“Hot Ones” is going solo.
BuzzFeed announced a deal to sell First We Feast, the studio behind the popular YouTube chicken-wing-eating celebrity talk show “Hot Ones,” for $82.5 million in cash to a group of investors.
The consortium of buyers includes First We Feast founder Chris Schonberger and “Hot Ones” host Sean Evans, alongside podcast media company Crooked Media, Rhett & Link’s Mythical Entertainment and Soros Fund Management, the investment firm founded by billionaire financier George Soros. First We Feast said additional investors will be announced at a later date.
“Hot Ones,” first launched in 2015, now has more than 14 million subscribers on YouTube and 4 billion views to date on the platforms. Hosted by Evans and “known for its deeply researched questions,” the show has featured dozens of high-profile guests including Gordon Ramsay, Jennifer Lawrence, Shaquille O’Neal, Tom Holland, Jimmy Fallon, Kevin Hart, Post Malone, Millie Bobby Brown, Paul Rudd, Margot Robbie, David Beckham, Ryan Reynolds and Hugh Jackman.
Earlier this year, First We Feast was engaged in talks with Netflix to produce live “Hot Ones” shows for the streamer.
With BuzzFeed’s sale, First We Feast will become an independent company led by Schonberger, who will assume the role of CEO, and Evans, who is taking on the newly created position of chief creative officer in addition to his ongoing tenure as host of “Hot Ones.” Sarah Honda, SVP of operations and brand strategy, will continue to oversee operations and serve as a co-executive producer of “Hot Ones” and SVP of client partnerships Brendan Kelly will continue to head up brand partnerships and ads sales for the business.
“Today’s announcement marks an exciting new chapter in First We Feast’s history,” 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 new investment in First We Feast will let it expand into new areas, Schonberger said, including new platforms, live events and talent acquisitions.
Evans, who noted that he hosted the very first episode of “Hot Ones” in March 2015, said, “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.”
He added: “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 a total price tag of $294 million. This February, BuzzFeed sold Complex to ecommerce company Ntwrk and other investors for $108.6 million plus $5.7 million in related fees received from Ntwrk; however, First We Feast was not not sold in that deal and remained with BuzzFeed.
For BuzzFeed, the sale of First We Feast will help it reduce debt: According to the company, BuzzFeed will now operate with a cash balance that is larger than its total outstanding debt, as the deal allows it to reduce outstanding debt to $30 million (by $88.8 million).
The divestiture of First We Feast “completes the company’s strategic shift away” from lower-margin content, allowing for a greater focus on high-margin, tech-enabled revenue lines: programmatic advertising and affiliate commerce, BuzzFeed said. “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 said it will begin its new chapter as an independent company with the launch of its “Annual Hot One’s Holiday Extravaganza” on Dec. 19, with Season 26 of “Hot Ones” premiering Jan. 23 with new celebrity interviews and “special surprises” to mark the show’s 10th anniversary. On the back of the show’s popularity, First We Feast has launched a line of Hot Ones sauces, “Truth or Dab: The Game” and collaborations available nationally at retailers and restaurants.
“Hot Ones” has broken into the cultural zeitgeist, including being parodied on NBC’s “Saturday Night Live” and making appearances in TV shows including “The Simpsons” and “Loot.”
In addition to “Hot Ones,” First We Feast’s shows include “The Burger Show,” “Heat Eaters,” “Pro Movies” and “Versus.” First We Feast was launched by Schonberger in 2012 at Complex Media, and the brand now has more than 27 million followers across platforms, according to the company.
(Pictured above: “Hot Ones” host Sean Evans)
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