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Buzzfeed Sells ‘Hot Ones’ Studio in $82.5 Million Deal


BuzzFeed has sold its popular food and pop culture entertainment brand, First We Feast, for $82.5 million in an all-cash deal. The investors include the founder of First We Feast, Chris Schonberger, “Hot Ones” host Sean Evans, Crooked Media, Rhett and Link’s Mythical Entertainment, and Soros Fund Management. First We Feast will now operate as an independent multiplatform media company, with Schonberger taking on the role of CEO, and plans to expand into new areas such as new platforms, live events, and talent acquisition.

First We Feast has 14 million subscribers and over 4 billion views on YouTube. Its show “Hot Ones,” where celebrities answer questions while eating spicy chicken wings, has gained a strong following over the years. Evans will continue as the host of “Hot Ones” and also serve as the chief creative officer of First We Feast. The show is set to premiere its 26th season on Jan. 23.

The sale of First We Feast is part of BuzzFeed’s strategic transformation into a media company ready to benefit from the ongoing AI revolution. The deal also allows BuzzFeed to reduce outstanding debt, with over $150 million of debt being removed since December 31, 2023. BuzzFeed founder and CEO Jonah Peretti stated that the company will continue to invest in scalable and tech-enabled services, launching new AI-powered interactive experiences, and delivering for its audience and business partners in the future.

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www.nbcnews.com

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