. Have more cash with price certainty and acquire complex networks all at once and so those two things back and the complex deal sort of complimented each other that they came together at the same time. Yeah it was. They were linked together. So some of the proceeds from the transaction will help us by complex from hurson verizon. Who are the owners of complex. Now i think some people just have gone public back because the market is hot. And it's not so hot anymore so it's harder for companies that aren't really ready to be public to get through this back but for company like us where we could choose to go public traditional way or via back a little faster with manet made a lot of sense so with the of the spec and the complex deal you outlined three-part plan you talked about consolidating digital media which we talked a little bit empowering creators and then you talk about capturing more value and i wanna ask you about this you say in media. We only capture a small fraction of the value. We create now as a media person. That feels familiar to me. But i'd love to explain what you mean by that. Yeah i think what we've seen in the digital space is that intermediaries are ending up capturing a lot of the value when transactions happen so for example if you watch a buzzfeed video about an amazing travel destination and you like never thought of going to iceland but you see a video that buzzfeed produces and you're like wow that's awesome. I want to go to the hot springs in iceland. Then you do a google search to look for hotels maybe from there you click over to expedia to get your flight and you end up then booking a flight and staying at a cool place in reykjavik in that situation buzzfeed inspired you to go on the trip. And is the reason that you're even in iceland but maybe only made a little bit of money on some allowed wasn't directly related to the transaction. The airline got you there the hotel you up there and they delivered the experience but the majority of the prophet is going to google and expedia and so could we have a model in the future. Where the companies that are inspiring you to go on the trip are getting attribution and credit when you actually go and travel and if we can get better at connecting that inspiration to the actual transaction that it's driving media. Companies should be much more valuable than they are and particularly media companies like buzzfeed which have massive amount of time and engagement and very high rates of people transacting from our content and over five hundred million in direct transactions last year..
What's the Fight Over Returning to the Office Really About?
"Rawlings. This is the big story. Charlie wars l. is a journalist who writes about technology the media and politics. He's previously worked for the new york times opinion and buzzfeed news right now. He pens a newsletter called galaxy brain. Which you can find on sub stack. Hey charlie hey thanks for having me. You're very welcome I thought that your most recent newsletter was perhaps one of the more insightful takes on return to office and the discussion around that that i've seen so maybe you could start us off by defining spontaneous. Collaboration what is it. And why is it such a buzzword now and over the next few months sure This spontaneous collaboration were. I think i was calling it sort of tongue in cheek. The spontaneous encounter theory is. Is this idea that a big part of the sort of the secret sauce of productivity and innovation in companies in business in general comes from these encounters that happened in the office. That are not planned. Another word for them. It's like the water cooler moment right. It's that you know you are taking a break getting up from your desk you bump into somebody have a random conversation and all of a sudden someone has an idea And something gets hatched. And you know it's this this idea that you know you can't plan for it but because of that What you get is is some you know magical. Interaction that leads to You know some genius innovation and you know this is something that is real to some extent like i don't i don't think we can We can totally denounce that. I've had some good spontaneous encounters in offices in my lifetime that have led to fund things or interesting things. But i think it's very very overvalued in our conversations about how the office really works. Do we
"buzzfeed" Discussed on Digiday Podcast
"It feels like this. And huffed post and what you have with obviously buzzfeed tasty and buzzfeed news that there's something of a hub and spoke model emerging. But what's the corporate structure at feed now in light of this complex going to be a completely separate division or is it going to be merged with any of the existing brands. Yeah so to me. The most important thing is having editorial independence for for brands of become part of our buzzfeed inc It's just the audience feels that when people are authentic when when the content creators are speaking in an authentic voice in their own voice and Making content that fits. The brand is is just you can tell In companies that you know merge everything together and you know have you know some chief content officer who makes every piece of content the same. I mean it just doesn't work You need you need editorial independence and that flows through even to the to the business into the partnerships you do and brand. Licensing deals and Native advertising and branded content. so that's that's the first thing we just look for strong brand strong content strong audience connection and community and keep make that sacred and make sure that that has has the independence at needs Then you then you know. We'll have opportunities to in other in other areas You know should we share some of the tech stack and you know with huffpost. It was really clear that we can move them onto our attack affiliate platform. Because that was very you know what they were doing was very similar to in in some ways to Buzzfeed news and that it was you know from a business side which is You know High scale popular news for millennial. Gen z audiences. You know so it was. It was clear that we should extend the that part of our platform I think complex. There's a bunch of things that that they do that that really all all all we can hope for is that buzzfeed could maybe help promote our you know add some additional distribution or things like that but and then there's other other areas where maybe there's more collaboration But but we we're really seeing complex you know. The reason complex will have. Ceo at is it. We're seeing it as a as a as a really great business and that needs to have its its independence and buzzfeed. Should you know we'll do whatever it can to help them. Grow and reach their ambitions so as christian going to be reporting to you june so the deal isn't closed for for a while so i i wouldn't wanna share share for the sake of employees and and things like that. I don't want to share all of the reporting structures and things like that until until we top talked our own people about about how all of it's gonna work so and for me..
