BuzzFeed profits big from $82.5 million sale of 'Hot Ones' studio

In December 2024, BuzzFeed executed a significant transaction by selling First We Feast, the studio recognized for producing the acclaimed interview show 'Hot Ones,' where celebrities consume progressively spicier chicken wings. This sale was valued at $82.5 million and involved a group of notable investors, which prominently included the show's Emmy-nominated host, Sean Evans, along with George Soros's Soros Fund Management. First We Feast will continue its operations as an independent entity, aiming to broaden its horizons by venturing into new platforms, hosting live events, and enhancing talent acquisition strategies. Chris Schonberger, the CEO of First We Feast, emphasized the studio's ambition to innovate within the culinary entertainment space while maintaining the essence that contributed to its popularity. Sean Evans is expected to play a dual role as both the host of 'Hot Ones' and the studio's new chief creative officer, further solidifying his influence on the brand as it approaches its tenth anniversary in March 2025. The enduring success of 'Hot Ones' can be attributed to its unique format, which not only entertains but also captivates audiences as celebrities navigate the challenges of spicy food, often leading to humorous and revealing moments. While the studio looks to the future, it also reflects on how 'Hot Ones' has managed to stay relevant in a crowded media landscape, even garnering attention from political figures and making waves as a platform that transcends traditional media boundaries. The sale represents a pivotal shift for both BuzzFeed and First We Feast, signaling a trend in how digital content creators are evolving and monetizing their work in a rapidly changing industry.