In a move that underscores the evolving landscape of digital media, BuzzFeed has sold First We Feast—the creative force behind the wildly popular “Hot Ones” series—for a cool $82.5 million. The buyers are a consortium led by an affiliate of Soros Fund Management, with key players like First We Feast founder Chris Schonberger and the show’s charismatic host, Sean Evans, taking significant stakes.
A Strategic Pivot for BuzzFeed
BuzzFeed’s decision to offload First We Feast is a calculated move to streamline operations and focus on more profitable revenue streams, such as programmatic advertising and affiliate commerce. Facing financial challenges amid a shifting digital advertising landscape, BuzzFeed aims to reduce its debt and concentrate on core competencies. BuzzFeed acquired First We Feast back in 2021 as part of its $198 million in cash and 2.5 million split-adjusted shares of equity, according to Reuters. Now the former media giant, struggling for steady revenue, is offloading the media company in a continued consolidation effort.
First We Feast: From Niche Blog to Cultural Phenomenon
Launched in 2012 as an offshoot of Complex Media, First We Feast began as a food culture blog under the guidance of Chris Schonberger. It quickly gained traction, evolving into a multimedia powerhouse with a suite of popular YouTube series, most notably “Hot Ones.” The show, where celebrities answer probing questions while consuming progressively spicier chicken wings, has become a cultural touchstone, attracting millions of views per episode and featuring a diverse array of high-profile guests.
Under the new ownership structure, First We Feast is set to operate as an independent entity, with Chris Schonberger stepping into the role of CEO and Sean Evans taking on the mantle of Chief Creative Officer. This leadership duo, deeply embedded in the brand’s DNA, is poised to steer the company toward new creative horizons while maintaining the authentic voice that has endeared it to audiences worldwide.
Implications for the Digital Media Ecosystem
This acquisition is emblematic of a broader trend in digital media, where niche content creators with dedicated followings are becoming highly valuable assets. The involvement of Soros Fund Management signals a recognition of the significant cultural and economic capital embedded in platforms like First We Feast. For BuzzFeed, the sale provides a financial infusion and an opportunity to recalibrate its strategic focus in an increasingly competitive digital landscape.
With its newfound independence and a leadership team that has been instrumental in its ascent, First We Feast is well-positioned to expand its content offerings and deepen its engagement with a global audience. Fans can anticipate the continuation of “Hot Ones” and potentially new ventures that push the boundaries of food culture and digital entertainment.