"buzzfeed" Discussed on The Digiday Podcast
"Khan and they just had tremendous leadership in the industry and so then their audience is obsessed with what they do. There's a level of loyalty and obsession excitement. That is just something you don't find. Many media. companies are space. I'm gonna cut joan trek later for that. By the way the mazing he does it as well. If not better than ninety percent of the people that worked here the you know. I think that that is a great way for us to look at it but when we were looking at potential partners Because in this day and age and tim we talked about this a long time ago about how difficult it is being an independent publisher. And i think it's only gotten more and more difficult in the pandemic heightened that as you saw you know we we continue to run a very effective business as the as the buzzfeed. But the more i spoke to joan And the more. Our management teams got together and the more we looked at each other's businesses in the level of diversification of both businesses. But how complementary we are. I've said this out. I've said it to joan. A- tim i i think i've even said this to you in the past the best partnerships and the best the best partnerships in general are when you have the same exact thought process but completely non accretive skill sets right. You're coming at things in in a very different way Buzzfeed is a very brand forward brand portfolio type of play as we are. We have focused on long form. Content licensing syndication commerce and advertising so of they but even within each of those revenue line items the complementary nature of strengths and weaknesses. Just just form together very nicely. Our strength in longer form content there strengthen shorter form content are shrank a their incredible e commerce engine that has both affiliate as well as premium merchandise or very ip in premium. Merchandise type of ecommerce on that side. There's no matter which silo you wanna look at or which revenue stream the complementary nature of how good they are at what they do and how good we are and.
"buzzfeed" Discussed on The Digiday Podcast
"Complex networks about buzzfeed buying complex networks and buzzfeed filing for the are planning to go public the special purpose acquisition company covered a lot of ground in this conversation because we talked to them just few hours after they made the big announcement What was the biggest thing you took away. Or what would you find really interesting about what they had. Yeah i mean. I think we had to cover a lot of ground because these two companies have a lot of diversification in their revenue right. So they have you know obviously a very strong advertising business but they have. Commerce has a big portion of that to Complex networks has complex con complex land which is their virtual iteration of that shopping festival and It's then complimentary to that you know. Buzzfeed has a big licensing kind of business and affiliate is really strong area for them. And i think what i was. Most eager to learn about is how they're looking at not combining but like pairing those two businesses together to kind of round out the commerce space so We get into numbers a little bit. But they're projecting that almost a quarter of the revenue next year will come from commerce as a joint company. And i just think that's something that.
Are Black Creators Really on ‘Strike’ From TikTok?
