An affiliate of the Soros Fund Management purchased First We Feast, the production company behind BuzzFeed’s interview show, “Hot Ones.”
The $82.5 million purchase allows BuzzFeed to pay down its millions of dollars in debt, The New York Times reported.
The publication described the purchase as “another high-profile investment for Soros Fund Management, which has backed media and entertainment companies in recent years.” The Soros Fund Management previously invested in Crooked Media, a company created by former Obama administration staff members.
In February, Soros purchased $400 million of debt in Audacy, the nation’s second-largest radio station chain. The radio chain owns more than 220 stations across the United States.
The deal was later approved by the Federal Communications Commission (FCC).
The development marked the first time a deal has been fast-tracked to pass the FCC without a standard review, according to FCC Commissioner Brendan Carr, who called the move “unprecedented.”
“Never before has the Commission voted to approve the transfer of a broadcast license—let alone the transfer of broadcast licenses for over 200 radio stations across more than 40 markets—without following the requirements and procedures codified in federal law. Not once,” he said. “And yet the Commission breaks this new ground today without seeking public comment on altering our established regulations, without actually changing the rules on the books, and without seeking the feedback of other federal agencies with relevant equities.”
In a normal proceeding, national security agencies would review “excessive foreign ownership” to determine if there are issues with the transaction,” Carr explained during a congressional hearing, adding, “It looks like we got the cart before the horse this time.”
