BuzzFeed, the website known for its humorous top-10 lists, is expanding into feature films.
The company said Monday it received a $50-million investment from Silicon Valley venture capital firm Andreessen Horowitz, which will allow it to expand from short video clips into longer film projects.
Although known for its lighter fare, BuzzFeed has recently hired more established journalists as it seeks to transform itself into a more serious news outlet.
In a blog post, Andreessen Horowitz general partner Chris Dixon said BuzzFeed has the potential to emerge from today’s changing media environment as “a preeminent media company.”
The investment from Andreessen Horowitz values BuzzFeed at $850 million, the New York Times reported, citing an anonymous source.
BuzzFeed said it is creating a new video division called BuzzFeed Motion Pictures, which will produce GIFs, short videos and feature films.
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Aug. 11, 10:05 a.m.: This post has been updated with information regarding BuzzFeed's film plans.
This post was originally published at 8:36 a.m.