"According to my best and friend of the pod taylor law from the new york times of twenty one year old content creator and dancer posted a fake out. Dance on tiktok. His name is eric. Lewis or louis. I'm not sure how he pronounces it in the video. He looks like he's about to dance to Medicine the stallion one of my favorites New single Thought algebra even at that and when the beat drops he basically flipped the bird and says to the camera psych. You don't know what psych means that means like I trust you in Slang from the eighties and he basically puts a caption that says. This app would be nothing without b. l. k. People black people. The video has racked up over one hundred. Twenty eight thousand likes on tick tock And it went viral on twitter. According to laurenz. And i'm going to quote here. Some tweets suggests that black raiders on tiktok had seemingly agreed not to choreograph a dance to the song which would force non black users to come up with dances on their own and prove how essential black raiders are to the platform in a later. Tiktok eric. the person who promoted this video sad black folks have always had to galvanize and riot and protest to get their voices heard that same dynamic is displayed on tiktok. Said we're being forced to collectively protest a user deja on twitter Said that black creators are telling each other to not make a dance to the new megan the samsung to prove they are the backbone of the app another quote. We are being exploited. And that's the core issue. Black folks have had in terms of labor. Mr lewis or louis. Sorry if i'm pronouncing correctly. These millions of likes. That should all translate to something. How do we get real money. Power and proper compensation reserve and the tweet from taylor today to frame this as an issue around dance credits misses the point. It's about so much more and speaks to broader issues of labor in the creator economy. We are being exploited. And that's a core issue. Black folks have always had in terms of labor. Eric said
Joe Biden’s Private Venmo Account Discovered in ‘Less Than 10 Minutes’
"Buzzfeed news is reporting it located President Biden's private Venmo account and that it only took 10 minutes to do so. It's reporters began the search after seeing a New York Times article about the president, sending his grandchildren money by way of the money sharing APP. Although the president's transactions were not publicly available, his friends were To reaching out to the White House for comment. Buzzfeed says Mr Biden's alleged Venmo account was wiped of any friends. Then most says the safety and privacy of its users and their information is always a top
Starbucks Considers Leaving Facebook Amid Deluge of Hateful Comments on Posts
"Hitters mentioned. So at number five, Starbucks has is weighing the option of quitting Facebook over hateful comments. And so they're reportedly weighing whether or not to leave Facebook completely and forever over a slew of hateful comments that they've gotten in response to post on their platform. Buzzfeed obtained an internal Facebook discussion in which employees wrote that Starbucks may take may take down its Facebook page, which has more than 36 million followers, by the way, because the company is so frustrated by the negative comments they get when they post with regards to social issues or their mission and values at work. Whether it's black lives matter, or LGBT Q or sustainability, climate change. They get overwhelmed by negative and insensitive hate speech. So Starbucks has struggled to moderate these responses and their posts are now just they're unable to disable their comments on the page, which makes it really hard to hide any of this negativity. So if Starbucks pulls their Facebook page, that's I mean they're $135 billion company. They'd be among the largest companies to ever leave Facebook and Starbucks would be among the biggest into, including space X and Tesla, which Elon Musk removed from both of his companies from Facebook in 2018, so the companies have kept their instagram accounts active. Which is it alone Facebook, But they never went back to the
The Kate Yup Conspiracy
"The name of the youtube channel is kate. Yep the last video is posted november tenth twenty nineteen now many channels youtube channels. Just putting up for whatever reason whether it's they lost interest or it got democratized or life happens and you just stopped doing it or you don't have the means they're usually usually not really successful channels that do really well and if they do a lot of people would make video like why. Leaving youtube while and buzzfeed irinej a big exits. This there is absolutely no exit. describe the video. And then i'm gonna show you one. Oh my god episodes like this. I love because it's almost like could i solve it during the duration of this podcast. I'm gonna try and do the episode on the the episode on. I feel fantastic. So i think we're you know we've been we've we've we've been down this road before yes here are essentially five. Boil down all videos. They go something like this. Every single video has almost audio. Okay the only order you you here is a unidentified girl woman. Don't know her age. Don't even know what she looks like because she is filmed essentially from the mouth down and is wearing some kind of mask. I don't know if it's a blindfold but it's enough to really not know her identity. This is already very creepy. What she's doing in the video is a mock bang. Bang video you know was popular in korea just eating large quantities of food as a quality interest or fetish or whatever we actually just learned what this was and what she's eating in copious amounts with the f- eurocity a fast and furious city is seafood.
