"The sale of First We Feast and continued reduction of our convertible debt marks an important step in BuzzFeed, Inc.'s strategic transformation into a media company positioned to fully benefit from the ongoing AI revolution," BuzzFeed CEO Jonah Peretti said.
BuzzFeed's stock has been recovering at a steady pace throughout this year. However, the announcement of selling off First We Feast sent the stock plunging by over 36 percent over the last five days.
After a disastrous 2023, the media company's efforts to pivot toward AI haven't instilled much confidence, particularly after the failure of its AI-generated content.
In March 2023, it was found that BuzzFeed was using AI to churn out repetitive, poorly-written travel guides, raising concerns about the quality of their automated content.
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