BuzzFeed (BZFD) Enters $5.2M Agreement with Bondit

On June 13, 2025, 2X Blind Partners, Inc. (the “Borrower”), a majority-owned subsidiary of HuffPost Studios Canada Inc., which is an indirectly held subsidiary of BuzzFeed (NASDAQ: BZFD), entered into a loan and security agreement with BondIt LLC (the “Lender”), providing for a loan commitment amount of $5.2 million (the “Loan”). Of the $5.2 million commitment, $4.6 million will be received in cash in multiple installments that will be dispersed between June 13, 2025 through August 8, 2025. The remainder of the $5.2 million commitment (i.e., $0.6 million) is being used to satisfy various expenses paid to the Lender.
The Loan will be used to fund the production, post-production, and delivery costs of a feature film currently in production, and the full commitment amount of $5.2 million is required to be repaid using proceeds from contracts with third parties for distribution rights, as well as expected production tax credits. Specifically, $2.6 million is due on March 16, 2026, $2.4 million is due on August 14, 2026, and $0.2 million is due on September 14, 2026.
The loan and security agreement provides for the option, but no obligation on the part of the Lender, to provide additional production funding (i) if requested by the Borrower in writing or (ii) if required to cure an event of default.
The Lender has a first priority secured lien in all of Borrower's assets, tangible and intangible, including but not limited to all proceeds, rights, accounts receivable, cash accounts, equipment, intellectual property, future proceeds, and virtually any other asset currently in Borrower's possession or in the future.

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