This Is My Face and I'm Sorry
"Would incite anger and strong emotions and people. But i to. This is now my common hairstyle or my usual and let it grow and people are like. I hate it. I hate it cottage shave. It and i was like i don't know it's just let it. It doesn't look crazy bad so hair. I don't know i i'm really much I'm sort of an anti getting ready person. I just kind of a big lia had a joke that was like This is my face. And i'm sorry you know so i kind of have that like yes. This is what i what i was made with. So we're just you know. I have to live with it every day. You can handle it for a couple of minutes. Yeah i'm the same
The AstraZeneca Saga
"On monday. Night reporter peter. Aldous was relaxing watching some tv trying to unwind. I had finished my day. Attic was nine twenty one m my time just after midnight. A s- coast time. Peter cover science for buzzfeed and you can hear it in his voice. He's the kind of person precise enough to note that something happened at nine twenty. One earlier that day he'd written a story about astrazeneca's newest covid vaccine trial. The results looked pretty good. It seemed like the vaccine was seventy nine percent effective but then he got this email just after nine twenty one pm from the national institutes of health with something that just never seen. Before which is basically saying that. The data monitoring committee for the big us trial of astrazeneca's coronavirus vaccine was concerned about the statement ostracized occurred put out basically astrazeneca's data the data that looked positive the data that was. Npr's earlier story was outdated and potentially misleading
Man Charged With 8 Counts Of Murder In Atlanta-Area Spa Shooting Spree
"The suspected gunman in tuesday's attack on three atlanta area spas has been charged with eight counts of murder and one count of aggravated assault. Seven of the victims. were women. Six of them asian descent. The suspect is a white man in a press conference wednesday cherokee county sheriff's department spokesperson captain. J baker said twenty one year old robert. Aaron longs. killing spree was not racially motivated instead stem from his sex addiction and he was pretty much fed up. Been at the end of his rope and it was a really bad day for him and this is what he did. California democratic congressman. Ted lieu tweeted in response quote. All of us have experienced bad days. But we don't go to three asian businesses and shoot up asian employees congress member. Lewis says he does not have confidence in the cherokee county sheriff's department and called on the f. b. i. to conduct its own independent investigation. This comes buzzfeed. News reports captain baker posted racist anti chinese images and comments on social media in twenty. Twenty since tuesday's attack memorials for the victims have been held nationwide
[TEST BURST] BuzzFeed layoffs Update 1
"Today. Three weeks after Buzzfeed acquired the website Huffpost from Verizon and just laid off 45 people, Reporters editors. Other staffers, Buzzfeed says the website will is on track to lose. 20 million bucks this year. I'm Tom Busby
[TEST BURST] BuzzFeed layoffs Update 4
"And just laid off 45 people, Reporters editors. Other staffers, Buzzfeed says the website will is on track to lose. 20 million bucks this year. I'm Tom Busby Bloomberg Business on WBZ. Boston's There's radio. I
How Jenny Lorenzo Became the Internets Favorite Cuban Abuela
"Jenny. I'm almost have to admit not accustomed to seeing you as jenny. nobody else. Is that what you look like. I want to take a listen to the first video that you ever did. Hold up today. Go to pick up one three gilead of better sex for three going on meeting me gomez day metal supplement. Okay iressa on. And off for the love of god. So here's what's interesting. It's the first video that willa was ever featured in for buzzfeed but she insisted prior channel of mine called aggressive comex and a boiler was first introduced as a superhero Because this was a channel that was predominantly white male audience. I talked about video games and comic books and movies. Sifi strictly me being nerd and then at some point i did a movie review of the film kick ass and me and my writing partner for the show was to the cuban well because he knew that i kind of already did that sort of thing and so it was the same terrible wig that you do see in that buzzfeed video i think i through like baby powder on it to make gray and she had like this painted red mask over her eyes with like a fly swatter as were weapon and then eventually it made no sense for the channel. But you can tell that. I yearned to make this sort of content. It is interesting that something that is as big as a bulla takes that many iterations to get there like. I think there's a lesson in there for any creative. That is not necessarily that. The opening gambit is where you land now never being a nerd is as much a part of your identity and culture as being cuban. It seems did you see characters on tv or in media. Who has a latino nerd you identified with not really wasn't until recently that i started seeing that representation especially in a show like no spooky because these are a bunch of latino gods that are into the macab and they're a bunch of nerds and outsiders because that's a big part of me to what most approximated your own experience i would say. A lot of that was in black television. You see urkel you see. Carlton banks a lot of these like nerdy people of color on tv. Maybe sometimes says from that seventies show me. He had like a bit of a nerdy flair to him. I feel like latinos on tina's specifically were usually depicted as like very sensual loud colorful. You know things sofia vergara in modern family that was the typical depiction of what was and. So that's why. I had a hard time in the audition room. I didn't fit any mold of what especially miami casting paint a picture for me of what auditioning in miami looked like. It was a nightmare for me. I would show up and for those who don't know me. I'm like five feet pasty skinny little shits and he but then i have this like deep voice. No one knows what to do with me. So then i shopped to these auditions and they were usually little late sorta lottery or like colgate but then i would be up against women my age but they looked like supermodels and then there was me so then i just never felt like. I was sexy in us to sell toothpaste. I remember my very very first universal casting audition. It was for the florida lottery. And i had to be like this sexy. You're even an award. These like plastic clear stripper heels. I don't know. I don't know what i was thinking but i was nineteen years old. The silver lining of this terrible experience is that emotive issue to become a creator. I was tired of this. I was so tired. And then i did a couple extra work. Gigs was extra on. Burn notice and dexter. And guess what. I was scantily clad and tacky his hell because that's what they thought of people in miami. All of these shows always depicted people from miami in the same way and it always took place in south beaten always involve drugs and sex and violence. Which is another reason why. I'm working so hard today. To eventually sollers show. That depicts miami in a more authentic way so yeah it pushed me to go to school and learn how to do everything else on my own.
