BuzzFeed Sells Hot Ones for $82.5 Million as It Bets Big on AI

In a move hotter than the wings on Hot Ones itself, BuzzFeed has cashed in, selling First We Feast, the media company behind the spicy YouTube sensation, for a cool $82.5 million. That’s right, after almost a decade of hot wings and hotter questions, the show is heading into a new era. But what does this mean for the future of Hot Ones?

BuzzFeed’s Sale of First We Feast

The company behind the viral spicy interview series was acquired by the digital media trailblazer in 2021 as part of its deal with Complex Networks. But now, the creator of listicle fame has officially sold the hot sauce media brand to a Soros Fund Management-led group, which also includes Crooked Media and Mythical Entertainment. This sale not only gives the online content powerhouse a cash boost but also allows the company to significantly reduce its debt.

The media pioneer is now sitting pretty, with its debt slashed down to $30 million from a whopping $120 million—talk about a financial win. In a statement, Jonah Peretti, BuzzFeed’s founder and CEO, explained that the sale was part of a broader strategy to shift focus toward tech-enabled revenue streams like AI-powered experiences and programmatic advertising. The digital media giant has been feeling the pressure to stay ahead of the curve, and by moving away from high-cost content creation, it’s leaning into the future—no more relying on viral listicles or hit-or-miss viral content.

So, What Happens to Hot Ones?

The show isn’t going anywhere. With Sean Evans (the host who turned it into a cultural phenomenon) and Chris Schonberger, the culinary entertainment company’s founder, both staying on board, the show is set to grow even bigger. Evans will take on the role of Chief Creative Officer, ensuring that the series continues to bring the heat (literally).

Over the years, the fiery interview platform has attracted 14 million subscribers and generated 4 billion views. From Jennifer Lawrence sweating bullets to Shaquille O'Neal's hilarious reactions, the hot seat has become the go-to destination for celebrity interviews, blending humor and high stakes with a dash of fiery heat. Evans says it himself: “The future is spicy, and I can’t wait to see what’s next.” Sounds like they’ve got hot plans on the horizon, right?

No More Wing-It Content

Let’s talk about the digital media powerhouse’s pivot. The sale of the spicy entertainment brand is a clear indicator that the online content giant is no longer playing the content creation game the same way. Instead of doubling down on costly video productions like the fiery interview series, BuzzFeed is shifting gears to focus on more scalable revenue models—things like AI-driven solutions and programmatic ads. With this move, the media powerhouse is positioning itself as a tech-forward media company ready to thrive in the AI revolution. They’re betting big on data-driven solutions to make the future of digital media more efficient and profitable.

And it’s working. The listicle pioneer’s debt reduction and strategic focus on high-margin, scalable businesses are starting to pay off. Peretti himself pointed out that with this sale, the media giant now has more cash than debt, giving the company breathing room for the next phase. Looks like BuzzFeed’s got its financial mojo back.

Looking Ahead

With the sale now in the books, First We Feast will continue to operate independently, focusing on expanding its live events and exploring new ways to monetize its hot sauce, merchandise, and viral content. Fans of Hot Ones can expect even more exciting opportunities to engage with the brand, whether through live experiences or exclusive content.

Meanwhile, the media house is pivoting to focus on scalable revenue models like AI-driven solutions and programmatic ads. By cutting back on high-cost productions like its most popular video series, the company is positioning itself for long-term success in the fast-changing digital world.

Spicy Wings and Fresh Starts

As for the fiery interview series, it’s only going to get spicier from here. With a new team and fresh investment, the culinary media brand is ready to capitalize on its cultural relevance and expand into new monetization avenues. Meanwhile, the digital content giant is recalibrating, taking a deep breath and finding its way forward in a fast-changing digital world. As the company pivots to more scalable tech-driven revenue models, the future looks much more AI-powered than ever before. So buckle up, the future of Hot Ones and BuzzFeed is looking hotter than ever. Enjoying our stories so far? Then don't forget to subscribe to our weekly newsletter for industry insights delivered to your inbox every week!