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BuzzFeed to sell Hot Ones company for $111.3 million
The Straits Times
|December 14, 2024
American media company BuzzFeed said on Dec 12 it had reached a deal to sell the company behind the popular interview show Hot Ones for US$82.5 million (S$111.3 million), easing a cash crunch that has loomed over the media company for months.
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NEW YORK -
The buyer is a consortium of investors led by an affiliate of Soros Fund Management that also includes Sean Evans, the affable host of Hot Ones, and Mr Chris Schonberger, founder of First We Feast, the show's parent company.
Mythical Entertainment, the media company created by the YouTube duo Rhett & Link - Rhett James McLaughlin and Charles Lincoln "Link" Neal III - is also an investor.
The deal will allow BuzzFeed to pay down tens of millions of dollars in debt that was scheduled to come due this month. The company is reducing its debt load of nearly US$124 million by US$88.8 million, using proceeds from the sale and funding from its operations, leaving the company with more cash than debt on its books.
This story is from the December 14, 2024 edition of The Straits Times.
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