BuzzFeed is promoting certainly one of its hottest belongings.
The media firm announced Thursday that it offered First We Feast, the meals and popular culture leisure model behind the favored “Hot Ones” YouTube present, for $82.5 million in an all-cash deal.
Investors embrace First We Feast founder Chris Schonberger, “Hot Ones” host and co-creator Sean Evans, the podcast firm Crooked Media, YouTubers Rhett and Link’s Mythical Entertainment and Soros Fund Management, the funding agency based by billionaire George Soros.
Additional traders can be introduced at a later date, in line with a press launch from First We Feast, which can now function as an unbiased multiplatform media firm.
“With new funding, we’re poised to increase into thrilling new areas — together with new platforms, stay occasions, and expertise acquisition — cementing First We Feast as the last word vacation spot for popular culture–obsessed audiences,” Schonberger, who will assume the function of CEO, mentioned in a press release. “I’m thrilled to guide this subsequent chapter as we proceed to push boundaries and create unforgettable experiences for our viewers.”
First We Feast has 14 million subscribers and greater than 4 billion views on YouTube. Its present “Hot Ones,” which options celebrities answering questions whereas consuming spicy hen wings, has grown a powerful fandom over time for its distinctive format and Evans’ interview fashion. Over the years, the present has featured outstanding celebrities as visitors, together with: Jennifer Lawrence, Shaquille O’Neal, Paul Rudd and Billie Eilish.
Evans will proceed to function the host of “Hot Ones” and tackle a further function as First We Feast’s chief inventive officer. The present, which celebrates its tenth anniversary subsequent yr, will premiere its twenty sixth season Jan. 23.
In a press release, Evans mentioned he is “excited to proceed internet hosting ‘the present with scorching questions, and even hotter wings’ for years to return.”
“The future is spicy, and I can’t wait to see what’s subsequent,” he added.
First We Feast started as a meals weblog below Complex Media, which was acquired by BuzzFeed in 2021 and sold in February to the stay buying platform NTWRK for $108.6 million. At the time, BuzzFeed saved its possession of First We Feast.
“The sale of First We Feast and continued discount of our convertible debt marks an essential step in BuzzFeed, Inc.’s strategic transformation right into a media firm positioned to completely profit from the continuing AI revolution,” BuzzFeed founder and CEO Jonah Peretti mentioned in a press release. “In the approaching years, we are going to proceed to spend money on our most scalable and tech enabled providers, launching new AI-powered interactive experiences, and delivering for our loyal viewers and enterprise companions.”
The deal additionally permits it to cut back excellent debt, BuzzFeed mentioned in its information launch, noting that the corporate has now “eliminated greater than $150 million of debt since December 31, 2023.”
