BuzzFeed Sells Production Company Behind ‘Hot Ones’ YouTube Show for $82.5 Million to Mitigate Debt

BuzzFeed has finalized the sale of First We Feast, the entertainment brand behind the popular YouTube talk show “Hot Ones,” in an eight-figure deal aimed at helping the company reduce its debt.

First We Feast was sold to a consortium of investors led by the food and pop culture brand’s founder, Chris Schonberger, “Hot Ones” host Sean Evans, and Soros Fund Management LLC, founded by billionaire businessman George Soros.

Crooked Media and Mythical Entertainment are also among the investors. Additional investors will be announced at a later date, according to a separate statement issued by First We Feast on the same day.

“What began as a humble food blog has evolved into a powerhouse multi-platform brand, amassing more than four billion views on YouTube, earning multiple Daytime Emmy nominations, and winning James Beard Awards.”

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Schonberger detailed plans to expand First We Feast’s operations, from launching live events to acquiring new talent.

“I’m thrilled to lead this next chapter as we continue to push boundaries and create unforgettable experiences for our audience,” he said.

First We Feast will operate as an independent media entity and studio moving forward, with Schonberger taking on the position of CEO.

Evans, who has hosted “Hot Ones” since its inception in 2015, will assume the newly minted role of chief creative officer.

“I hosted the very first episode of ‘Hot Ones’ in March 2015,” he said in a statement. “Nearly a decade later, it’s incredible to see how the show has grown from a bold experiment into what it is today.”

Evans will continue hosting the talk show, which features the television personality interviewing a celebrity as both he and the guest progress through 10 rounds of chicken wings, each coated in increasingly spicier hot sauces.

Past celebrity appearances include Millie Bobby Brown, Gordon Ramsay, Billie Eilish, Jennifer Lawrence, Shaquille O’Neal, Tom Holland, David Beckham, Ryan Reynolds, and Hugh Jackman, among many others.

“As we approach the 10th anniversary of Hot Ones next season, I’m constantly amazed by the passion and loyalty of our fans, who have made this journey so special,” Evans said.

“Not only is Hot Ones a hit show, but it’s an experience—a cultural touchpoint that audiences want to be a part of, whether they’re watching, tasting the sauces, or sharing in the challenge with friends.

“I’m 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.”

The 26th season of “Hot Ones” premieres on Jan. 23.

Paying Down Debt

BuzzFeed acquired First We Feast in December 2021 when it purchased the entertainment brand’s then-parent company, Complex, for about $198 million in cash and $96 million in equity.

However, following the closure of its namesake news division in May 2023, BuzzFeed revealed in February of this year that it had sold Complex to video commerce brand NTWRK for $108.6 million.

The digital media company also obtained an additional $5.7 million to cover the costs associated with the use of its New York offices, as well as severance and other employment-related expenses. BuzzFeed retained First We Feast, including its show “Hot Ones,” as part of the deal.

“The sale of Complex represents an important strategic step for BuzzFeed, Inc. as we adapt our business to be more profitable, more nimble, and more innovative,” BuzzFeed’s CEO Jonah Peretti said in the statement.

Regarding its recent sale of First We Feast, Peretti said the divestiture and continued reduction of its 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.”

“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,” he said.