BuzzFeed, once a leading digital publisher, faced significant debt but has alleviated its burden by selling the production company behind the hit series 'Hot Ones' for $83 million.
In selling First We Feast, BuzzFeed has managed to pay off a critical $90 million debt, while now only carrying $30 million, due in a year.
The transaction has not only relieved BuzzFeed's debt pressures but also allowed investor George Soros to expand his diverse media investment portfolio.
Though BuzzFeed's financial situation has stabilized for now, the sale of 'Hot Ones' represents a significant loss of one of its most recognized assets.
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