In 2014, BuzzFeed was arguably one of the hottest media companies in the United States. Founded by Jonah Peretti of Huffington Post fame in 2006, the company’s quirky mix of funny lists, serious reporting, and whimsical quizzes attracted 150 million unique users each month. Perhaps more remarkably, BuzzFeed’s newsroom employed 200 editors and reporters solely on the strength of revenues derived from native advertising. While most media companies struggled to make online advertising pay ? Facebook banner ads sold for ten cents per 1,000 impressions ? BuzzFeed’s average CPM stood at $9. Reportedly having turned down a $1 billion offer by Disney, the company was flying high. But did Peretti really crack the conundrum of online advertising? Did BuzzFeed have a sustainable competitive advantage?