Buzzfeed clings to life after selling company behind ‘Hot Ones’ for over $82M

Buzzfeed has sold ‘First We Feast,’ a popular YouTube channel that features the show Hot Ones, for almost $83 million.

The YouTube channel, which has roughly 276 episodes of its hit internet talk show 'Hot Ones,' has sold for a cool $82.5 million.

The show on 'First We Feast' functions like an interview. However, the host and the celebrity guest eat chicken wings that get hotter with each question.

'Hot Ones,' has hosted various celebrities, including Billie Eilish, Gordon Ramsey, and Post Malone and its videos get hundreds of thousands, if not millions, of views.

Buzzfeed first acquired at ‘First We Feast’ in 2021, which has since grown into a successful channel with more than 14 million subscribers.

However, the online media platform began to struggle financially after taking a loan to acquire a Special Purpose Acquisition Company.

To settle the debt, Buzzfeed sold the channel to “an affiliate of the Soros Fund Management company,” which also includes ‘Hot Ones’ host Sean Evans.

Buzzfeed said that “the proceeds of the transaction, combined with a partial prepayment of the Company’s outstanding convertible notes have the Company operating with a cash balance that exceeds its remaining debt.”

The digital media company became popular in 2013 for its lighthearted, entertaining content, but has since declined in popularity.