Comcast Files SC 13D/A Amendment for BuzzFeed Stake

TL;DR

Comcast updated its BuzzFeed filing, watch this space.

AI Summary

Comcast Corp. has filed an amendment (No. 4) to its Schedule 13D, reporting changes in its beneficial ownership of BuzzFeed, Inc. Class A Common Stock as of May 24, 2024. The filing details Comcast's holdings and intentions regarding its investment in BuzzFeed.

Why It Matters

This filing provides insight into Comcast's strategic interest and potential influence over BuzzFeed, a significant player in digital media.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership filings can indicate shifts in strategic interest or potential future actions by major stakeholders.

Key Players & Entities

• Comcast Corp. (company) — Reporting Person
• BuzzFeed, Inc. (company) — Subject Company
• Thomas J. Reid (person) — Chief Legal Officer and Secretary of Comcast Corporation

FAQ

Key Financial Figures

• $0.0001 — suer) Class A Common Stock, par value $0.0001 (Title of Class of Securities) 1243
• $12.50 — nding on December 1, 2023 was less than $12.50 per share, the Convertible Rights (as d

Filing Documents

• dp211599_sc13da-4.htm (SC 13D/A) — 67KB
• 0000950103-24-007117.txt ( ) — 69KB

Identity and Background

Item 2. Identity and Background.

is hereby amended and restated to update

Item 2 is hereby amended and restated to update the name, residence or business address, present principal occupation or employment and citizenship of each director and executive officer of the Reporting Persons as set forth on Schedule A to this Amendment No. 4. None of the Reporting Persons, nor, to the best knowledge of the Reporting Persons, any person named in Schedule A to this Amendment No. 4 has, during the last five years, been convicted of a criminal proceeding (excluding traffic violations or similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Source and Amount of Funds or Other

Item 3. Source and Amount of Funds or Other Consideration. On December 4, 2023, the Reporting Persons acquired 1,200,000 shares of Class A Common Stock pursuant to the terms of the Amended and Restated Escrow Agreement (the “Escrow Agreement”) dated as of December 3, 2021 and entered into by and among (i) PNC Bank, National Association; (ii) NBCUniversal Media, LLC; (iii) Jonah Peretti; and (iv) Jonah Peretti, LLC. Pursuant to the terms of the Escrow Agreement, because the daily volume-weighted average price of one share of Class A Common Stock of the Issuer for the 15 consecutive trading days ending on December 1, 2023 was less than $12.50 per share, the Convertible Rights (as defined in the Escrow Agreement) converted into 1,200,00 shares of Class A Common Stock for no consideration. The Escrow Agreement expired on December 3, 2023.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer.

(a)-(b) is hereby amended and restated as

Item 5(a)-(b) is hereby amended and restated as follows: (a) The responses of the Reporting Persons to Rows (11) through (13) of the cover pages of this Schedule are incorporated herein by reference. As of May 22, 2024, the Reporting Persons shared beneficial ownership of an aggregate of 2,000,000 shares of Class A Common Stock of the Issuer, which is equal to approximately 5.68% of the outstanding shares of Class A Common Stock of the Issuer, based on 35,240,395 shares of Class A Common Stock of the Issuer that were outstanding as of May 10, 2024, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 (the “Issuer’s Most Recent Quarterly Report”) . However, the Reporting Persons’ 2,000,000 shares of Class A Common Stock represent less than 2% of the total voting power of all outstanding shares of the Issuer’s Class A Common Stock, Class B Common Stock and Class C Common Stock on a combined basis, as of May 10, 2024 , based on information disclosed in the Issuer’s Most Recent Quarterly Report . Except as disclosed in this Item 5(a), none of the Reporting Persons nor, to the best of their knowledge, any of their directors or executive officers, beneficially owns any shares of Class A Common Stock of the Issuer. (b) The response of the Reporting Persons to (i) Rows (7) through (10) of the cover pages of this Schedule and (ii) Item 5(a) hereof are incorporated herein by reference. Except as disclosed in this Item 5(b), none of the Reporting Persons, nor to the best of their knowledge, any of their directors or executive officers, presently has the power to vote or direct the vote or to dispose or direct the disposition of any of the shares of Class A Common Stock of the Issuer which they may be deemed to beneficially own. (c) Except as described in Item 3 of this Schedule, which is incorporated herein by reference, none of the Reporting Persons, nor, to the best of their k

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