BuzzFeed’s sale of First We Feast seen as a ‘good sign’ for the M&A media market
By Sara Guaglione After selling First We Feast following the sale of Complex earlier this year, BuzzFeed has come close to breaking even on its 2021 acquisition of Complex Networks. Investor analysts are describing the deal as a good sign for the media M&A market — which itself is an indication of how ugly that market had become.
A group of investors will pay BuzzFeed $82.5 million for First We Feast, which includes the popular “Hot Ones” franchise. Add to that the $108.6 million plus $5.7 million in fees BuzzFeed is getting from February’s sale of Complex to NTWRK, and BuzzFeed will have made back $196.8 million of the $198 million it originally paid for Complex Networks in 2021.
BuzzFeed is still effectively taking a loss on the overall Complex acquisition, but First We Feast’s $82.5 million price tag indicates an improving media M&A market. Bloomberg reported in June that BuzzFeed was struggling to find a buyer for First We Feast with a $70 million sale price.Continue reading this article on digiday.com. Sign up for Digiday newsletters to get the latest on media, marketing and the future of TV. …read more
Source:: Digiday