BuzzFeed announced Thursday that it has sold one of its most valuable assets, the food and pop culture brand First We Feast, for $82.5 million in an all-cash transaction. The deal transfers ownership of First We Feast, including its flagship YouTube series Hot Ones, to a group of investors led by the brand’s founder, Chris Schonberger, and Hot Ones host Sean Evans.
The new investors in First We Feast also include Crooked Media, the podcast company known for shows like Pod Save America; Mythical Entertainment, the company behind YouTube personalities Rhett and Link; and Soros Fund Management, the investment firm founded by billionaire George Soros. Additional investors are expected to be disclosed at a later date, according to a press release issued by the brand.
First We Feast, which will now operate as an independent media company, has amassed a huge following with its unique blend of food, celebrity interviews, and pop culture commentary. The company is best known for Hot Ones, a viral YouTube series where celebrities are interviewed while eating progressively spicier chicken wings. Over the years, Hot Ones has become a cultural phenomenon, drawing millions of viewers and featuring a wide array of high-profile guests, including Jennifer Lawrence, Shaquille O’Neal, Paul Rudd, and Billie Eilish.
With the new investment, Schonberger, who will also take on the role of CEO, outlined plans to expand First We Feast into new areas. This includes launching new platforms, hosting live events, and acquiring new talent. The goal is to solidify First We Feast as a premier destination for audiences obsessed with pop culture.
“I’m thrilled to lead this next chapter as we continue to push boundaries and create unforgettable experiences for our audience,” Schonberger said in a statement. “With fresh investment, we’re poised to expand into exciting new areas—such as live events and talent acquisition—that will take First We Feast to even greater heights.”
First We Feast currently boasts over 14 million subscribers on YouTube and more than 4 billion views across its various channels. The Hot Ones series, which celebrates its 10th anniversary in 2024, will premiere its 26th season on January 23. Evans, who co-created the show, will continue as its host and also take on the role of Chief Creative Officer for First We Feast. He expressed his excitement for the future of the show, saying, “The future is spicy, and I can’t wait to see what’s next.”
BuzzFeed originally acquired First We Feast as part of its purchase of Complex Media in 2021. However, in February 2023, BuzzFeed sold Complex Media to the live shopping platform NTWRK for $108.6 million. BuzzFeed retained ownership of First We Feast until now, as part of its broader strategy to reposition itself within the digital media landscape.
ADVERTISEMENT
The sale of First We Feast is part of BuzzFeed’s ongoing efforts to reduce its debt and transform into a more tech-focused media company. In a statement, BuzzFeed CEO Jonah Peretti highlighted the importance of the deal in the company’s strategic shift. “The sale of First We Feast and the continued reduction of our convertible debt marks an important step in BuzzFeed’s transformation,” Peretti said. “As we look to the future, we will continue to invest in scalable, tech-enabled services and new AI-powered interactive experiences, all while delivering for our loyal audience and business partners.”
The sale also allows BuzzFeed to reduce its debt burden. The company has removed more than $150 million in debt since December 31, 2023, as part of its broader efforts to improve its financial position.
The transaction is expected to provide First We Feast with the resources it needs to grow and evolve, particularly as it seeks to expand its reach beyond YouTube and into new platforms and formats. The brand’s strong track record of attracting pop culture enthusiasts positions it well for further success in an increasingly crowded digital entertainment space.
As First We Feast enters its next phase, the brand’s loyal audience can expect more spicy interviews, expanded content, and live events, further solidifying its place as a major player in the intersection of food and entertainment.
