BuzzFeed sells ‘Hot Ones’ to group led by Soros investment firm

Dec 12

Kennedy Felton Anchor

By Kennedy Felton (Anchor), Brock Koller (Senior Producer), Jack Henry (Video Editor )

Hot off the presses: “Hot Ones” has been sold. Buzzfeed announced Thursday, Dec. 12, the series famous for its “heated” interviews, with spicy questions and spicier wings, for $82.5 million.

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The buyers make up a consortium led by an affiliate of Soros Fund Management, an investment firm founded by billionaire George Soros. The group also includes Sean Evans, the show’s host, and Chris Schonberger, the founder of First We Feast, the studio behind “Hot Ones,” YouTube stars Rhett and Link’s Mythical Entertainment media company and Crooked Media.

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Buzzfeed picked up First We Feast and “Hot Ones” during its acquisition of Complex Networks in 2021. Earlier this year, BuzzFeed sold Complex to the e-commerce company NTWRK but held onto First We Feast until now.

Buzzfeed said this all-cash deal will help reduce its bottom line. The company known for its listicles and videos said it will now have more cash than debt as it looks to move away from high-priced original content to focus on tech-enable services.

“The sale of First We Feast and continued reduction of our convertible debt marks an important step in BuzzFeed, Inc.’s strategic transformation into a media company positioned to fully benefit from the ongoing AI revolution,” BuzzFeed founder and CEO Jonah Peretti said in a statement.

First We Feast, which has over 14 million subscribers on YouTube, will now become an independent company with Schonberger assuming the role of chief executive officer. Evans will become the chief creative officer while still continuing his “Hot Ones” hosting duties.

“I hosted the very first episode of Hot Ones in March 2015,” Evans said in a statement. “Nearly a decade later, it’s incredible to see how the show has grown from a bold experiment into what it is today. 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,” Evans continued.

Schonberger said new investments will allow First We Feast to expand into other areas like live events. And those could already be heating up as Variety reports Netflix has been in talks about potential live “Hot Ones” specials.

“Hot Ones” will celebrate its new chapter with a Holiday Extravaganza on Dec. 19 before premiering its 26^th season on Jan. 23.

Tags: Buzzfeed, Internet, YouTube

[KENNEDY FELTON]

HOT OFF THE PRESSES! “HOT ONES” HAS BEEN SOLD.

BUZZFEED SELLING THE SERIES FAMOUS FOR ITS – ERR – HEATED INTERVIEWS – WITH SPICY QUESTIONS AND SPICIER WINGS — FOR 82 POINT 5 MILLION DOLLARS.

THE BUYERS? A CONSORTIUM LED BY AN AFFILIATE OF SOROS FUND MANAGEMENT, AN INVESTMENT FIRM FOUNDED BY BILLIONAIRE GEORGE SOROS.

THE GROUP ALSO INCLUDES SEAN EVANS, THE SHOW’S HOST, AND CHRIS SCHONBERGER – THE FOUNDER OF “FIRST WE FEAST” – THE STUDIO BEHIND “HOT ONES.”

AS WELL AS YOUTUBE STARS RHETT AND LINK’S MYTHICAL ENTERTAINMENT COMPANY AND CROOKED MEDIA.

BUZZFEED PICKED UP “FIRST WE FEAST” AND “HOT ONES” DURING ITS ACQUISITION OF COMPLEX NETWORKS IN 20-21. EARLIER THIS YEAR, BUZZFEED SOLD COMPLEX TO THE E-COMMERCE COMPANY NTWRK BUT HELD ONTO FIRST WE FEAST – UNTIL NOW.

BUZZFEED SAYS THIS ALL-CASH DEAL WILL HELP REDUCE ITS BOTTOM LINE. THE COMPANY KNOWN FOR ITS LISTICLES AND VIDEOS SAYS IT WILL NOW HAVE MORE CASH THAN DEBT AS IT LOOKS TO MOVE AWAY FROM HIGH-PRICED ORIGINAL CONTENT TO FOCUS ON TECH-ENABLE SERVICES.

IN A STATEMENT BUZZFEED FOUNDER JONAH PERETTI SAID QUOTE

FIRST WE FEAST – WHICH HAS OVER 14 MILLION SUBSCRIBERS ON YOUTUBE — WILL NOW BECOME AN INDEPENDENT COMPANY WITH SCHONBERGER ASSUMING THE ROLE OF CHIEF EXECUTIVE OFFICER

AND EVANS BECOMING CHIEF CREATIVE OFFICER – WHILE STILL CONTINUING HIS “HOT ONES” HOSTING DUTIES.

EVANS SAYING IN A STATEMENT “I hosted the very first episode of Hot Ones in March 2015. Nearly a decade later, it’s incredible to see how the show has grown from a bold experiment into what it is today…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.”

SCHONBERGER SAYS NEW INVESTMENTS WILL ALLOW FIRST WE FEAST TO EXPAND INTO OTHER AREAS LIKE LIVE EVENTS. AND THOSE COULD ALREADY BE HEATING UP – VARIETY REPORTS NETFLIX HAS BEEN IN TALKS ABOUT POTENTIAL LIVE “HOT ONES” SPECIALS.

“HOT ONES” WILL CELEBRATE ITS NEW CHAPTER WITH A HOLIDAY EXTRAVAGANZA ON DECEMBER 19^TH BEFORE PREMIERING ITS 26^TH SEASON ON JANUARY 23^RD.

FOR STRAIGHT ARROW NEWS, I’M KENNEDY FELTON.

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