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    BuzzFeed’s Stock Skyrockets After Business Sale and Restructuring Plans BuzzFeed’s Stock Skyrockets After Business Sale and Restructuring Plans

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    BZFD Stock - Why Is BuzzFeed (BZFD) Stock Up 101% Today?

    Source: shutterstock.com/Ralf Liebhold

    BuzzFeed (NASDAQ:BZFD) is soaring today as the media company sells its Complex division to NTWRK for $108.6 million in cash. Furthermore, NTWRK is paying an additional $5.7 million for various expenses, including office usage in New York and employee-related costs.

    The sale conveys a strategic shift for BuzzFeed, allowing the company to concentrate on its core ventures such as BuzzFeed and HuffPost, while also planning a comprehensive business restructuring.

    This restructuring entails a reduction of 16% of the workforce, translating to an annual savings of $23 million. Additional details regarding these layoffs will be divulged on Feb. 28.

    Market Response to Business Sale and Restructuring

    Following this notable announcement, the trading volume for BZFD shares has surged, exceeding 21 million units today, a substantial surge compared to the daily average of 2.7 million shares.

    Consequently, BZFD stock has propelled by a staggering 101.3% this Thursday, evoking heightened interest among investors in the contemporary stock market landscape.

    Interested investors can stay updated with the latest stock market stories, including the surge in Agile Therapeutics (NASDAQ:AGRX) stock, the prominent pre-market stock movers, and more to gain comprehensive insights into the current market trends and developments.

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    Expanding Stock Market News on Thursday

    On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

    Typically, InvestorPlace abstains from offering commentary on companies with market capitalization below $100 million or those trading less than 100,000 shares daily, acknowledging that such “penny stocks” are often a breeding ground for fraudulent activities. In the rare circumstances this commentary is offered, it is imperative that InvestorPlace.com’s writers disclose this fact and caution readers of the associated risks. 

    Read More: Penny Stocks – How to Profit Without Getting Scammed

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