Buzzfeed is a poorly managed version of Reddit, Twitter ,and to some extent the news networks like CNN, Fox News. Simply buying a competitor to these aforementioned sites would not have helped Disney. Disney needs to invest in R & D. Disney needs to acquired different tehcnologies to make better versions of movies and cartoons.
Disney did not make a mistake in not buying buzzfeed for 1 billion dollars. Disney is successful and will continue to be successful without buzzfeed. There will be other great websites and other great opportunities to invest in a website. Not to mention I do not think buzzfeed is worth that much.
Why is NOT buying a company considered a mistake? Disney is not exactly a poor company looking to increase its standing in the world. They are already famous and rich. They don't need Buzzfeed. If anything, Buzzfeed needs them. By the sounds of it, the deal fell through because Buzzfeed asked for too much money. Disney corporation has gotten where it is today by being business savvy. They knew the deal wasn't worth the price. It was a choice, not a mistake.
I think Disney has a big enough empire where they don't need to be buying more business to keep themselves afloat. Buzzfeed could be a huge bargain or it could fall flat in a couple of years. Either way Disney will not be hurt by the results. I think they made a smart choice.