BuzzFeed (NASDAQ:BZFD) stock is heading higher on Thursday after the media company sold its Complex division to NTWRK.
NTWRK is paying BuzzFeed $108.6 million in cash for Complex. BuzzFeed also received a $5.7 million payment covering the costs of using its New York offices, as well as for severance and other employee-related expenses.
BuzzFeed said this business sale will allow it to focus more on its other businesses, including BuzzFeed and HuffPost. In addition to that, the company is planning for a restructuring of its business.
The company intends to cut 16% of jobs which will result in $23 million in annual savings. It plans to reveal more details about these layoffs on Feb. 28.
BZFD Stock Jumps on Restructuring Plans
With all of this news comes increased trading activity for BZFD shares this morning. That has more than 21 million units on the move as of this writing. That’s already a massive swell in trading volume compared to BuzzFeed’s daily average of 2.7 million shares.
BZFD stock is up 101.3% as of Thursday morning.
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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.
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