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BuzzFeed sold First We Feast, the studio behind the popular Hot Ones interview series, for $82.5 million to a group of investors that will let the company run as an independent media company.
The Big Picture: BuzzFeed has been hungry to find a buyer for First We Feast to pay down its substantial debt and swat away investor Vivek Ramaswamy’s threats of a takeover. Meanwhile, First We Feast, which was caught in limbo after parent company Complex was sold, has been looking for an exit so that it could spread its (hot) wings.
Between the Wings: The Hot Ones crew is feasting right now.
- First We Feast’s new investors include founder Chris Schonberger (who will now be CEO) and Hot Ones host Sean Evans (who will now be Chief Creative Officer), Crooked Media, Rhett & Link’s Mythical Entertainment, and Soros Fund Management.
- The newly independent studio will expand into new platforms, live events (potentially with Netflix), and talent acquisition… on top of continuing shows like Hot Ones, The Burger Show, and Pro Moves.
Final Gauntlet: First We Feast should have no problem continuing its upward trajectory — it has 27 million followers across social platforms, while flagship show Hot Ones has become a de-facto press stop for celebrities (it’s netted four billion views over the past decade). For BuzzFeed, the company is using the money to pay down its debt enough to have a balance sheet with more cash than debt… and potentially transform itself from a traditional publisher to a tech-focused company with “new AI-powered interactive experiences.”
Go Hotter: Sean Evans has been pitching that YouTube show hosts should be getting a lot more recognition. The independence of First We Feast could make that a reality.
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