NEA 13 Amends BuzzFeed Stake Filing

TL;DR

NEA 13 updated its BuzzFeed filing, adding key execs to the group. Watch for potential strategy shifts.

AI Summary

New Enterprise Associates 13, LP (NEA 13) filed an amendment to its Schedule 13D on May 17, 2024, regarding its holdings in BuzzFeed, Inc. The filing indicates a change in the group members, including the addition of Anthony A. Florence, Jr., Forest Baskett, Mohamad H. Makhzoumi, Patrick J. Kerins, and Scott D. Sandell, all associated with NEA. This amendment reflects updated information on beneficial ownership and potentially strategic shifts concerning their investment in BuzzFeed.

Why It Matters

This amendment signals potential changes in the investment strategy or governance influence of a significant shareholder in BuzzFeed, Inc., which could impact the company's future direction.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D filings can indicate shifts in a major shareholder's intentions, potentially leading to activist actions or changes in control, which introduces uncertainty.

Key Players & Entities

• New Enterprise Associates 13, LP (company) — Filing entity
• BuzzFeed, Inc. (company) — Subject company
• Anthony A. Florence, Jr. (person) — Group member
• Forest Baskett (person) — Group member
• Mohamad H. Makhzoumi (person) — Group member
• Patrick J. Kerins (person) — Group member
• Scott D. Sandell (person) — Group member

FAQ

Key Financial Figures

• $0.0001 — Name of Issuer) Class A Common Stock, $0.0001 par value (Title of Class of Securiti

Filing Documents

• nea13-buzzfeed_18846.htm (SC 13D/A) — 318KB
• 0001072613-24-000510.txt ( ) — 320KB

Security

Item 1. Security and Issuer . This Amendment No. 1 to Schedule 13D amends and supplements the Schedule 13D originally filed on January 13, 2022, and relates to the common shares, $0.0001 par value (the “Class A Common Stock”), of BuzzFeed, Inc. (the “Issuer”), having its principal executive office at 229 West 43 rd Street, New York, New York 10036. Certain terms used but not defined in this Amendment No. 1 have the meanings assigned thereto in the Schedule 13D. Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported on the Schedule 13D. This Amendment No. 1 is being filed to report that the beneficial ownership of the outstanding Class A Common Stock held by the Reporting Persons (as defined below) has decreased by more than 1% as a result of an increase in the number of shares of Class A Common Stock outstanding.

Identity

Item 2. Identity and Background . This (a) New Enterprise Associates 13, L.P. (“NEA 13”); NEA Partners 13, L.P. (“NEA Partners 13”), which is the sole general partner of NEA 13; and NEA 13 GP, LTD (“NEA 13 LTD” and together with NEA Partners 13, the “Control Entities”), which is the sole general partner of NEA Partners 13; and (b) Forest Baskett (“Baskett”), Patrick J. Kerins (“Kerins”) and Scott D. Sandell (“Sandell”) (together, the “Directors”), and Anthony A. Florence, Jr. (“Florence”) and Mohamad H. Makhzoumi (“Makhzoumi”). The Directors are the directors of NEA 13 LTD. Florence, Makhzoumi and Sandell are each a member of the Executive Committee of NEA Management Company, LLC (the “Executive Committee”). The persons named in this Item 2 are referred to individually herein as a “Reporting Person” and collectively as the “Reporting Persons.” The address of the principal business office of NEA 13, each Control Entity, Kerins and Sandell is New Enterprise Associates, 1954 Greenspring Drive, Suite 600, Timonium, MD 21093. The address of the principal business office of Baskett and Makhzoumi is New Enterprise Associates, 2855 Sand Hill Road, Menlo Park, CA 94025. The address of the principal business office of Florence is New Enterprise Associates, 104 5 th Ave., 19 th Floor, New York, NY 10011. The principal business of NEA 13 is to invest in and assist growth-oriented businesses located principally in the United States. The principal business of NEA Partners 13 is to act as the sole general partner of NEA 13. The principal business of NEA 13 LTD is to act as the sole general partner of NEA Partners 13. The principal business of each of the Directors and the Executive Committee is to manage the Control Entities, NEA 13 and a number of affiliated partnerships with similar bu

