Buzzfeed Inc (NASDAQ:BZFD) stock more than doubled in value early Thursday on news that Meta Platforms Inc (NASDAQ:FB) has reached a deal with the New York-based digital media company aimed at bringing more creators to its Facebook and Instagram platforms.
Shortly after 1 pm in New York, Buzzfeed's shares traded 130% higher at $2.19, valuing the company at about $290 million. Reuters reported that the stock was on course for its business session on record.
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According to a report in the Wall Street Journal, Buzzfeed agreed to help generate content for Meta’s platforms and train creators to grow their online presence. Citing people familiar with the situation, the WSJ report said the deal could be worth $10 million.
Buzzfeed’s stock has been under pressure since it went public in December 2021 by way of a reverse listing through a special purpose acquisition company. After rising above $10 on its Nasdaq debut, the stock ended 2022 at $0.69.
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