"buzzfeed" Discussed on Journalism.co.uk podcast
"Today. We're gonna talk about audience work samantha. I think maybe a useful place to start might be with you. You're of course the social strategists of commerce for buzzfeed. He told me exactly what that means. Yeah so i. Focused specifically on buzzfeed has an entire shopping and commerce. Vertical on that helps generate revenue for the site so i focus on the <hes>. Social strategy that has to do specifically with. Yeah our shopping. Vertical commerce that we have different <hes> facebook and instagram account <hes>. We should affiliations through the app. Trying to get people to view and hopefully convert and shop from buzzfeed shopping's content and you'll training is actually journalism. Right yes yeah. I went to lehigh. University and i studied journalism political science. So how'd you go from as journalists to to what you do now because they seem slightly not far apart but they of course. Different skills and disciplines. Yeah an. I honestly think this is why i enjoy doing a lot of like student. Mentorship conversations is something that i do in my spare time because i love to talk to students about how i went from my studies university to <hes>. Where i am now and the kind of important middle pieces. I also worked for huffpost for about three years as an audience editor. That was definitely more than new space before. I made the transition to commerce but it was definitely my treating from school. That got me there where i did study. You know a lot of social media. And i worked for my student newspaper editor-in-chief so i think a lot of practical experience that i get in college was able to help me leverage <hes> interviews and opportunities that they did come up after i graduated. This is going to be useful for more. We're about to about to talk about what i don't understand is where does your journalistic thread really still help you today. <hes> yeah i think in conversations with students are being active on twitter. And i think yeah. It's definitely helped me again. Even though i am in the commerce face now that i do approach it from maybe a different perspective somebody who has a marketing background or a different sort of training. And i think that's helped me sort of succeed in that role in yet. Maybe look at marketing ecommerce from a different lens at a different angle that kind of that journalistic training and news is still kind of always been like my passionate. My background yes. It's been cool to kind of approach. A new different challenge in like a slightly different discipline. With that lens. so samantha at the stop december. You had a twitter thread which seemed to go on a quite a bit of attention and just gonna take a few moments to read through that for our audience who may not seen it. You say i was on the mentoring cool with a student about to graduate college and she told me that a member of a fairly popular journalism organization gave her some discouraging advice. This person told her not to go into audience work. she was taught. That should be better off working in a reporter all covering political committee even if no one read her work. I was shocked. And that's really the main part of the the tweet you to talk about the kind of skills that you acquire through working in social and how that might help to make you a better journalist editor in chief had of audience etc and basically saying the audience. Work is a valid career path for me. What kind of stuck out with this. And what seemed to be the main thrust of the compensation that audience roles in journalism at least are perhaps not taking seriously as some of the more traditional roles still existent in the newsroom. So can you recap on. Wherever where this threat came from the impetus for that was sure. Yeah i expected to take off as much as it did but obviously it was very encouraging to see that so many people have strong reactions to it. And we're coming out in support of what. I was saying that that was great and i think it was just that i had spoken to the student and i had such like a you know on one hand infuriating but on the other hand like poignant sort of anecdote from her about somebody telling her that she shouldn't go into audience work in that she would be better off being a reporter doing work that nobody was even reading which doesn't really make sense to me. That was just. She clearly had been so affected by being told that even though her passion was an audience. I just wanted to try and you know in my conversation with her. I tried to tell her that. That certainly wasn't true. I've been able to find a path for it myself. But i just wanted to speak to that to the journalism community at large in some way <hes>. Because i was so shocked that someone would tell like a growing journalists that <hes>. I'm not asking you to to name drop of course but can you be more specific about the type of news organization. That had sort discouraged her in this way. And i don't even she didn't even name. I don't know the individual who it was and that's obvious he never would. It was about but you know a fairly large digital mu organization in