BuzzFeed, Inc.

Good day and thank you for standing by. Welcome to BuzzFeed, Inc.'s second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. 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. I'm Juliana Clifton, VP of Communications for BuzzFeed. Joining me today are Chairman and CEO Byron Allen, Head of BuzzFeed AI Jonah Peretti, and CFO Matt Omer. Before we get started, I would like to take this opportunity to remind you that our remarks today will 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 10-Q to be 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 margins. The use of non-GAAP financial measures allows us to measure the operational strength and performance of our business, to establish budgets, and to develop operational goals for managing our business. We believe adjusted EBITDA and adjusted EBITDA margins are relevant and useful information for investors because they allow investors to view performance in a manner similar to the methods used by our management. A reconciliation of these GAAP to non-GAAP measures is included in today's earnings press release. Please refer to our Investor Relations website to find today's press release. Now, I'll pass the call over to Byron Allen.

Thank you. Good afternoon, everyone, and thanks for joining us. BuzzFeed, Tasty, and HuffPost are strong, recognizable brands that have loyal users. I saw an opportunity and made a meaningful investment as I believe in these brands. With that said, we made it clear on our last earnings call that these businesses were carrying an unsustainable cost structure and a restructure was immediately needed. So last week we took steps to reduce headcount across the entire company by approximately 35% to better align our cost base with the underlying business. Thank you for watching. Now that my investment in Buzzfeed is officially complete, I want to share how energized I am by what we're building at Buzzfeed and the progress we're making to put our business on a path to profitability and sustainable growth. What has become clear to me is how strong of a brand we have in Buzzfeed. Buzzfeed shopping generates roughly a half a billion dollars a year in gross merchandise sales. and HuffPost has a very loyal and direct audience. BuzzFeed, HuffPost and Tasty have approximately 500 million social media followers. We also have nearly 75 million monthly active users. In terms of time spent, as reported by Comscore, we consistently bring in more than 60 million hours per quarter. generally outpacing the majority of our competitive set, which includes People, Inc., Condé Nast, Hearst, and Vox Media. Now that our brands and business lines are no longer burdened by excessive cost and debt, we have the opportunity to unlock tremendous value for shareholders and partners. That foundation is the perfect platform to launch and grow exciting new business lines and editorial extensions. We are moving quickly to build on top of it, pursuing distribution partnerships and transactions to get us there faster. Look for BuzzFeed to make transformative moves into comedy, weather, sports, music, podcasts, news, premium content and live events that will accelerate our growth. I am very excited to share that BuzzFeed has entered into a sales representation agreement with Allen Media Group, engaging AMG Sales Organization to expand monetization of BuzzFeed's advertising inventory and give brands and agencies another point of entry to build campaigns spanning premium television, streaming, local broadcast, and digital-first media. Under the agreement, AMG's sales organization serves as an extension of the BuzzFeed sales team, positioning BuzzFeed, HuffPost, and Tasty alongside AMG's broader portfolio, including national linear television, affiliate local broadcast stations, 24-hour cable networks, the Weather Channel, the Griot, CBS Late Night, and Local Now. Advertisers gain one coordinated sales relationship instead of two separate conversations, while Buzzfeed retains full authority over pricing, packaging, and inventory across every transaction. The agreement is designed to strengthen Buzzfeed's presence in the marketplace. Pairing AMG's long-standing advertiser and agency relationships with BuzzFeed's scale to deliver expanded cross-platform solutions for advertisers and making both companies much more competitive in this multi-platform environment. I have spent over 30 years building those kinds of relationships, and BuzzFeed now has access to all of them. The opportunity we have is enormous. as we pursue our number one goal, making BuzzFeed a best-in-class, free streaming service and a super app. And now, I'll hand it over to Jonah to walk us through our operational progress. Jonah?