Thu, December 12, 2024

[ Thu, Dec 12th 2024 ]: WFMZ-TV

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BuzzFeed Strikes Deal to Sell 'Hot Ones' Company for $82.5 Million

The sale, to a group that includes the show's host, Sean Evans, and Soros Fund Management, will allow BuzzFeed to pay down tens of millions of dollars in debt.

The article from The New York Times discusses BuzzFeed's strategic move to sell its popular web series "Hot Ones" to a group of investors led by First We Feast's former president, Chris Schonberger, and backed by Complex Networks. "Hot Ones," known for its format where celebrities eat increasingly spicy wings while being interviewed, has become a significant asset for BuzzFeed, especially as the company has faced financial challenges. The sale, which includes the show's intellectual property, production capabilities, and its YouTube channel with over 11 million subscribers, aims to provide BuzzFeed with much-needed capital while allowing "Hot Ones" to potentially expand under new ownership. This transaction reflects BuzzFeed's broader strategy to divest non-core assets to streamline operations and focus on its primary digital media and commerce businesses.

Read the Full The New York Times Article at:
https://www.nytimes.com/2024/12/12/business/buzzfeed-hot-ones-sale.html