BuzzFeed has sold First We Feast, the studio behind popular YouTube show “Hot Ones,” to a consortium of investors for $82.5 million in cash. The buyers include founder Chris Schonberger and “Hot Ones” host Sean Evans, alongside Crooked Media, Mythical Entertainment, and Soros Fund Management.
First We Feast was first launched in 2015 and has since grown to over 14 million subscribers on YouTube with 4 billion views. The show features high-profile guests such as Gordon Ramsay, Jennifer Lawrence, and David Beckham, known for its deeply researched questions. Evans will remain host of the show while taking on the role of chief creative officer.
The sale is part of BuzzFeed’s strategic shift to focus on high-margin content and reduce debt. First We Feast will become an independent company led by Schonberger, who will assume the CEO role, with Evans as chief creative officer.
The new investment will allow First We Feast to expand into new areas such as live events and talent acquisitions. The show has broken into the cultural zeitgeist, appearing in TV shows like “The Simpsons” and parodied on NBC’s “Saturday Night Live”.
First We Feast was acquired by BuzzFeed in 2021 for $294 million. The company will now operate with a cash balance larger than its total outstanding debt of $30 million.
Source: https://variety.com/2024/digital/news/hot-ones-sold-buzzfeed-soros-fund-sean-evans-first-we-feast-investors-1236246915