Buzzfeed is getting out of the hot wings game. The media company has sold First We Feast, the studio behind the viral YouTube series “Hot Ones,” to a group of investors that include the production company’s founder Chris Schonberger and the host of “Hot Ones” Sean Evans, as well as Crooked Media, Mythical Entertainment and Soros Fund Management. Additional investors will be announced at a later date.
The all-cash deal saw the production company being sold for $82.5 million. Thanks to this transaction, as well as a partial prepayment of Buzzfeed’s outstanding convertible notes, Buzzfeed is now operating with a cash balance that exceeds its debt.
“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 press release. “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.”
Moving forward, First We Feast will become a creator-led and independent multi-platform media company and content studio. The company noted that its new ownership structure will allow it to continue creating new and existing content franchises, expand its audience and advertising partnerships, as well as explore partnerships and acquisitions with other creators.
First We Feast will retain its team in this new era. Founder and “Hot Ones” creator Chris Schonberger will serve as Chief Executive Officer, and Sean Evans will become the company’s Chief Creative Officer in addition to continuing to host the award-winning “Hot Ones.” Sarah Honda will continue to oversee operations and serve as an executive producer as SVP of Operations and Brand Strategy. Finally, Brendan Kelly will continue to lead brand partnerships and advertising sales as SVP of Client Partnerships.
“Today’s announcement marks an exciting new chapter in First We Feast’s history,” Schonberger said in a statement to press. “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. I’m thrilled to lead this next chapter as we continue to push boundaries and create unforgettable experiences for our audience.”
“I hosted the very first episode of ‘Hot Ones’ in March 2015,” Evans said. “Nearly a decade later, it’s incredible to see how the show has grown from a bold experiment into what it is today … 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.”
As shocking as that $82.5 million figure may be, it’s not the only jaw-dropping number associated with “Hot Ones.” The viral YouTube series currently has over 14 million subscribers and 4 billion lifetime views on the platform. To date, the series has been nominated for two Daytime Emmys and has won two Streamy Awards.
