Buzzfeed sells Hot Ones studio First We Feast to investor group including host Sean Evans for $82.5m

Hot Ones host Sean Evans

Buzzfeed has sold First We Feast (FWF), the entertainment company behind the YouTube chicken wing-eating format Hot Ones, to a consortium of investors led by show host Sean Evans and FWF founder Chris Schonberger for US$82.5m.

The consortium said the transaction and new ownership structure will provide FWF with the “resources necessary to fuel existing and new content franchises, expand its relationship with both audiences and advertising partners, and future partnerships and acquisitions with other creators.”

In addition to Schonberger and Evans, the consortium of investors also includes Crooked Media, the company led by founders Jon Favreau, Jon Lovett and Tommy Vietor, as well as Mythical Entertainment and Soros Fund Management. Other investors are involved but have not yet been named.

FWF’s team will remain in place, with Schonberger becoming CEO and Evans assuming the newly created role of chief creative officer as well as continuing to host Hot Ones.

Sarah Honda will remain as senior VP of operations and brand strategy, and serve as a co-exec producer of Hot Ones, while Brendan Kelly will remain as senior VP of client partnerships.

FWF is set to launch an annual Hot Ones holiday special on December 19, while the 26th season will launch on January 23. The Hot Ones franchise has garnered more than four billion views on YouTube.

In recent months, reports have circulated that Netflix is in discussions to acquire some live episodes of Hot Ones.

“Our proven expertise in developing compelling formats, iconic IP and best-in-class interviews makes us uniquely positioned to build on the brand’s momentum and supercharge our growth,” said Schonberger.

“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.”