BuzzFeed Sells Hot Ones Studio for $82.5 Million

BuzzFeed has sold First We Feast, the studio behind the popular YouTube show 'Hot Ones,' for $82.5 million to a consortium of investors including its founder Chris Schonberger, host Sean Evans, and Soros Fund Management. The sale allows BuzzFeed to address its $124 million debt and shift focus from low-margin content to high-margin tech-enabled revenue lines, as stated by CEO Jonah Peretti. With the acquisition, First We Feast will operate independently, with Schonberger as CEO and Evans taking on the role of chief creative officer. The deal is expected to facilitate expansion into new platforms, live events, and talent acquisitions, enhancing the brand's growth potential. 'Hot Ones,' which has amassed over 14 million YouTube subscribers, will celebrate its 10th anniversary next season. Evans expressed excitement for the future, calling it a 'spicy' journey ahead.