'Hot Ones' Show Studio Sold by Buzzfeed in 8-Figure Deal, Money Details Revealed!
Hot Ones is bringing in the big bucks!
BuzzFeed announced a deal to sell First We Feast, the studio behind the hit talk show featuring celebrities eating hot sauce-drenched chicken wings, for $82.5 million in cash to a group of investors.
The buyers include First We Feast founder Chris Schonberger and host Sean Evans, podcast media company Crooked Media, Rhett & Link’s Mythical Entertainment and Soros Fund Management, the investment firm founded by billionaire George Soros, via Variety.
First We Feast said additional investors will be announced at a later date.
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Hot Ones debuted in 2015, and has over 14 million subscribers on YouTube and 4 billion views to date.
With the sale, First We Feast will become an independent company led by the founder, who will become CEO, and Sean, who is becoming chief creative officer as well as host.
“Today’s announcement marks an exciting new chapter in First We Feast’s history,” Chris Schonberger said in a statement. “Being part of this incredible journey has been one of the greatest joys of my life. Our proven expertise in developing compelling formats, iconic IP, and best-in-class interviews makes us uniquely positioned to build on the brand’s momentum and supercharge our growth.”
The founder added that the investment will lead to expansion onto new platforms, live events and talent acquisitions.
“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. 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,” Sean said in a statement, adding: “The future is spicy, and I can’t wait to see what’s next.”
BuzzFeed picked up Hot Ones and First We Feast through the 2021 acquisition of Complex Networks for $294 million. This February, BuzzFeed sold Complex to Ntwrk and other investors for $108.6 million, plus $5.7 million in related fees received from Ntwr. First We Feast was not sold in that deal, remaining with BuzzFeed.
The sale of First We Feast will help reduce its debt, according to Variety‘s report. BuzzFeed will now reportedly operate with a cash balance that is larger than its total outstanding debt, reducing outstanding debt to $30 million (by $88.8 million).
“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,” BuzzFeed founder and CEO Jonah Peretti said in a statement.
First We Feast begins as a independent company with the launch of its Annual Hot One’s Holiday Extravaganza on December 19, with Season 26 premiering January 23 with new celebrity interviews and “special surprises” for the 10th anniversary.
Earlier in the year, First We Feast was in negotiations with Netflix to produce live Hot Ones shows.
See some of the funniest and most surprising moments from Hot Ones over the years.