Interest

Item 5. Interest in Securities of the Issuer . (a) The amounts of Class A Common Stock reported herein reflect a 1-for-4 reverse stock split effected by the Issuer on May 6, 2024. NEA 13 is the record owner of the NEA 13 Shares. As the general partner of NEA 13, NEA Partners 13 may be deemed to own beneficially the NEA 13 Shares. As the sole general partner of NEA Partners 13, NEA 13 LTD may be deemed to own beneficially the NEA 13 Shares. As directors of NEA 13 LTD, each of the Directors may be deemed to own beneficially the NEA 13 Shares. As an individual member of the Executive Committee, which committee has been delegated approval rights with respect to dispositions of the NEA 13 Shares, each of Florence and Makhzoumi may also be deemed to own beneficially the NEA 13 Shares. As of May 16, 2024, Kerins is the record owner of 55,712 shares of Class A Common Stock. Each Reporting Person disclaims beneficial ownership of the NEA 13 Shares other than those shares which such person owns of record. The percentage of outstanding Class A Common Stock of the Issuer which may be deemed to be beneficially owned by each Reporting Person is set forth on Line 13 of such Reporting Person’s cover sheet. Such percentage was calculated based on 35,240,395 shares of Class A Common Stock reported by the Issuer to be outstanding as of May 10, 2024 on the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on May 14, 2024. (b) Regarding the number of shares as to which such person has: (i) sole power to vote or to direct the vote: See line 7 of cover sheets (ii) shared power to vote or to direct the vote: See line 8 of cover sheets (iii) sole power to dispose or to direct the disposition: See line 9 of cover sheets (iv) shared power to dispose or to direct the disposition: See line 10 of cover sheets (c) None of the Reporting Persons has effected any transaction in the shares of Class A Common Stock during the last 60 days. (d) No oth

Contracts,

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer . Not applicable.

Material

Item 7. Material to be Filed as Exhibits . Exhibit 1 – Agreement regarding filing of joint Schedule 13D. Exhibit 2 – Power of Attorney regarding filings under the Securities Exchange Act of 1934, as amended. CUSIP No.12430A300 13D Page 12 of 17 Pages SIGNATURE After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. EXECUTED this 16 th day of May, 2024. NEW ENTERPRISE ASSOCIATES 13, L.P. By: NEA PARTNERS 13, L.P. General Partner By: NEA 13 GP, LTD General Partner By: * Scott D. Sandell Director NEA PARTNERS 13, L.P. By: NEA 13 GP, LTD General Partner By: * Scott D. Sandell Director NEA 13 GP, LTD By: * Scott D. Sandell Director CUSIP No.12430A300 13D Page 13 of 17 Pages * Forest Baskett * Patrick J. Kerins * Scott D. Sandell EXECUTIVE COMMITTEE * Anthony A. Florence, Jr. * Mohamad H. Makhzoumi */s/ Zachary Bambach Zachary Bambach As attorney-in-fact This Amendment No. 1 to Schedule 13D was executed by Zachary Bambach on behalf of the individuals listed above pursuant to a Power of Attorney a copy of which is attached as Exhibit 2. CUSIP No.12430A300 13D Page 14 of 17 Pages EXHIBIT 1 AGREEMENT Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, the undersigned hereby agree that only one statement containing the information required by Schedule 13D need be filed with respect to the ownership by each of the undersigned of shares of stock of Buzzfeed, Inc. EXECUTED this 16 th day of May, 2024. NEW ENTERPRISE ASSOCIATES 13, L.P. By: NEA PARTNERS 13, L.P. General Partner By: NEA 13 GP, LTD General Partner By: * Scott D. Sandell Director NEA PARTNERS 13, L.P. By: NEA 13 GP, LTD General Partner By: * Scott D. Sandell Director NEA 13 GP, LTD By: * Scott D. Sandell Director CUSIP No.1243

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View this SC 13D/A filing on SEC EDGAR