NBCUniversal is doubling its investment in the SoftBank and Hearst-backed online media company, providing the capital at a reported $1.7bn post-money valuation.
Media company NBCUniversal is investing a further $200m in US-based online media platform and portfolio company Buzzfeed, Recode reported on Thursday.
The investment values Buzzfeed at $1.7bn post-money, undisclosed sources told Recode. NBCUniversal provided $200m of funding for Buzzfeed in August 2015 at a $1.5m post-money valuation.
Buzzfeed’s millennial-focused media network is best known for its listicles and bite-sized, often branded, content and has latterly been moving heavily into video. It also divided its editorial structure into separate entertainment and news groups earlier this year.
The unchanging valuation at which NBCUniversal is investing likely reflects the fact Buzzfeed missed its 2015 revenue targets. Buzzfeed chairman Ken Lerer has disputed reports in April this year that the company halved its 2016 revenue target from $500m to $250m.
The round takes Buzzfeed’s funding to roughly $500m since it was founded in 2008, venture capital firm Andreessen Horowitz having supplied $50m in…
