Comcast Corp. further pruned its stake in BuzzFeed Inc. in recent days, though to a smaller degree than with past stock sales.
The media giant disclosed in a Tuesday filing with the Securities and Exchange Commission that it sold more than 524,000 shares of BuzzFeed on Feb. 16 and Feb. 21. The sales brought Comcast’s CMCSA,
Comcast has been trimming its BuzzFeed position this year in the wake of a sharp rally in BuzzFeed shares, though the company made more sizable sales in its two prior selling episodes in 2023 than it did in this latest bout. The company sold about 5.7 million shares between Jan. 30 and Feb. 1 and unloaded 5.1 million shares between Feb. 2 and Feb. 6, according to SEC filings.
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BuzzFeed shares finished 2022 trading at 69 cents, but they closed as high as $3.87 in late January amid optimism about the company’s plans to use ChatGPT to enhance its quizzes and for other purposes. OpenAI’s ChatGPT chatbot has taken Wall Street by storm this year and driven an investor frenzy over the potential opportunities presented by artificial intelligence.
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BuzzFeed’s stock has come down from its recent peak and finished Tuesday’s session at $1.85, though it remains comfortably above its 2022 year-end levels.
Comcast’s NBCUniversal unit made a $200 million equity investment in BuzzFeed back in $200 million.
