'BuzzFeed' Global Operations Report $12 Million Loss

BuzzFeed UK,which also oversees the publisher’s operations in Germany, Brazil, Japan, Mexico and India, experienced a loss of about $12.3 million (£9.4 million) in 2018.

That’s according to new financial accounts filed and reported by British media.

The filing came three months late. In December, the Companies House (the UK's registrar of businesses) warned BuzzFeed UK that it would be dissolved if it failed to file its financial information for 2018.

BuzzFeed’s losses in its international business quadrupled last year, according to the Financial Times. However, BuzzFeed UK revenue grew by 20% to about $24.6 million (£18.8 million). In 2017, the division suffered a loss of roughly $3 million (£2.3 million).

The company has since closed two of its websites: its operations in France in December 2018 and in Spain in January 2019.



Buzzfeed UK also got a new editor-in-chief this year. Stuart Millar stepped into the role after the departure of Janine Gibson.

According to Press Gazette, BuzzFeed says its international group is “in its early growth phase” and  the company is continuing to invest in overseas subsidiaries.

BuzzFeed was founded in the U.S. in 2006, and launched in the UK in 2012.  

Across the pond, BuzzFeed founder-CEO Jonah Peretti told The Wall Street Journal this week he expects the company to turn a profit in 2020. BuzzFeed lost more than $50 million in 2018 and let go of 250 people at the beginning of this year.

Peretti told WSJ the company’s newer businesses brought in over $200 million last year. He said all divisions, except for its news arm, are now profitable.

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