BuzzFeed, Inc. Announces Sale of First We Feast to an Affiliate of Soros Fund Management in $82.5 Million All-Cash Deal
BuzzFeed, Inc. - Class A (BZFD)
Company Research
Source: Business Wire
Post-Transaction the Company is Operating with a Cash Balance that Exceeds Remaining Debt NEW YORK--(BUSINESS WIRE)--BuzzFeed, Inc. (Nasdaq: BZFD) (the “Company”) today announced the closing of its sale of First We Feast to a consortium led by an affiliate of Soros Fund Management LLC in an $82.5 million all-cash deal. The proceeds of the transaction combined with a partial prepayment of the Company’s outstanding convertible notes has the Company operating with a cash balance that exceeds its remaining debt. Refer to the Company’s 8-K filed with the SEC on December 12, 2024 for additional details.The divestiture of First We Feast completes the Company’s strategic shift away from lower-margin content products, allowing for a greater focus on high-margin, tech-enabled revenue lines: programmatic advertising and affiliate commerce.“The sale of First We Feast and continued reduction of our convertible debt marks an important step in BuzzFeed, Inc.’s strategic transformation into a medi
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BZFD
News
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BZFD
Sec Filings
- 12/17/24 - Form 4
- 12/12/24 - Form 8-K
- 12/2/24 - Form 4
- BZFD's page on the SEC website