BuzzFeed's sale of the Hot Ones production company for $82.5 million alleviates financial difficulties, reducing debt by $88.8 million, leaving it with more cash than debt.
The deal marks a significant transition for BuzzFeed, enabling it to retire substantial debt while investors in the consortium include Hot Ones’ host and its founder.
Hot Ones, featuring celebrities like Scarlett Johansson and Jordan Peele, remains popular, but BuzzFeed shifts focus from original content to technology-driven strategies.
After acquiring Complex for its pop culture market share, BuzzFeed experiences challenges, leading to stock declines and a pivot in operational focus amid investor skepticism.
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