BuzzFeed (BZFD) said Thursday it has completed the $82.5 million all-cash sale of First We Feast to a consortium led by a Soros Fund Management affiliate.
With the proceeds from the sale and partial prepayment of convertible notes, BuzzFeed said its cash balance exceeds its remaining debt.
Additionally, BuzzFeed said it expects Q4 revenue from continuing operations to range between $54 million and $58 million. Analyst estimates were not available.
Shares of the company fell more than 12% in recent trading.
Price: 3.90, Change: -0.56, Percent Change: -12.56
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