BuzzFeed announced a deal to sell First We Feast, the company behind the hit YouTube show Hot Ones, for $82.5 million. The sale, which eases BuzzFeed’s financial struggles, involves investors led by Soros Fund Management, including Sean Evans, the host of Hot Ones, and Chris Schonberger, the founder of First We Feast.

This move allows BuzzFeed to reduce its debt by $88.8 million, significantly cutting its $124 million debt load. With this reduction, the company will operate with more cash than debt, a critical shift for the embattled digital media giant. BuzzFeed’s founder and CEO, Jonah Peretti, described the sale as a step toward repositioning the company as a tech-driven media company.

As part of the deal, “First We Feast” will operate as an independent company led by Schonberger, who will become CEO, and Evans, who will serve as chief creative officer while continuing to host Hot Ones. 

The team includes Sarah Honda, SVP of operations and brand strategy, and Brendan Kelly, SVP of client partnerships, who will remain integral to the company’s operations and advertising efforts.

Schonberger expressed excitement for the brand’s future.

Many fans of the show were concerned that this may be the beginning of the end of the Hot Wings celebrity show, but it won’t be. Over the years, “First We Feast” has built a loyal following with over 14 million YouTube subscribers and 4 billion views.

Since its debut in 2015, Hot Ones has become a cultural phenomenon. The show, known for its deeply researched questions and progressively spicier wings, has hosted A-list celebrities such as Sydney Sweeney, Gordon Ramsey, Shaquille O’Neal, Kevin Hart, and Ryan Reynolds. To celebrate its 10th anniversary in 2025, First We Feast is planning new initiatives, starting with the “Annual Hot Ones Holiday Extravaganza” on Dec. 19 and the premiere of Season 26 on Jan. 23. Fans can expect fresh celebrity interviews and special surprises.

It has also been parodied on Saturday Night Live and referenced in shows like The Simpsons. So, it has had a major impact on audiences who tune into the YouTube channel daily to find out who will be the next celebrity to chat and eat wings with Sean Evans. 

The sale of First We Feast marks the end of BuzzFeed’s investment in lower-margin original content. In recent years, BuzzFeed has pivoted toward AI-driven content creation and scalable revenue streams like affiliate commerce. 

The company shuttered its news division in 2023 and previously sold Complex Networks, the parent company of First We Feast, for $108.6 million earlier this year.

Soros Fund Management’s involvement in the deal highlights its growing interest in media and entertainment. The firm has previously invested in Crooked Media, the company behind the popular podcast Pod Save America. This latest acquisition signals its continued confidence in digital-first brands with strong cultural resonance. 

Under the leadership of Schonberger and Evans, First We Feast aims to build on its momentum with innovative content, new partnerships, and broader market reach. Reflecting on the journey since hosting the first episode of Hot Ones in 2015, Evans shared his optimism.