BuzzFeed sells What’s Hot

After months of searching for a buyer to take over First We Feast – the production company behind it Hot ones – out of its own hands, BuzzFeed has finally secured an $82.5 million deal to sell First We Feast to a “consortium led by an affiliate of Soros Fund Management LLC” The consortium’s investors include First We Feast founder Chris Schonberger and Hot ones hosted by Sean Evans.

In a press release, BuzzFeed CEO Jonah Peretti said the sale of First We Feast “marks an important step in BuzzFeed, Inc.’s strategic transformation.”

“In the coming years, we will continue to invest in our most innovative and open technology services, introduce new experiences that use the power of AI, and deliver them to our loyal audience and business partners,” said Peretti.

BuzzFeed acquired First We Feast in 2021 when it bought media rival Complex, the original owner of the production company. Although BuzzFeed last sold Complex to Ntwrk earlier this year for $108.6 million, it chose to retain control of First We Feast.

However, with the cash available and $75.6 of this sale, Buzzfeed says it can pay off the debt, and end up with more cash on its books than debt.