BuzzFeed Sells First We Feast for $82.5 Million

BuzzFeed has sold First We Feast, the brand behind the popular YouTube show 'Hot Ones', to a consortium of investors including Soros Fund Management, Crooked Media, and Mythical Entertainment for $82.5 million. The sale aims to alleviate BuzzFeed's significant debt, reducing it by $88.8 million, and leaves the company with a remaining debt of $30 million. First We Feast will now operate as an independent company, with founder Chris Schonberger as CEO and 'Hot Ones' host Sean Evans as Chief Creative Officer. The deal marks a strategic move for BuzzFeed to focus on tech-enabled services and AI-powered experiences, as it pivots away from traditional digital content. This transaction also supports BuzzFeed's transformation into a media company poised to benefit from the AI revolution, according to CEO Jonah Peretti. First We Feast plans to expand into new areas such as live events and talent acquisition, maintaining its position as a leading brand for pop-culture enthusiasts.