BuzzFeed sells hit YouTube show Hot Ones for
$82.5M
The show will now be owned by a consortium of investors, giving it the resources to expand.
With 14M subscribers, Hot Ones is one of the most popular YouTube talk shows.
Its sale simultaneously gets BuzzFeed out of a debt crunch and gives the show the resources it needs to expand.
BuzzFeed is largely ditching original content for AI-driven media.
Over the last decade, Hot Ones has taken a simple premise, interviewing celebrities while they eat painfully spicy chicken wings, and turned it into over 14M YouTube subscribers, insanely viral memes, and now, an $82.5M exit.
The show, hosted by Sean Evans, is switching ownership from BuzzFeed to a consortium of investors that includes Soros Fund Management, Mythical Entertainment, a media company founded by YouTube stars Rhett and Link, and Evans himself.
It's a much needed win for BuzzFeed. The former media darling has fallen on hard times since buying Hot One's parent company, First We Feast, in 2020, as its stock has declined by more than 90% since going public in 2021 and is saddled with nearly $124M in debt. Obviously, the sale goes a long way toward relieving that weight on its shoulders.
And, according to BuzzFeed founder Jonah Peretti, the sale will help BuzzFeed transform into "a media company positioned to fully benefit from the ongoing A.I. revolution.” In practical terms, this means a whole lot more programmatic advertising and affiliate commerce.
It's also a huge win for Hot Ones. Besides the big payout, the show will now have the resources to expand, resources that BuzzFeed did not have. This likely means new shows in addition to the six they already have and deals with other creators.
It's undoubtedly an exciting time for the Emmy-nominated show, and it all begins with the launch of its “Annual Hot One’s Holiday Extravaganza” on Dec. 19th and Season 26 on Jan. 23rd.
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Goes to show you the true value of hot wings and celebrities.
BuzzFeed's $82.5M sale of 'Hot Ones' highlights the immense value of creative digital content!
Wild to see Hot Ones go from a quirky YouTube show to an $82.5M deal. It really shows how far a simple but brilliant idea can go. I’m curious, do you guys think the new ownership will try to take the show to TV or streaming platforms, or will they stick to YouTube?
It's smart for BuzzFeed to try to benefit from the AI revolution but tbh AI is the final nail in BuzzFeed's coffin. BuzzFeed 1.0 succeeded by shipping a high volume of viral listicles that required a lot of innovation: content farms, crowdsourced research from community contributors, super low salaries for their in-house writers, etc etc.
So… congrats on the extended runway, but condolences on the deepening of the cliff waiting on the other side.
I'm bullish on them. Knowing Jonah and BuzzFeed they'll do a good job with this kind of thing. I think all of their competitors doing AI slop are upstarts. The old guard media companies seem to be staying away from AI, probably due to the influence of their journalists. So BuzzFeed might be alone in possessing the dual advantages of (1) being an incumbent with a huge audience, and (2) embracing AI.
That said, I'm still not excited about a world with more AI slop.