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BuzzFeed Sells ‘Hot Ones’ to George Soros


  • BuzzFeed was once a high-flying digital writer. Now it has shrunk significantly.
  • BuzzFeed wanted to discover a solution to repay a giant debt obligation due this month.
  • It solved that drawback by promoting the corporate behind “Hot Ones” for $83 million to a fund managed by investor George Soros.

Good information for BuzzFeed: It now not has an enormous debt drawback looming over its head.

Slightly much less excellent news for BuzzFeed: Solving the debt drawback means the corporate wanted to promote one in all its buzziest property — First We Feast, the manufacturing firm that owns the “Hot Ones” interview present.

And now Hot Ones — the present the place celebrities reply questions whereas consuming more and more spicy rooster wings — goes to be owned by … investor George Soros and his household.

There’s a bit happening right here. We can break it down in a minute. But the massive image is that BuzzFeed, as soon as thought-about a world-beating digital writer, has staved off a possible extinction occasion (and, for what it is price, has seemingly extinguished a risk posed by investor and political participant Vivek Ramaswamy). And as well as, George Soros has added one other asset to an attention-grabbing assortment of media investments he has assembled up to now few years.

OK. Here are the small print: As I’ve famous earlier than, BuzzFeed was on the hook for $124 million in debt and curiosity funds and was dealing with the prospect of getting to pay it again this month.

But now BuzzFeed has bought First We Feast/Hot Ones to what it is calling a consortium “led by an affiliate of Soros Fund Management LLC” for $82.5 million in money. Then it took the proceeds from that sale, threw in some money it already had readily available, and paid again some $90 million of its debt obligations. BuzzFeed says it has $30 million in debt remaining, and that cash is due in a yr.

“BuzzFeed says its remaining companies — BuzzFeed, the popular culture website finest identified for listicles, quizzes, and superstar information; Huffington Post, the left-leaning information website; and Tasty, its meals vertical — will energy the corporate sooner or later, together with what CEO Jonah Peretti calls “new AI-powered interactive experiences.”

First We Feast, in the meantime, says it’s going to now function as a standalone firm. It says the deal and its new possession construction will let it “gasoline present and new content material franchises” and fund “future partnerships and acquisitions with different creators.” A press launch from the corporate says “Hot Ones” host Sean Evans is among the traders within the new firm, which suggests he’ll be sticking round for some time.

And whereas it might sound bizarre for Soros, who’s price a reported $7.2 billion and whose funding of liberal causes has made him a bogeyman for some US conservatives, to personal a celeb interview present, it isn’t a complete shocker, for a few causes.

For starters, Soros’ empire — now run by his son Alex — has been making films into media over the previous couple of years. In 2022, it acquired a minority stake in Crooked Media, the podcast firm finest identified for its “Pod Save America” present. And earlier this yr, Soros acquired a controlling stake in Audacy, a bankrupt radio firm with greater than 200 stations within the US — a deal that incensed some Republicans.

There’s additionally some connective tissue between Soros and BuzzFeed at play right here through media govt Michael Del Nin. Back in 2021, Del Nin put collectively the deal that allowed BuzzFeed to go public, and he was set to change into one in all BuzzFeed’s prime executives in 2022. Instead, Del Nin went to Soros, the place he leads the funding firm’s media unit.

The deal additionally implies that BuzzFeed has diminished its threat that Ramaswamy, an investor and soon-to-be DOGE cochair advising the subsequent Trump administration, can have significant affect in its future.

Earlier this yr, Ramaswamy purchased up a 9% stake in BuzzFeed and informed Peretti he ought to carry a gaggle of conservative media varieties onto BuzzFeed’s board and switch BuzzFeed right into a Twitter-style platform. Then he steered that when BuzzFeed’s debt got here due this month, the corporate could be unable to pay it again and that one way or the other Ramaswamy would find yourself controlling the corporate. That would not appear to be an possibility anymore.



Ella Bennet
Ella Bennet
Ella Bennet brings a fresh perspective to the world of journalism, combining her youthful energy with a keen eye for detail. Her passion for storytelling and commitment to delivering reliable information make her a trusted voice in the industry. Whether she’s unraveling complex issues or highlighting inspiring stories, her writing resonates with readers, drawing them in with clarity and depth.
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