By Sabela Ojea
Comcast Corp. has sold another chunk of shares in BuzzFeed Inc. to benefit from the artificial intelligence momentum the digital media company is going through.
The telecommunications company has reduced its stake in BuzzFeed by 524,322 shares to 15.5% from 15.9% previously, according to a Securities and Exchange Commission filing Tuesday.
Only last Friday, Comcast cut its stake in BuzzFeed to 15.90% from a total stake of 24.51% as of the end of 2022, according to FactSet.
BuzzFeed is enhancing its ties with artificial intelligence with companies such as the ChatGPT creator OpenAI.
The company is using this technology to optimize its quizzes and personalize content for its audiences, which has been well received by investors.
BuzzFeed’s stock price has more-than-doubled ever since the year started, and increased by over 97% in the last month.
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