BuzzFeed, Inc. (NASDAQ:BZFD) Q4 2023 Earnings Call Transcript

That said, as part of the agreement, they do have claim to 95% of proceeds from any future asset sales, so if such asset sales occur, which obviously would further reduce the debt load. But more broadly they discuss the changes we have made to prioritize our high-margin programmatic and affiliate businesses and significantly reduce the cash cost structure have positioned us to better — to build a much stronger balance sheet in 2024 and take meaningful steps to becoming cash positive.

Amita Tomkoria: And then Jonah, just a final question for you in terms of the executive team. Over the past few months, there have been some departures including your President, and do you have plans to rehire or kind of how are you thinking about the executive team?

Jonah Peretti: Yes. Thanks for the question. So I’m confident in our go-forward leadership team, and I’m also really thrilled to share that we are elevating Ken Blom, a leader with tremendous knowledge, experience and perspective to the role of Chief Business Officer across all our brands, and he joins our new CFO, Matt Omer and Jess Probus, our new publisher for BuzzFeed, Inc. So we got a great team and we are all very leaned in for this next stage of building the company.

Amita Tomkoria: Fantastic. Thank you, Jonah. Thank you, Matt. Thank you so much. Thanks, everyone, for joining us. That wraps our Q&A session for today. I will hand the call back over to our operator so we can wrap up.

Operator: Thank you. Ladies and gentlemen, this concludes today’s conference call. Thank you for participating. You may now disconnect.

End of Q&A: