BuzzFeed, the online news, political and entertainment news site, is preparing to go public with a stock offering.
The social media group announced last week it is looking for underwriters to help it manage the initial public offering, according to a report in The Wall Street Journal.
The site’s founder and CEO Jonah Peretti started Buzzfeed in 2006. BuzzFeed lists and blogs are famous for its addictive combination of text, pictures and video.
The News Media Alliance and Associated Press have issued reports on media revenue for 2017 and agree that online newspaper revenue is down.
Internet media companies are on the move to grow their audiences and to finance such efforts as special election coverage.
“The big content creators know that everybody is getting to the same place — more places than it used to be, but not necessarily more places — at the same time,” said Jay Rosen, a journalism professor at New York University.
BuzzFeed is working with employees to outline what it means to be a journalism enterprise, hiring journalists while its stock is sold.
The work that a news organization puts into news coverage brings in money and Snapchat parent Snap Inc. wants to be more than just a camera company.
Digital publishers such as Buzzfeed, The Huffington Post and Vox Media also have been developing relationships with advertisers to help increase revenues.
Some media companies are starting to pay attention to traditional audience metrics. Advertisers will be willing to pay more if they see gains in specific metrics such as digital reach and mobile engagement.
“It’s a fool’s game to pay attention to anything like what we call ‘pricing,’ because the industry is so complicated and so hard to figure out, but at some point you need to develop a clear sense of what you’re reaching versus what you’re not,” said John Koetsier, a digital media consultant.
“That’s going to be the next big thing for everyone,” he said.