Hot Ones has a new owner.
BuzzFeed is selling food media company First We Feast for $82.5 million to an acquisition group that includes “an affiliate of Soros Fund Management,” according to Bloomberg. Other backers include podcast producer Crooked Media, Rhett & Link‘s Mythical Entertainment, and Hot Ones host Sean Evans.
Post-acquisition, First We Feast will retain its current leadership, with Founder Chris Schonberger becoming CEO. Evans, who continues to pull in millions of views with each new Hot Ones episode, has been named as First We Feast’s Chief Content Officer.
Subscribe to get the latest creator news
“What began as a humble food blog has evolved into a powerhouse multi-platform brand,” Schonberger said in a statement. “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.”
First We Feast has already built Hot Ones into a multiplatform franchise that shows up on delivery apps, fast food menus, and sneaker shelves. Other First We Feast shows have included some creator-led efforts in addition to viral hits like The Burger Show.
Evans, however, remains the most familiar face on the First We Feast channel, and he has played an increasing role in the company’s branded content ventures. His move up to the C-suite comes just a few weeks after the Kamala Harris campaign revealed that the Democratic presidential nominee was turned away from Hot Ones, reportedly to keep the show apolitical.
As First We Feast looks to new ventures and new wrinkles for its old favorites, its former parent company will use the sale to reduce its debt by $88.8 million, according to Bloomberg. In a statement, BuzzFeed Co-Founder and CEO Jonah Peretti said that the deal sets up his company ” to fully benefit from the ongoing AI revolution.”
BuzzFeed became the owner of First We Feast after its 2021 deal to acquire Complex Networks, a media company that grew out of its namesake magazine (which ceased publication in 2016). BuzzFeed sold off the majority of Complex Networks brands to ecommerce firm NTWRK in a $108.6 million deal, but it retained control of First We Feast and conducted a long search to find a separate buyer for the food media property.
The acquisition group taking control of First We Feast is a testament to creators’ rising presence in the realm of venture capital. Mythical, which has already thrown its support behind musical comedian Daniel Thrasher and DIY mavens The Sorry Girls, will now claim a stake in another one of YouTube’s breakout hits. Crooked Media, the home of popular podcasts like Pod Save America and Lovett or Leave It, is itself backed by Soros Fund Management.
BuzzFeed’s current properties include food brand Tasty and Latino hub Pero Like. The 18-year-old company laid off 16% of its workforce last February.
