Comcast Sells Additional BuzzFeed Shares By Utilizing The Upswing In AI.

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Comcast Corp. reduced its ownership of BuzzFeed Inc. by 8.5% since the end of January in order to benefit from a rise in the stock price of the online media company following news of a partnership with OpenAI, the artificial intelligence startup that created ChatGPT.

In a regulatory statement Comcast (CMCSA.O) revealed that it had sold 522,000 more BuzzFeed shares (BZFD.O) in recent days, bringing the total number of shares sold since January 30 to more than 11 million, and lowering its holding from 24% to 15.5%.

After media reports of a multi-million dollar content arrangement with Meta Platforms Inc (META.O) and intentions to employ OpenAI’s technology, BuzzFeed’s shares, which were selling at 69 cents at the end of 2022, soared as high as $4.25 in January.

Reuters

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