BuzzFeed, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
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Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our reports under the Securities Exchange Act of 1934, as amended ( the “Exchange Act”), is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the U.S. Securities and Exchange Commission, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. In making this evaluation, management considered the material weaknesses in our internal controls over financial reporting described below. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2025, the period covered in this report, our disclosure controls and procedures were not effective.
Notwithstanding the assessment that our disclosure controls and procedures are not effective and that material weaknesses existed as of September 30, 2025, we believe that we have performed sufficient supplementary procedures to ensure that the condensed consolidated financial statements contained in this filing fairly present, in all material respects, our financial position, results of operations, and cash flows for all periods presented, in accordance with U.S. Generally Accepted Accounting Principles.
Material Weaknesses in Internal Control over Financial Reporting
In connection with the audit of our consolidated financial statements as of, and for the years ended, December 31, 2024, 2023, and 2022, our management identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses identified related to the following:
A lack of formalized internal controls and segregation of duties surrounding our financial statement close process; and
A lack of formalized information technology general controls in the area of change management and logical security controls over financial information technology systems.
Material Weakness Remediation
During 2023 and 2024, and continuing into 2025, with the oversight of the audit committee of our board of directors, we have executed remediation plans and enhanced controls within the financial statement close process as follows:
We have designed control procedures to enhance documentation around higher-risk balance sheet reconciliations, financial results, and supporting calculations. This includes designing or enhancing existing controls to address the completeness and accuracy of the information used in controls and the evidence and documentation of the related review procedures; and
We have designed controls and processes to segregate job responsibilities through a combination of system enforced workflow approvals, security permission, and detective reviews of our general ledger transactions to monitor segregation of duties surrounding our financial statement close process.
Additionally, we have executed remediation plans and enhanced controls within the information technology controls area, including, but not limited to:
Formalized the processes and controls around security administration and implementing user access reviews for key financial systems. We hired resources with technical expertise and centralized security administration for several financial applications and further enhanced logical access controls for the remaining applications;
Designed processes and controls to further support and provide appropriate oversight over key financial systems, including, but not limited to: designed a central change management function and implemented policies and procedures with respect to change management and system development for key financial applications; and
Documented test procedures and approvals related to changes made in production for key financial applications; and maintaining separate test and production environments, where applicable.
Management is in the process of testing these new and enhanced controls to determine whether they are operating effectively. The material weaknesses cannot be considered remediated until the controls operate effectively for a sufficient period of time and management has concluded, through testing, that they are effective.
Changes in Internal Control over Financial Reporting
Other than the remediation efforts described above, there were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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