BuzzFeed Eyes a Future Collaborating with Meta and OpenAI

BuzzFeed stock jumped last week as news of collaborative efforts with Meta Platforms and OpenAI began circulating. The New York-based digital media firm famous for viral content said it is using OpenAI’s artificial intelligence to enhance lists, quizzes and other content. Meanwhile, a 2022 deal valued at close to $10 million with Meta Platforms is seeing results as BuzzFeed trains creators to expand their online presence and generate content for Meta’s social platforms, including Facebook and Instagram. BuzzFeed shares, which were trading at under $1 through January, rose to $3.87 in after-hours trading on Friday. Continue reading BuzzFeed Eyes a Future Collaborating with Meta and OpenAI

New Era Begins for Twitter as Elon Musk Acquires Company

Elon Musk took control of Twitter on Thursday, completing the historic $44 billion acquisition of the social micro-blogging platform. After some housekeeping — including carrying a sink into the company’s San Francisco headquarters for a cheeky video-op (“let that sink in!”) and firing top executives including CEO Parag Agrawal — the recalcitrant tech magnate began settling into his new role. Updating his bio to reflect his chosen title of “Chief Twit,” he tweeted off a letter assuring advertisers that Twitter will not “become a free-for-all hellscape” with no content moderation. Continue reading New Era Begins for Twitter as Elon Musk Acquires Company

Gen Z Brand FaZe Clan Goes Public in $725M SPAC Merger

Entertainment and eSports brand FaZe Clan completed a $725 million merger with B. Riley Principal 150 Merger Corp., a special purpose acquisition company (SPAC) and began publicly trading on the Nasdaq stock exchange Wednesday. FaZe Clan currently has around 93 creators with a combined 500 million followers across popular social platforms such as YouTube, TikTok and Twitch. In May, Forbes ranked FaZe Clan the fourth most valuable eSports company, estimating its worth at $400 million. Trading as FAZE, the stock fell nearly 25 percent in its first day of trading. Continue reading Gen Z Brand FaZe Clan Goes Public in $725M SPAC Merger

High Profile Team Joins Forest Road in Pursuit of M&E Deals

Basketball legend Shaquille O’Neal, Martin Luther King III, and former Disney executives Tom Staggs, Kevin Mayer and Salil Mehta are among those who have formed a new special-purpose acquisition company. SPACs, often dubbed blank check companies, are a popular financial tool to raise money and list a company publicly without having to file for an initial public offering. According to a Security and Exchange Commission filing, the SPAC, Forest Road Acquisition, plans to raise $250 million for new media and entertainment deals. Continue reading High Profile Team Joins Forest Road in Pursuit of M&E Deals