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BuzzFeed raises another $50 million to fund expansion

By Andrew Ellis     Aug 12, 2014 in Internet
BuzzFeed wants to expand, and just raised the money it needs to do so thanks to venture capitol firm Andreessen Horowitz.
CNN Money reports that in their fifth round of funding, the site received $50 million which is much more than their previous rounds of funding which totaled a combined $46.3 million.
The news comes after talks with The Walt Disney Company over the possibility of buying the news site fell through after it was reported that BuzzFeed was initially asking for nearly $1 billion. The Irish Times reports that Andreessen Horowitz reportedly values the viral news site at $850 million.
In a statement regarding the recent funding Chris Dixon, an Andreessen Horowitz partner, wrote:
"We're presently in the midst of a major technological shift in which, increasingly, news and entertainment are being distributed on social networks and consumed on mobile devices. We believe BuzzFeed will emerge from this period as a preeminent media company."
With the money they just received, the site plans to expand its news division, according to CNN Money, along with its BuzzFeed Life section which includes subjects such as food, parenting, and style. There is also a plan to expand its video department which is now known as BuzzFeed Motion Pictures, which recently moved into its own 45,000 square-foot lot in Hollywood.
Due to these expansions they will also be adding to the staff. The team that runs the lifestyle section will likely triple, and editor-in-chief Ben Smith recently posted on Twitter that they're looking to expand their foreign desk.
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