BuzzFeed is "on track to miss its revenue target for this year by a significant amount," The Wall Street Journal reported on Thursday.



The digital media company will miss its revenue target of $350 million for 2017 by between 15 and 20 percent, which amounts to a $50 to $70 million shortfall, according to the report.



The major miss makes the possibility of a public stock offering originally planned for 2018 "remote," sources told the paper.





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"Some BuzzFeed investors have become worried about the company’s performance and rising costs for expansions in areas like news and entertainment," the Journal reports."Those frustrations were aired at a board meeting in recent weeks, in which directors took management to task."BuzzFeed is backed by major investors, including Comcast-owned NBCUniversal, Hearst Ventures and Andreessen Horowitz.NBCUniversal’s latest investment in 2016 was reportedly $400 million, bringing the value of the company at about $1.7 billion.Former Politico writer Ben Smith was brought in as BuzzFeed's editor-in-chief in 2011. The company was founded in 2006 and is based in New York.