BuzzFeed sells ‘Hot Ones’ company in $82.5 million deal

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BuzzFeed announced Thursday that it had closed a deal to sell First We Feast, the studio behind “Hot Ones,” a popular interview show in which celebrities eat increasingly spicy chicken wings while being interviewed, for $82.5 million.

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The buyers include a consortium of investors, including Soros Fund Management, Crooked Media and Mythical Entertainment, as well as “Hot Ones” host Sean Evans and First We Feast founder Chris Schonberger.

The deal will make First We Feast, which has more than 14 million subscribers on YouTube, an independent media organization and content studio, according to a news release. Both Schonberger and Evans will get new titles, with the former becoming CEO and the latter chief creative officer.

“Today’s announcement marks an exciting new chapter in First We Feast’s history,” Schonberger said in a news release, adding, “I’m thrilled to lead this next chapter as we continue to push boundaries and create unforgettable experiences for our audience.”

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In addition to creating new shows and working with creators, First We Feast will still publish episodes of its breakout show “Hot Ones,” in which celebrities from all corners of stardom are interviewed by Evans while eating wings (which get spicier as the interview continues).

Since it began in 2015, the show has featured celebrities including Paul Rudd, Gordon Ramsay, Billie Eilish, Shaquille O’Neal, Millie Bobby Brown, Kevin Hart, Scarlett Johansson and Tom Holland.

No immediate changes to the show are expected. In his new role, Evans said, he plans to continue interviewing celebrities in the show’s forthcoming 26th season.

“I hosted the very first episode of Hot Ones in March 2015,” Evans 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.”

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“The future is spicy, and I can’t wait to see what’s next,” he said.

The deal will help BuzzFeed recoup much of the money spent on gaining ownership of “Hot Ones” in the first place, the company said. BuzzFeed acquired First We Feast through its purchase of the media company Complex in 2021 for about $198 million.

Earlier this year, BuzzFeed sold Complex to the e-commerce platform NTWRK in a deal worth $108.6 million plus $5.7 million in related fees, the company said, though it held onto First We Feast. There had been speculation before Thursday’s announcement about how BuzzFeed planned to pay down its $123.5 million debt.

BuzzFeed founder and CEO Jonah Peretti said in a statement Thursday that the sale will help the company move away from content to focus more on tech, including 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.

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