Comcast Keeps Selling BuzzFeed Shares on AI Momentum
22 Février 2023 - 01:07AM
Dow Jones News
By Sabela Ojea
Comcast Corp. has sold another chunk of shares in BuzzFeed Inc.
to benefit from the artificial intelligence momentum the digital
media company is going through.
The telecommunications company has reduced its stake in BuzzFeed
by 524,322 shares to 15.5% from 15.9% previously, according to a
Securities and Exchange Commission filing Tuesday.
Only last Friday, Comcast cut its stake in BuzzFeed to 15.90%
from a total stake of 24.51% as of the end of 2022, according to
FactSet.
BuzzFeed is enhancing its ties with artificial intelligence with
companies such as the ChatGPT creator OpenAI.
The company is using this technology to optimize its quizzes and
personalize content for its audiences, which has been well received
by investors.
BuzzFeed's stock price has more-than-doubled ever since the year
started, and increased by over 97% in the last month.
Comcast made a $200 million equity investment in BuzzFeed back
in 2015.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 21, 2023 18:52 ET (23:52 GMT)
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