Total revenue decreased by 12% to $31.6 million for the three months ended March 31, 2026, compared to $36.0 million in the prior year period. Net loss increased to $15.1 million for the three months ended March 31, 2026, from $12.5 million in the same period last year. Adjusted EBITDA worsened to a loss of $7.8 million for the three months ended March 31, 2026, compared to a loss of $5.9 million in the prior year. The company had unrestricted cash and cash equivalents of $6.8 million and an accumulated deficit of $694.7 million as of March 31, 2026. Management has raised substantial doubt about the company's ability to continue as a going concern for the next 12 months. A Stock Purchase Agreement was entered into on May 11, 2026, with Allen Family Digital, LLC, for the sale of 40,000,000 Class A common shares at $3.00 per share, totaling $120.0 million ($20.0 million cash, $100.0 million secured promissory note). Jonah Peretti, Founder and CEO, will transition to President of BuzzFeed AI, with Byron Allen named as his successor CEO. The company's Class A common stock bid price has been below $1.00 for a sustained period, leading to a Nasdaq noncompliance notice on March 2, 2026, with a deadline of August 31, 2026, to regain compliance. The board of directors will expand from four to eight (then nine) members, with the investor having the right to appoint a majority of directors, resulting in investor control. The company is evaluating a potential separation of BuzzFeed Studios, Inc. (including studio and Tasty business units) into a standalone entity.