BuzzFeed, Inc. (BZFD): M&A transaction — BuzzFeed sells First We Feast for $82.5M cash; reduces debt to ~$30M

BuzzFeed, Inc.

Sold First We Feast to consortium led by Soros Fund Management affiliate for $82.5M all-cash, closing Dec 11, 2024.
Uses 95% of net proceeds (~$75.6M) plus cash to redeem $75.6M of 8.50% Convertible Senior Notes due 2026; also privately repurchases $12M of notes, leaving ~$30M outstanding.
Q4 2024 continuing operations guidance: revenue $54-58M, Adjusted EBITDA $4-9M (excluding First We Feast as discontinued operations).
Approved cash bonuses: CFO Matt Omer $95k, Chief Legal Officer David Arroyo $96.6k in connection with the sale.
Company states cash balance exceeds remaining debt post-transaction, focusing on programmatic advertising and affiliate commerce.

item 1.01 item 2.01 item 5.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

BuzzFeed, Inc. completed a disposition involving FEAST OPCO LLC for $82.5 million (closed 2024-12-11).

Action: disposition
Counterparty: FEAST OPCO LLC
Consideration: $82.5 million
Closing: 2024-12-11

Exact text from the filing

the Purchaser purchased certain assets and assumed certain liabilities related to the business of First We Feast, and, at the Closing, paid a purchase price of $82.5 million

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BuzzFeed, Inc. filing history →

Source: SEC EDGAR

accession 0001828972-24-000249

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