Buzzfeed Inc (NASDAQ:BZFD) is selling First We Feast, the brand behind its popular ‘Hot Ones’ talk show, to a group of investors led by an affiliate of Soros Fund Management for $82.5 million in cash.
First We Feast will become a standalone company led by founder Chris Schonberger, BuzzFeed said on Thursday.
‘Hot Ones’ host Sean Evans will serve as chief creative officer. It will continue to produce ‘Hot Ones’ and seek to expand its advertising partnerships.
BuzzFeed plans to refocus on high-margin, tech-driven revenue sources such as 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 media company positioned to fully benefit from the ongoing AI revolution,” BuzzFeed CEO Jonah Peretti said in a statement.
“In the coming years, we will continue to invest in our most scalable and tech-enabled services, launching new AI-powered interactive experiences, and delivering for our loyal audience and business partners.”
BuzzFeed’s shares traded lower on the announcement down 11.2% at $4.