Hot Ones is going independent. Buzzfeed has officially announced that it will be selling the First We Feast studio for $82.5 million USD. The studio is best known for the popular YouTube hot sauce and chicken wing celebrity talk show hosted by Sean Evans.
The group acquiring First We Feast is a consortium of investors including founder of First We Feast Chris Schonberger, Hot Ones host Sean Evans, Mythical Entertainment -- the media company company created by YouTube stars Rhett and Link, podcast company Crooked Media and Soros Fund Management. Additional investors are expected to be announced at a later date. According to the New York Times, the deal will give Buzzfeed the ability to "pay down tens of millions of dollars in debt that was scheduled to come due this month." With proceeds from the sale and additional funding from other operations, Buzzfeed would be able to reduce its debt load of almost $124 million USD by $88.8 million USD. This will give the company more cash than debt in their books.
Sean Evans has been known for his celebrity interviews and has often been praised for the concept. As the chicken wings get progressively hotter, the likes of Sydney Sweeney, Billie Eilish, Paul Mescal, Rosé and more have gone toe to toe with Evans while quite literally, being in the hot seat. The New York Times reports, "The sale unwinds the vestiges of a deal, struck three years ago, to acquire Complex, a rival company that owned First We Feast and is known for its coverage of pop culture. The deal helped BuzzFeed go public, but the company's stock has since fallen, as investors grew increasingly bearish on digital media." Just this year, Buzzfeed sold Complex for $108.6 million USD after it shuttered its news division in 2023.
Schronberger said in a statement, "Today's announcement marks an exciting new chapter in First We Feast's history. 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." With the new investment, Schonberger said that it will allow First We Feast to expand to newer platforms and even include live events and talent acquisition. First We Feast's new chapter as an independent company will begin on December 19 with the launch of it's "Annual Hot One's Holiday Extravaganza." January 23, 2025 marks the beginning of Season 26 with new celebrity interviews and "special surprises" to mark the show's 10th anniversary.