One of BuzzFeed’s most valuable assets is up for sale.
The popular “Hot Ones” YouTube show’s food and pop culture entertainment brand, First We Feast, was sold by the media business Thursday for $82.5 million in an all-cash transaction.
Among the investors are Chris Schonberger, the founder of First We Feast; Sean Evans, the host and co-creator of “Hot Ones”; Crooked Media, a podcast; YouTubers Rhett and Link’s Mythical Entertainment; and Soros Fund Management, an investment business established by billionaire George Soros.
According to a press release from First We Feast, which will now function as an independent multiplatform media firm, other investors will be revealed later.
Schonberger will take over as CEO. “With new investment, we’re poised to expand into exciting new areas including new platforms, live events, and talent acquisition – cementing First We Feast as the ultimate destination for pop culture obsessed audiences,” Schonberger said in a statement. “I’m excited to be in charge of this next phase as we keep pushing the envelope and giving our audience experiences they won’t soon forget.
On YouTube, First We Feast has over 4 billion views and 14 million followers. Because of its distinctive format and Evans interview style, the show Hot Ones, which sees celebrities answering questions while consuming fiery chicken wings, has developed a devoted following over the years. Jennifer Lawrence, Shaquille O’Neal, Paul Rudd, and Billie Eilish are just a few of the well-known celebrities that have appeared on the show over the years.
Evans will continue to host “Hot Ones” and will also act as the chief creative officer of First We Feast. The 26th season of the show, which will mark its tenth anniversary next year, will debut on January 23.
Evans expressed his excitement in a statement, saying he is “excited to continue hosting the show with hot questions, and even hotter wings for years to come.”
I’m excited to see what comes next, and the future is exciting,” he continued.
We Feast started out as a food site under Complex Media, which BuzzFeed purchased in 2021 and then sold to NTWRK, a live shopping platform, in February for $108.6 million. First We Feast was still owned by BuzzFeed at the time.
According to a statement from BuzzFeed founder and CEO Jonah Peretti, the sale of First We Feast and the continuous decrease of our convertible debt represent a significant step in BuzzFeed, Inc.’s strategic transformation into a media firm positioned to fully profit from the ongoing AI revolution. We will keep making investments in our most tech-enabled and scalable offerings, introducing fresh interactive experiences driven by AI, and providing for our devoted clientele and business associates in the upcoming years.
According to BuzzFeed’s news release, the deal also enables the company to lower its remaining debt, with the company having “removed more than $150 million of debt since December 31, 2023.”
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