10:42 AM EST, 12/12/2024 (MT Newswires) -- 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 ( BZFD ) said its cash balance exceeds its remaining debt.

Additionally, BuzzFeed ( BZFD ) 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