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A line chart that illustrates BuzzFeed's stock price from March 5, 2021, to September 13, 2024. The stock peaked at $39.16 in March 2021, then declined sharply to $4.16 by December 2022, and further dropped to $2.67 by September 2024, indicating a significant downward trend.

BuzzFeed stock price

Data: Yahoo Finance; Chart: Axios Visuals

BuzzFeed teaming up with Netflix for live "Hot Ones" shows could be a crucial financial win to generate more revenue and help pay down debt.

Why it matters: The potential deal comes as the digital media company tries to stabilize its business.

The latest: Netflix is in talks with BuzzFeed to stream several live episodes of the popular celebrity interview show with the goal of reaching an agreement this month, Bloomberg reported Friday and Axios confirmed.

Shares jumped 10% shortly after the news broke and were up 6% when the market closed Friday.

By the numbers: BuzzFeed has more than $100 million in debt due in December.

The big picture: As its stock languished, BuzzFeed pursued a series of strategy shifts, cost cuts and sales of some properties. In May, the company completed a reverse stock split to avoid a delisting on the Nasdaq.

Back in February, BuzzFeed announced it was cutting 16% of its staff and selling Complex for $108.6 million in a deal that allowed it to keep "Hot Ones" owner First We Feast. The company has separately shopped around First We Feast for a $70 million price tag, per Bloomberg.

Overall, BuzzFeed has focused on growing its owned and operated properties, like its site and app, through interactive games. By comparison, "Hot Ones" is a distributed asset.

💭 Kerry's thought bubble: Potentially parting with "Hot Ones" seems like a net loss, given it's a successful IP that brings in diversified revenue. I am somewhat biased as a loyal viewer and purchaser of its signature hot sauces.

BuzzFeed looks to Netflix to boost "Hot Ones"

The company has tried to sell the celebrity interview show.

Buzzfeed

BuzzFeed teaming up with Netflix for live &quot;Hot Ones&quot; shows could be a crucial financial win to generate more revenue and help pay down debt.Why it matters: The potential deal comes as the digital media company tries to stabilize its business.

BuzzFeed looks to Netflix to boost "Hot Ones"

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