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Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Fair Value of Consideration Exchanged | The following table summarizes the fair value of consideration exchanged as a result of the Complex Networks Acquisition:
Cash consideration(1) | $ | 197,966
Share consideration(2) | 96,200
Total consideration | $ | 294,166
_____________________________ (1) — Includes the cash purchase price of $200.0 million adjusted for certain closing specified liabilities as specified in the Membership Interest Purchase Agreement, dated as of March 27, 2021, by and among Legacy BuzzFeed, CM Partners, LLC, Complex Media, Inc., Verizon CMP Holdings LLC, and HDS II, Inc. (2) — Represents 10,000,000 shares of our Class A common stock at a price of $9.62 per share, which is based on the closing stock price of our Class A common stock on the Closing Date.
Schedule of Purchase Price Allocation for the Assets Acquired and Liabilities Assumed | The following table summarizes the determination of the fair value of identifiable assets acquired and liabilities assumed as part of the Complex Networks Acquisition. During the year ended December 31, 2022, the Company finalized the fair value of assets acquired and liabilities assumed. Measurement period adjustments were reflected during the year ended December 31, 2022, which is the period in which the adjustments occurred. The adjustments resulted from new information obtained about facts and circumstances that existed as of the acquisition date.
| Preliminary |  | Measurement Period Adjustments |  | Final
Cash | $ | 2,881 |  |  | $ | — |  |  | $ | 2,881 |
Accounts receivable | 22,581 |  |  | 11 |  |  | 22,592 |
Prepaid and other current assets | 17,827 |  |  | 281 |  |  | 18,108 |
Property and equipment | 332 |  |  | (15) |  |  | 317 |
Intangible assets | 119,100 |  |  | — |  |  | 119,100 |
Goodwill | 189,391 |  |  | (909) |  |  | 188,482 |
Accounts payable | (2,661) |  |  | — |  |  | (2,661) |
Accrued expenses | (12,319) |  |  | (803) |  |  | (13,122) |
Accrued compensation | (12,867) |  |  | 349 |  |  | (12,518) |
Deferred revenue | (5,855) |  |  | (48) |  |  | (5,903) |
Deferred tax liabilities | (22,776) |  |  | 1,134 |  |  | (21,642) |
Other liabilities | (1,468) |  |  | — |  |  | (1,468) |
Total consideration for Complex Networks | $ | 294,166 |  |  | — |  |  | $ | 294,166 |
Schedule of Estimated Fair Value of Each of the Identifiable Intangible Assets | The table below indicates the estimated fair value of each of the identifiable intangible assets:
| Asset Fair Value |  | Weighted Average Useful Life (Years)
Trademarks & tradenames | 97,000 |  |  | 15
Customer relationships | 17,000 |  |  | 4
Developed technology | 5,100 |  |  | 3

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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