Buzzfeed’s long search to find a buyer for Hot Ones is finally over. According to Bloomberg, the company has agreed to sell First We Feast, the production company behind Hot Ones, to a consortium led by Soros Fund Management LLC. Investors include Hot Ones host and co-creator Sean Evans and First We Feast founder Chris Schonberger.
As First We Feast enters its post-acquisition era, Schonberger is set to become the company’s CEO. Evans is also moving up to the C-suite. He’s set to take on the role of First We Feast’s Chief Content Officer.
How much did the Buzzfeed and Hot Ones deal cost?
The deal wasn’t cheap. It ended up costing $82.5 million. However, according to Bloomberg, this deal will help Buzzfeed lower its $120 million debt by $88.8 million.
Buzzfeed originally acquired Hot Ones for $198 million in cash and $2.5 shares of equity. This was part of a larger acquisition of Complex in 2021. Buzzfeed later sold the majority of Complex to NTWRK, but kept Hot Ones.
In a statement to Bloomberg, BuzzFeed Co-Founder and CEO Jonah Peretti said that this sale will help Buzzfeed become a “media company positioned to fully benefit from the ongoing AI revolution.”
Moreover, in a press release, Schonberger added: “What began as a humble food blog has evolved into a powerhouse multi-platform brand. With new investment, we’re poised to expand into exciting new areas — including new platforms, live events, and talent acquisition — cementing First We Feast as the ultimate destination for pop-culture-obsessed audiences.”
