BuzzFeed sells First We Feast in $82.5M all-cash deal

BuzzFeed (BZFD) announced the closing of its sale of First We Feast to a consortium led by an affiliate of Soros Fund Management in an $82.5M 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. During the fourth quarter of 2024, the company concluded that First We Feast was classified as a held for sale asset and met the criteria for discontinued operations in accordance with U.S. GAAP. Therefore, the performance of First We Feast will be presented as a discontinued operation within its financial results.