Buzzfeed is getting out of the hot wings game. The media company has sold First We Feast, the studio behind the viral YouTube series
“Hot Ones,” to a group of investors that include the production company’s founder Chris Schonberger and the host of “Hot Ones” Sean Evans, as well as Crooked Media, Mythical Entertainment and Soros Fund Management. Additional investors will be announced at a later date.
The all-cash deal saw the production company being sold for $82.5 million. Thanks to this transaction, as well as a partial prepayment of Buzzfeed’s outstanding convertible notes, Buzzfeed is now operating with a cash balance that exceeds its debt.