Thanks Vivek! Comcast Sells Part Of BuzzFeed After Stock Rally From Politician's Purchase

5/24/24 4:55:15 PM ET

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Shares of digital media company BuzzFeed Inc (NASDAQ:BZFD) rallied recently after former 2024 presidential candidate Vivek Ramaswamy disclosed a 7.7% stake in the company.

One key investor in BuzzFeed saw the rally as a way to lower its stake.

What Happened: Ramaswamy revealed a stake in BuzzFeed and said he plans to "engage in a dialogue" with the company's board of directors on ways to maximize shareholder value. The politician said this included "a shift in the company's strategy."

After BuzzFeed shares rallied, Comcast Corporation (NASDAQ:CMCSA)-owned NBCUniversal decided to sell a portion of its stake.

NBCUniversal sold $10.15 million worth of shares the day after Ramaswamy's stake was disclosed, as reported by Variety.

The media company sold 3.18 million shares of BuzzFeed on May 22, which represented 61% of its stake in the digital media company. After the most recent sale, NBCUniversal owns two million shares of BuzzFeed.

After holding around a 15% stake in BuzzFeed, NBCUniversal now holds a smaller position than the newly announced holding of Ramaswamy.

NBCUniversal invested $400 million in BuzzFeed in 2015 and 2016.

Related Link: Trump Meets With DeSantis, Noem Stirs Up Controversy: How Will Republican Vice President Betting Odds Be Impacted?

Why It's Important: Based on the $400 million put into the company, Comcast could end up with a loss on its position in BuzzFeed. The recent sale could indicate a plan to exit the stake when shares are up.

The stake by Ramaswamy and his comments on a new direction could worry NBCUniversal about a potential shift and more political approach to content.

The company was valued at $1.5 billion when it announced a SPAC merger back in 2021. BuzzFeed has a market capitalization of $97 million as of Friday.

"We are always open to hearing ideas from our shareholders," a BuzzFeed spokesperson told Variety.

BZFD Price Action: BuzzFeed shares were up 6.06% to $2.80 at market close Friday versus a 52-week trading range of $0.64 to $4.56. The stock is up 71% in the past month, but up only 5% in the past year.

Read Next: BuzzFeed Shares More Than Double Following $108.6M Complex Sale, Plans To Layoff 16% Staff

Photos: Shutterstock

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