BuzzFeed, Inc.

Good day and thank you for standing by. Welcome to the BuzzFeed, Inc. First Quarter 2026 Earnings Conference Call. I would now like to hand the conference over to your first speaker today, Juliana Clifton, VP of Communications. Please go ahead.

Hi, everyone. Welcome to BuzzFeed, Inc.' 's First Quarter 2026 Earnings Conference Call. I'm Juliana Clifton, VP of Communications for BuzzFeed. Joining me first today are CEO Jonah Peretti and CFO Matt Omer. Before we get started, I'd like to take this opportunity to remind you that our remarks today include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release, Form 10Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. During this call, we present both GAAP and non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA margin. The use of non-GAAP financial measures allows us to measure the operational strength and performance of our business. We believe adjusted EBITDA and adjusted EBITDA margin are relevant and useful information for investors because they allow investors to view performance in a manner similar to the method used by our management. A reconciliation of these gap to non-gap measures is included in today's earnings press release. These reviews refer to our investor relations website to find today's press release. Now I'm going to hand the call over to Jonah.

Thank you. Good afternoon, everyone, and thanks for joining us. Today marks an important milestone for BuzzFeed. On behalf of the board and management team, I want to welcome Byron Allen, who will become chairman and chief executive officer of BuzzFeed upon the completion of a transaction agreement we entered into earlier today. Byron Allen has agreed to make a significant investment out of his family office into BuzzFeed, and we are very excited about his vision for the company and our iconic Brands, BuzzFeed, and HuffPost. We have entered into a transaction agreement that we expect to close within the month, subject to customary closing conditions. Byron is one of the most accomplished media entrepreneurs and leaders in the industry, having built a global media platform with a strong track record of content creation, distribution, advertising sales, and strategic growth across television, digital, streaming, and local media assets. His vision, operational experience, and long-term commitment to premium content makes him exceptionally well positioned to lead BuzzFeed and HuffPost into our next phase of growth and innovation. Byron has spent 30-plus years building distribution infrastructure, identifying strategic assets, and scaling them into something much greater. To prepare for Byron's arrival, we expect to make significant changes to build the best possible foundation for his ambitious vision. This includes planning cost reductions aimed at making our core business more efficient so we can build new initiatives on top of a profitable core. We also plan to set up BuzzFeed Studios as a new independent entity to house our premium studio, vertical microdrama, and digital video businesses, which we expect will create new opportunities for these assets, bring operational focus to BuzzFeed, Inc., and generate new liquidity. Once this transaction is completed, I will shift my focus to a newly created role as president of BuzzFeed AI. Over the past couple years, I've become convinced that AI will fundamentally transform the media industry and empower creative people to build in new ways. This vision came into sharper focus over the last several months, and I believe the opportunity is enormous. After my 20 years as CEO of BuzzFeed, I'm excited to switch my focus to a more hands-on role developing products and technology that are only possible because of recent advances in AI. I'm confident I can have a bigger impact and create more value in this new capacity. I'm excited that Byron is joining us today to share some brief remarks about the extraordinary new opportunity, partnership, and vision.