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BuzzFeed's big year: Listicles and crazy quizzes have paid off as BuzzFeed targets a $1.5bn valuation in SPAC deal

BuzzFeed's big year: Listicles and crazy quizzes have paid off as BuzzFeed targets a $1.5bn valuation in SPAC deal

Almost 15 years since its founding BuzzFeed, the home of internet quizzes, listicles and insane clickbait, is going to join the public markets by virtue of a SPAC (learn more about SPACs here).

For BuzzFeed this is a big moment. Once heralded as the next big thing in digital media, the company has had tough years as the stream of traffic from social media giants became less reliable, and advertisers increasingly wanted the precision targeted advertising that Facebook and Google were able to offer.

Nevertheless this deal is set to value BuzzFeed at a cool $1.5bn — down just slightly on its $1.7bn valuation from 2016 — and if BuzzFeed's own forecasts are to be believed then the company is set to go on a tear. As part of the deal BuzzFeed is set to acquire Complex, and management are hoping to more than double revenues by 2024, by growing its direct commerce business significantly.

Clickbait... and Pulitzer

Although BuzzFeed is best known for its clickbait listicles and obscenely silly quizzes such as "Build A Nacho Plate That'll Have Your Mouth Watering And We'll Reveal What Your Engagement Ring Will Look Like" — which is a real quiz that we found in 10 seconds on their website — more recently BuzzFeed has been doing some serious journalism.

Two weeks ago BuzzFeed News, the sister site of BuzzFeed, won what is arguably the highest honor in journalism — a Pulitzer Prize. The award came for BuzzFeed's series of articles that used satellite imagery and in-person interviews to expose the infrastructure that was detaining hundreds of thousands of Muslims in China's Xinjiang region.

BuzzFeed is growing up (kinda) — but can it live up to those lofty forecasts? Time will tell.

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Starbucks issues apology after viral “Bearista” cup meltdown

Holiday cheer turned into chaos this week for Starbucks after the coffee giant’s new “Bearista” holiday cup sent fans into a frenzy. 

Dropped alongside its 2025 holiday menu, the $30 beanie-wearing glass bear tumbler sparked long lines, sellouts, and even in-store scuffles before Starbucks stepped in with an apology.

“The excitement for our merchandise exceeded even our biggest expectations,” the company said in a statement to People. “Despite shipping more Bearista cups to our coffeehouses than almost any other item this holiday season, the Bearista cup and some other items sold out fast.”

Within hours of launch, frustrated fans flooded Starbucks’ social media pages and even store hotlines. Some customers waited in line before dawn and others said their stores received only a handful of cups. In one Houston location, the craze even turned physical, with police reportedly called to break up a brawl. Meanwhile, the cup is already reselling on sites like eBay, with listings topping $600.

“We understand many customers were excited about the Bearista cup and apologize for the disappointment this may have caused,” Starbucks said. While in-store customers may be upset, investors seem happy about the viral hit, as the stock has risen over 3% on Friday.

If you’re still hoping for a Bearista at market price, that may not be on order: the chain didn’t disclose how many cups were made or whether a restock is planned.

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Target tells workers to smile, wave, and greet shoppers if they come within 10 feet of them

Target just rolled out a new rule for store employees: smile, make eye contact, and greet or wave when a shopper comes within 10 feet — and if they get closer, within four feet, ask whether they need help or how their day is going, according to a new Bloomberg report.

Dubbed the 10-4 program internally, the rule mirrors rival Walmarts own 10-foot policy, formalizing behavior Target had previously only encouraged.

business

Monster surges on energy drink buzz, while Celsius sinks on distribution concerns

Shares of Monster Beverage climbed 5% after the bell on Thursday, and held most of those gains into early trading on Friday, following strong Q3 results.

The energy drink giant topped market expectations, with quarterly sales up 17% year over year to $2.2 billion and adjusted net profits growing 41% to $524.5 million — 11% ahead of Wall Street’s estimates. In the report, Monster highlighted its zero-sugar line and new product launches, with a stack of novel flavors already released this year, as bright spots.

During a call with analysts, Chief Executive Hilton Schlosberg said that the global energy drink category “remains healthy with robust growth,” The Wall Street Journal reported, adding that demand for more affordable caffeinated drinks is rising as coffee has become “really expensive.”

Meanwhile, rival beverage business Celsius saw shares fall as much as 23% on its Q3 results yesterday — despite beating expectations, with revenue jumping 173% — largely due to concerns about a change in the company’s distribution channel, as its newly acquired Alani Nu brand joins the PepsiCo distribution network.

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