BuzzFeed Offloads Hot Ones Producer

First We Feast, which produces the hit online show Hot Ones, has been sold by BuzzFeed to a consortium led by an affiliate of Soros Fund Management for $82.5 million in cash.

BuzzFeed has been in the process of shifting away from “lower-margin content products” to focus on programmatic advertising and affiliate commerce. BuzzFeed acquired First We Feast, which produces a wealth of online shows focused around food, as part of its purchase of Complex Networks in 2021. Complex was sold to NTWRK earlier this year.

“The sale of First We Feast and continued reduction of our convertible debt marks an important step in BuzzFeed, Inc.’s strategic transformation into a media company positioned to fully benefit from the ongoing AI revolution,” said founder and CEO Jonah Peretti. “In the coming years, we will continue to invest in our most scalable and tech-enabled services, launching new AI-powered interactive experiences, and delivering for our loyal audience and business partners.”

FilmRise clinched a deal with BuzzFeed in 2023 to represent a slate of shows, including the buzzy Hot Ones.