BuzzFeed sells Hot Ones amid massive debt crisis
- BuzzFeed sold First We Feast for $82.5 million to a consortium led by Soros Fund Management LLC.
- Sean Evans and Chris Schonberger are notable investors in the consortium.
- This sale is a critical step in BuzzFeed's efforts to manage its $123.5 million debt.
In a significant financial move, BuzzFeed, an American digital media company, completed the sale of First We Feast, the production company behind the YouTube show Hot Ones, for $82.5 million. This all-cash deal involves a consortium led by an affiliate of Soros Fund Management LLC, which includes notable investors such as Sean Evans, the host of Hot Ones, and First We Feast’s founder Chris Schonberger. The decision to sell comes amidst BuzzFeed's ongoing struggle to manage its considerable debt, which totals around $123.5 million along with interest payments. BuzzFeed's CEO Jonah Peretti attended to these financial challenges as he emphasized the strategic transformation of the company into a media entity poised to take advantage of advancements in artificial intelligence.