one that does promote journalism <hes> and digital media yagi <unk>. Specific affiliation with the organization. Or anything like that. You know what. I'm trying to get a picture of where that kind of attitude has come from. We're talking about you said digital media company based in the us deny yes legacy your print media. That's what was interesting is that it was coming from somewhere that i wouldn't have expected this sort of advice navy to come from interest and in your experiences this like an isolated event. You hear this a lot. Yeah i mean. I think i've also experienced a lot. Even you know by career so far in you know. Both of the newsroom's i've worked in and buzzfeed <unk>. Post there obviously. The vast majority of people are incredibly supportive of the audience team. But i do think it is sometimes struggle to get your foot in the door in certain meetings or to get your opinions out by certain journalists. Who may be you know are entrenched in some of these older schools of thought about what even is audience worker. Why is it important. So i think i've seen that. There is still a learning process. Even when i've been in newsrooms trying to do the work that i do cleaning they'll put you off. No no because. I think it is. It is important so i think it's really rewarding when you do maybe get through to somebody who didn't understand how you can help them in. Their story goes viral on twitter. Because you mockup a tweet thread. That does really well. Then they see the value of it. I think there's constantly a need for audience enters to try to prove and show results and data for what they're doing and i do you know have found that rewarding as well to be able to show people like. Here's what we can do to elevate your work like look at works that it's really exciting. So i mean the thrust of that conversation. Was it very much. That audience roles are just not as integral to the newsroom. Or was it that they just kind of look down on a as i said from the beginning like not taking seriously. What was called the main bone of contention like disgust here. Yeah i mean. I think all of those things are potentially depending yet. I think who you're talking to. I think obviously. I was speaking to the student as like a career conversation. She was about to graduate and she was trying to figure out what she should pursue. So i think it was. You know maybe they aren't as integral to newsroom so she shouldn't do it because maybe they're not stability there but again i know i shared with her. You know it's just one experience. But i have. I've experienced stability in far in my career. you know. obviously they're always layoffs in media yet. I think against you that if you wanted to have a future in journalism she was getting told that maybe this wasn't the right path for her. Because i think that was another point in my thread is she has an interest in politics. She was getting told. You know if you wanna go into political journalism you have to be like a beat reporter and that's the only way you can get there but again i don't really think that's true and something else. I tried to outline in my throat is how many great skills you do learn being an audience that can transfer to being reported. You know people who have moved into production or product or any sort of area in media and beyond so. I think i was really just trying to emphasize that it is a valid career path. We shouldn't be telling young journalists that it's not
"buzzfeed" Discussed on WNYC 93.9 FM
"A new investigation from Buzzfeed News and the International Consortium of Investigative Journalist alleges that many of these same banks have a shadow financial system with money used to fund illegal activity from organized crime groups to terrorist organizations has been allowed to flourish. Investigation alleges that many of these banks as well as the United States government have done little to nothing to stop these transactions and what many Americans may feel removed from issues involving big banks and so called dirty money. Our next guest says that what these banks do could have implications on our everyday lives. Evan and Cornea is a senior investigative reporter with Buzzfeed news, and he joins me now, Anthony, Thank you for being with me. Thanks for having me. So bank employees are supposed to look for suspicious activity in an almost all of these cases, they did their jobs. They filed suspicious activity reports. Where did those reports go? And what happened? Right. So every bank in that transaction U S dollars when they note suspicious behavior. They're supposed to send it to a department inside the Treasury called the Financial Crimes Enforcement Network. And those folks are the ones that keep this sort of vast database. Of all of these reports from around the globe of, you know, transactions that bear the hallmarks of money laundering or other kinds of financial crime. So is this a question of folks who were doing their jobs reporting suspicious activity? And then maybe folks who were higher up the managerial chain inside of these banks, ignoring that suspicious activity or did The financial crimes enforcement