BUZZFEED is Down and OUT?!
Former 2024 GOP presidential candidate Vivek Ramaswamy is in conversation with BuzzFeed’s leadership about recommended reforms to the media organization.
Ramaswamy, a BuzzFeed shareholder, recently spoke virtually with BuzzFeed CEO Jonah Perriti for more than an hour and agreed to meet again in person later this summer or in the fall, according to an Axios report published Monday.
Late last month, Ramaswamy sent a seven-page letter to BuzzFeed’s board of directors, pushing the firm to appoint three additional directors he has vetted and to alter its business model in order to survive as it loses money.
BuzzFeed’s market value has fallen from over $1.5 billion to just under $100 million since it went public in December 2021. While BuzzFeed shares have increased 163% this year, the current surge corresponded with news of Ramaswamy’s purchase of the stock. He is currently the second-largest Class A shareholder, with an 8.9% holding.
In his letter, Ramaswamy stated that “BuzzFeed has lost its way,” advocated for a rebranding and reorganization, and suggested that the firm focus on developing “true intellectual diversity, both in its rank-and-file and in its leadership.”
According to the Axios article, two of the three members Ramaswamy wants to add to the board were present during the virtual discussion with the BuzzFeed CEO: Chris Balfe, a partner at Red Seat Ventures, and podcaster Patrick Bet-David.
OutKick creator Clay Travis, Ramaswamy’s third director selection, was not present at the meeting but was “briefed on it,” according to the site. Balfe, Bet-David, and Travis are all seasoned conservative media figures.
OutKick is owned by FOX Corporation, which also owns FOX News Media and Fox Business.
Travis responded to the X story by writing, “I’m impressed with @VivekGRamaswamy’s ideas on BuzzFeed.” We need more of a marketplace for ideas in the media. I appreciate his nominating @patrickbetdavid, @cbalfe, and me for the board. PBD and Chris are both extremely successful media figures who also happen to be lovely men.
A spokeswoman for Ramaswamy told FOX Business that the Axios article is correct and that the discussion “was constructive, not contentious.”
According to the spokesman, a number of former BuzzFeed workers and early investors have reached out to Ramaswamy to encourage his efforts and to express their belief that the company should be reformed. They also mentioned that Ramaswamy’s “number one goal is to create value, and he feels like there’s some good alignment.”
