BuzzFeed is selling one of its hottest assets.
The media company announced Thursday that it sold First We Feast, the food and pop culture entertainment brand behind the popular “Hot Ones” YouTube show, for $82.5 million in an all-cash deal.
Investors include First We Feast founder Chris Schonberger, “Hot Ones” host and co-creator Sean Evans, the podcast company Crooked Media, YouTubers Rhett and Link’s Mythical Entertainment and Soros Fund Management, the investment firm founded by billionaire George Soros.
Additional investors will be announced at a later date, according to a press release from First We Feast, which will now operate as an independent multiplatform media company.
“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, who will assume the role of CEO, said in a statement. “I’m thrilled to lead this next chapter as we continue to push boundaries and create unforgettable experiences for our audience.”
First We Feast has 14 million subscribers and more than 4 billion views on YouTube. Its show “Hot Ones,” which features celebrities answering questions while eating spicy chicken wings, has grown a strong fandom over the years for its unique format and Evans’ interview style. Over the years, the show has featured prominent celebrities as guests, including: Jennifer Lawrence, Shaquille O’Neal, Paul Rudd and Billie Eilish.
Evans will continue to serve as the host of “Hot Ones” and take on an additional role as First We Feast’s chief creative officer. The show, which celebrates its 10th anniversary next year, will premiere its 26th season Jan. 23.
In a statement, Evans said he’s “excited to continue hosting ‘the show with hot questions, and even hotter wings’ for years to come.”
“The future is spicy, and I can’t wait to see what’s next,” he added.
First We Feast began as a food blog under Complex Media, which was acquired by BuzzFeed in 2021 and sold in February to the live shopping platform NTWRK for $108.6 million. At the time, BuzzFeed kept its ownership of First We Feast.
“The sale of First We Feast and continued reduction of our convertible debt marks an important step in BuzzFeed, Inc.’s strategic transformation into a media company positioned to fully benefit from the ongoing AI revolution,” BuzzFeed founder and CEO Jonah Peretti said in a statement. “In the coming years, we will continue to invest in our most scalable and tech enabled services, launching new AI-powered interactive experiences, and delivering for our loyal audience and business partners.”
The deal also allows it to reduce outstanding debt, BuzzFeed said in its news release, noting that the company has now “removed more than $150 million of debt since December 31, 2023.”