Some background - they didn't IPO. They deSPAC'd, the idea being to raise a load of cash and then go on an acquisition spree, get scale, and therefore get leverage with ad buyers. So they did this thinking they'd raise $300m. But due to the weird way SPACs work, 94% of the investors walked away rather than close the deal, so rather than raise 300, they raised 16mil. So suddenly they're a public company, they've raised basically no money, they've got no scale - which was their entire plan. They've just been bleeding to death since then, and Buzzfeed News is something the CEO loves, but loses money hand over fist and he's finally had to let his baby die.