would become its new president, joining a digital-media business that has lost half of its market value since it went public last year.
Ms. Martin, who will start in her new role this summer, will report to Chief Executive
and oversee a team that includes BuzzFeed’s legal, financial and human resources leaders, the company said Tuesday.
Ms. Martin, who has experience working for publicly traded firms like website building and hosting company Squarespace and online-travel giant
will be responsible for supporting BuzzFeed’s strategy around mergers and acquisitions and helping to craft the company’s strategy as it communicates with the investment community, a BuzzFeed spokesman said.
BuzzFeed in recent years has grown through its acquisitions of HuffPost and Complex Networks, but the digital-media company has struggled to bolster its flagging stock price.
BuzzFeed went public in December through a merger with special-purpose-acquisition company 890 5th Avenue, in an effort to raise funds for future deals. It raised much less money than expected from its public listing after 890 5th Avenue suffered a wave of investor withdrawals, The Wall Street Journal reported in December.
During its first-ever report as a public company in March, BuzzFeed said it expected revenue to decline in the current quarter as its audiences spend less time on
Meta Platforms Inc.’s
Facebook. The prospect of declining revenue came after BuzzFeed last year said it expected sales to rise about 25% annually through 2024. In 2021, BuzzFeed posted revenue of $397.5 million, up 24% from 2020.
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BuzzFeed’s first earnings announcement was also marked by the resignation of the top leaders of its news division. Mr. Peretti said BuzzFeed was looking to boost profitability at BuzzFeed News by reducing head count and giving priority to “coverage of the biggest news of the day, culture and entertainment, celebrity and life on the internet.”
BuzzFeed in recent years has made a push to become less dependent on ad revenue by growing other parts of its business, including commerce and events. The company is also exploring new ways to drive advertising revenue, including helping advertisers promote their brands on platforms such as TikTok and Instagram. BuzzFeed last week told advertisers it could connect them with specific influencers on these platforms and help them craft promotional content.
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