network. Ignore that. What did your investigation? Fine. I think you've got both both issues here, Right? You've got these folks who are filing the reports as they should. And you. We don't see is the bank's cutting off those suspicious client. So, for instance, I'll use Pat Paul Manafort. Keep him working Chase allowed Paul Manafort to send or receive Millions of dollars and flagged his accounts. A TTE least eight times We see this again and again. So you just PC Hong Kong with clients who they deemed suspicious, 12 times eight times So We know that the compliance officials are flagging them and their but the bank executives are not cutting off the accounts from the flip side from the government's view. They're sitting on all of these records. They don't have enough staff to frankly read them all. And what our investigation found is they're not taking action when they when they read these reports when they get these issues Know what's behind that. I mean, if they know that this is an issue that's happening. It's clearly not supposed to happen. Why aren't they taking action? Well, it's a really complicated issue. I think the Justice Department says that their best course of action is this. Kind of deal with the corporate entities. Banks called a deferred prosecution agreement. They feel that they can best get these banks or corporate, you know, actors in line by forcing them to change their ways. They don't prosecute the executives. They don't take individuals or hold individuals accountable. They They're forcing them to pay fines and to sort of clean up their compliance department's And they were talking about your investigation found about two trillion That's trillion, with a T $2 trillion that have circulated through these banks, both global globally and and domestically, right? Correct? Yes, And that's to be fair, a small window into a much larger system now, very few stars or suspicious activity reports have ever been made public before. We have about 2100. But consider that each that last year fins and received two million of these reports so far, 2100 flagged $2 trillion Imagine the figure on two million of these reports a year. And of course, those reports were leaked to you correct. They were disclosed to Buzzfeed News. Got it. Tiffany. You know this is something when a lot of Americans here with $2 trillion circulating around the globe with all sorts of unsavory characters and big banks like they kind of feel, I think like most of us, like, well, what does that have to do with me? But your reporting shows that it does have really life consequences for everyday folk who have regular accounts and regular lives. So what effect? How do you make that connection between what's happening in this big, dark money world and what's happening with the average everyday? Ah Americans Absolutely way reckoned with this in, you know, throughout the course of the reporting and No money laundering is a crime that makes other crimes possible. It accelerates economic inequality, drains public funds. It undermines democracy destabilizes nations, the banks for playing a huge role in this and what we found. Is that these transactions are showing up in the sort of world that we all live in. We found just suspicious payments flowing into international sports and Hollywood entertainment, luxury real estate sushi restaurants. The gas that you put in your car, even the granola that you might put in your cereal or your yogurt. So, Anthony. I mean, the big question, I guess now is what happens next. Have politicians responded have has Vince and responded to this. Well, Pinson issued Ah, a rather unusual statement a couple of weeks before we published when we first approached them with our questions, they said they were going to refer the matter to the Justice Department. But the banks I have not been able to comment to us on the's reports. They're saying that large part that they can't comment on these types of of reports at the market has responded. We've heard this week. Politicians respond as well about Senator was Warren put out a very powerful statement. Suggesting that the system needs reform or overhaul will see where that goes, and we're gonna keep reporting until the and, frankly you said that the banks have not responded. Have they said anything about what's happened so far? You know quite a lot. I mean, I think they've said that there were acting in good faith and that they are trying to stand in the tide of suspicious activity and in fairness in a vase. It's important to note that the criminal's act very quickly and are very agile and the schemes that they're using to filter the money into the banks are rapidly changing. So On a day to day basis. These banks are facing an enormous task. They've got to be smarter than the criminals that have no with latest scheme is and I think it's important to note that they are They're trying to pivot all of the time to catch up with the criminal networks. I will be watching Anthony Cormier, A is a senior investigative reporter with Buzzfeed news, and you could read the full investigation on buzzfeed dot com. Anthony Thanks so much for joining us. Thanks for having me..