BuzzFeed sells ‘Hot Ones’ creator for a cool $82.5 million

The news: BuzzFeed has sold First We Feast, creator of the hit YouTube series "Hot Ones," for $82.5 million to a group of investors including the studio's founder, its star host, and Soros Fund Management.

“Hot Ones,” which has amassed 14 million YouTube subscribers and 4 billion views since its 2015 launch, combines guests like Jennifer Lawrence, Paul Rudd, Shaquille O'Neal, and Billie Eilish, who are challenged to eat increasingly spicy chicken wings during in-depth interviews.

• Founder Chris Schonberger will serve as CEO, while host Sean Evans takes on an additional role as chief creative officer.
• The company will operate independently with backing from Crooked Media and Mythical Entertainment.
• The $82.5 million sale significantly reduces BuzzFeed's debt to $30 million, with the company strategically retaining First We Feast after acquiring it in the $294 million Complex Networks deal in 2021 and subsequently selling Complex in February 2024.

Why it matters: The sale reflects broader shifts in digital media strategy and demonstrates the value of niche but culturally significant content brands.

• Independent ownership allows First We Feast to expand into live events and new platforms. The company plans to move beyond its current content lineup and could use its success with merchandise like hot sauces and games to pursue further monetization opportunities.
• BuzzFeed can focus on high-margin, tech-enabled revenue streams. The publisher says it wants to focus on programmatic advertising and AI-powered interactive content as part of its tech-enabled pivot.

Our take: This deal exemplifies how niche content properties can evolve into valuable standalone businesses with enough cultural resonance to be parodied on both “Saturday Night Live” and “The Simpsons.”

First We Feast's ability to blend entertainment with commerce, particularly through “Hot Ones,” demonstrates the enduring value of innovative content formats. For BuzzFeed, the sale represents a strategic pivot toward scalable, tech-enabled services while providing First We Feast the autonomy to maximize its cultural and commercial potential.

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