BuzzFeed Inc. is facing challenges in selling its popular spicy-wings talk show 'Hot Ones,' which is owned by its food-oriented media company, First We Feast. BuzzFeed's bankers at UBS Group AG are managing the sale process and initially sought over $70 million. Despite First We Feast being profitable with approximately $30 million in annual revenue, potential buyers are hesitant at the $70 million price tag. BuzzFeed, once valued at over $1 billion, now has a market capitalization of just $78 million. The company needs to raise $120 million by December to repay its debts, adding urgency to the sale.
Spicy-wings talk show "Hot Ones" faces an uncertain future as BuzzFeed tries to sell it https://t.co/KgEtwvtOox via @business
the Hot Ones team is mad they aren't getting the resources to invest in a hit video show, meaning they are now truly BuzzFeed employees https://t.co/C5cIKF89Sn https://t.co/dCnuKg6vzR
BuzzFeed really needs a 'Hot Ones' deal https://t.co/uFFbSI2gz9
Hot Ones is a hit for BuzzFeed. But BuzzFeed needs $120 million by December, so make an offer. Next q: Where does BuzzFeed get the rest of the cash it needs? https://t.co/ZIplur6s1A
BuzzFeed struggles to sell YouTube show Hot Ones and repay its debts https://t.co/2BWJ3oyff9 https://t.co/nxXo72mFwu
"BuzzFeed, once valued at more than $1 billion by private investors, now has a market capitalization of just $78 million." https://t.co/K9TDdMCBbE
Sources: BuzzFeed is struggling to sell Hot Ones owner First We Feast, which is profitable and has ~$30M revenue per year; interested parties balk at $70M price (@lucas_shaw / Bloomberg) https://t.co/xlqm2igWaE https://t.co/xVZwAhXyMi
"BuzzFeed Inc. has been trying to sell First We Feast, the food-oriented media company that owns Hot Ones. BuzzFeed’s bankers at UBS Group AG are running a formal sale process and initially asked for more than $70 million, according to people familiar with the matter." https://t.co/yFzuFHpTtE
Trouble behind the scenes at Hot Ones, the internet’s favorite talk show. https://t.co/w6IUEQik5H
Spicy-wings talk show "Hot Ones" faces an uncertain future as BuzzFeed tries to sell it https://t.co/YX9T2laFdO