BuzzFeed commands a big audience, but it reportedly missed revenue targets last year.
The entertainment conglomerate owned by Comcast is investing an additional $200 million in the millennial-focused media company BuzzFeed, according to a person with knowledge of the deal.
The investment, first reported by Recode, comes more than a year after NBCUniversal’s initial investment of $200 million in BuzzFeed, which now has a valuation of about $1.7 billion.
“We have a great relationship with NBCU. We’re always talking about broadening the relationship as part of our plan to grow as an independent company,” said Carole Robinson, a spokeswoman for BuzzFeed.
NBCUniversal did not immediately respond to requests for comment.
Most Read Business Stories
- Emirates negotiations may deal blow to key Boeing 777X order
- How updates from Apple and Google will change your smartphone
- Battered by the 737 MAX crisis, Boeing leadership braces for the Paris Air Show
- With fewer skilled stitchers to hire, Seattle-based gear company expands elsewhere
- Former tobacco executive is making his mark at Ste. Michelle Wine Estates
BuzzFeed commands a vast audience, especially on Facebook, and boasts an in-house advertising agency that creates branded content.
However, the company reportedly missed revenue targets last year.
As a result, the company cut its revenue projections for 2016 and remains on track to meet that target, a source told The Wall Street Journal.