BuzzFeed, Inc.BZFD
BuzzFeed, Inc. Goodwill & Intangibles Disclosure
Goodwill and Intangibles, net
_________________________________
The following table presents the goodwill activities for the periods presented:
| Balance as of December 31, 2023 | $ | 43,304 | |||
| Balance as of December 31, 2024 | $ | 43,304 | |||
| (30,199) | |||||
| Balance as of December 31, 2025 | $ | 13,105 | |||
The following table presents the detail of intangible assets for the periods presented and the weighted average remaining useful lives:
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||
| Weighted- Average Remaining Useful Lives (in years) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | |||||||||||||||||||||||||||||||||||
| Trademarks and Trade Names | 10 years | $ | 14,000 | $ | 4,550 | $ | 9,450 | $ | 14,000 | $ | 3,617 | $ | 10,383 | ||||||||||||||||||||||||||||
Trademarks and Trade Names(1) | Indefinite | 68 | — | 68 | 1,368 | — | 1,368 | ||||||||||||||||||||||||||||||||||
| Customer relationships | 2 years | 887 | 238 | 649 | — | — | — | ||||||||||||||||||||||||||||||||||
| Total | $ | 14,955 | $ | 4,788 | $ | 10,167 | $ | 15,368 | $ | 3,617 | $ | 11,751 | |||||||||||||||||||||||||||||
(1) Refer to Note 18 herein for additional details with respect to the sale of Goodful and As/Is during the year ended December 31, 2025, which resulted in the derecognition of a $1.3 million indefinite lived intangible asset (trademark and trade names).
Amortization expense associated with intangible assets for the years ended December 31, 2025, 2024, and 2023 was $1.2 million, $1.2 million, and $2.8 million, respectively, included in depreciation and amortization expense.
Estimated future amortization expense as of December 31, 2025 is as follows (in thousands):
| 2026 | $ | 1,229 | |||
| 2027 | 1,229 | ||||
| 2028 | 991 | ||||
| 2029 | 933 | ||||
| 2030 | 933 | ||||
| Thereafter | 4,784 | ||||
| Total | $ | 10,099 | |||
Acquisitions
In March 2025, the Company completed an acquisition of the assets and liabilities of a small private company that focuses on producing custom content. The Company paid $0.3 million in cash, and identified $0.5 million of contingent consideration. In connection with this acquisition, the Company recorded an intangible asset (customer relationships) of $0.9 million, with a 3-year estimated economic useful life. The fair value of this intangible asset was estimated using Level 3 inputs. The remaining acquired assets and liabilities were immaterial working capital balances, and no goodwill was
recorded in connection with this acquisition. This acquisition contributed approximately $4.1 million of revenue, and did not have a material impact to the Company’s net loss from continuing operations, for the year ended December 31, 2025.
On June 26, 2025 (the “Acquisition Date”), BuzzFeed Studios Canada, Inc., an indirectly held subsidiary of the Company, acquired a majority stock interest (i.e., 70%) in Girls Like Girls Film Inc. The Company determined that Girls Like Girls Film Inc. was a variable interest entity that did not meet the definition of a business as substantially all of the fair value of the assets acquired were concentrated in a single group of similar assets (i.e., capitalized production costs). The Company consolidated Girls Like Girls Film Inc. on the Acquisition Date. The Company did not record any intangible assets, goodwill, or any material gain or loss from this acquisition. The estimated fair value of the assets acquired was approximately $4.8 million, and the estimated fair value of the liabilities assumed was approximately $4.8 million (refer to Note 8 herein for additional details). There was no material purchase price as the Company waived a $0.1 million executive producer fee as purchase consideration. This acquisition contributed approximately $4.1 million of revenue, and did not have a material impact to the Company’s net loss from continuing operations, for the year ended December 31, 2025.
Goodwill Impairment
Goodwill is tested for impairment at the reporting unit level, which is an operating segment, or one level below. We test goodwill for impairment annually on October 1, or more frequently if an event occurs or if circumstances change that would more likely than not reduce the fair value of our reporting unit below its carrying value. We have determined we have one reporting unit for the purposes of allocating and testing goodwill.
For the 2025 annual impairment test, the Company performed a qualitative assessment. The assessment included, but was not limited to, consideration of macroeconomic conditions, industry and market conditions, actual and expected financial performance, legal and regulatory environments, and historical performance. Based on the qualitative assessment, considering the aggregation of the relevant factors, the Company concluded that it was more likely than not that the fair value of our reporting unit was greater than its carrying amount and therefore performing a quantitative impairment test was unnecessary. However, during the fourth quarter of 2025, we experienced a sustained decline in share price, and as such, we performed a quantitative impairment assessment as of December 31, 2025. The results of the quantitative impairment assessment concluded the fair value of our single reporting unit was below the carrying value and as such we recorded a non-cash goodwill impairment charge of $30.2 million.
Our quantitative impairment assessment utilized a market approach. The key assumption in the market approach included determining a control premium, which was estimated using historical transactions that occurred between 2022 and 2025. Our impairment analysis is sensitive to changes in key assumptions and market data, including the quoted price of our common stock and the estimated control premium. If market conditions deteriorate or if our stock price declines further, it is possible that an additional impairment charge may need to be recorded in the future.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 14, 2025 | |
| 2023 | Mar 29, 2024 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Mar 30, 2022 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.