BuzzFeed Inc. has agreed to sell First We Feast, the studio behind the popular YouTube series “Hot Ones,” for $82.5 million in cash to a consortium of investors, including the show’s host, Sean Evans, and Soros Fund Management.

The investor group also includes First We Feast founder Chris Schonberger, podcast company Crooked Media, and Rhett & Link’s Mythical Entertainment.

First We Feast

Following the acquisition, First We Feast will operate as an independent company with Schonberger as CEO. Evans, who has hosted “Hot Ones” since its 2015 launch, will assume the newly created position of chief creative officer while continuing his role as host.

The show, known for interviewing celebrities while eating increasingly spicy chicken wings, has accumulated over 14 million subscribers and 4 billion views on YouTube. Notable guests have included Gordon Ramsay, Jennifer Lawrence, Shaquille O’Neal, and Ryan Reynolds.

The transaction helps BuzzFeed reduce its outstanding debt by $88.8 million to $30 million. The company stated in a news release that it will now operate with a cash balance exceeding its total outstanding debt. This sale marks BuzzFeed’s strategic shift from lower-margin content toward tech-enabled revenue streams, including programmatic advertising and affiliate commerce.

First We Feast was previously acquired by BuzzFeed through its 2021 purchase of Complex Networks for $294 million. Earlier this year, BuzzFeed sold Complex to e-commerce company Ntwrk for $108.6 million but retained First We Feast in that transaction.

The newly independent First We Feast stated in a news release that it plans to expand into new platforms, live events, and talent acquisitions. The company will launch its “Annual Hot One’s Holiday Extravaganza” on December 19, followed by Season 26 of “Hot Ones” premiering on January 23, featuring new celebrity interviews and special content marking the show’s 10th anniversary.

First We Feast’s existing leadership team will remain largely intact, with Sarah Honda continuing as SVP of operations and brand strategy and Brendan Kelly maintaining his role as SVP of client partnerships, overseeing brand partnerships and ad sales.

Beyond “Hot Ones,” First We Feast produces other shows, including “The Burger Show,” “Heat Eaters,” “Pro Movies,” and “Versus.” The company reports having more than 27 million followers across platforms and has expanded into consumer products, including hot sauces and games.