Byron Allen Buys Majority Stake in BuzzFeed for $120 Million
*Byron Allen is stepping into one of digital media’s most recognized brands. The Los Angeles-based founder of Allen Media Group has reached an agreement to acquire a controlling interest in BuzzFeed, committing $120 million to the deal and assuming the roles of chairman and CEO once it closes, Variety reports. Allen Family Digital, an affiliate […] The post Byron Allen Buys Majority Stake in BuzzFeed for $120 Million appeared first on EURweb | Black News, Culture, Entertainment & More.
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*Byron Allen is stepping into one of digital media’s most recognized brands. The Los Angeles-based founder of Allen Media Group has reached an agreement to acquire a controlling interest in BuzzFeed, committing $120 million to the deal and assuming the roles of chairman and CEO once it closes, Variety reports.
Allen Family Digital, an affiliate of Allen’s family office, will take ownership of 40 million shares priced at $3 each, translating to roughly 52% of BuzzFeed’s total outstanding shares. The financial structure calls for $20 million to change hands at closing, with a $100 million promissory note covering the balance — payable over five years at 5% annual interest. Both sides anticipate the transaction wrapping up before the end of May 2026.
Jonah Peretti, who built BuzzFeed from the ground up starting in 2006, will hand off the CEO title and move into a newly created role as president of BuzzFeed AI. “After 20 years as CEO of BuzzFeed, I’m excited to switch my focus to a more hands-on role developing products and technology that are only possible because of recent advances in AI,” Peretti said. “I’m convinced that AI will fundamentally transform the media industry and empower creative people to build in new ways, and I believe the opportunity is enormous.”
Allen has a clear direction in mind for the company’s future. “Our vision is to build on the iconic foundation of BuzzFeed and HuffPost by expanding into free-streaming video, audio and user-generated content,” he said. “As of this moment, with the power of AI, BuzzFeed is officially chasing YouTube to become another premiere free video streaming service.”
Those plans include standing up BuzzFeed Studios — covering feature films, animation, digital video, and vertical micro-dramas — while repositioning Tasty as a standalone operation.
Peretti gave a direct endorsement of the transition. “Byron’s vision, operational experience, and long-term commitment to premium content makes him exceptionally well-positioned to lead BuzzFeed and HuffPost into our next phase of growth,” he said.
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The post Byron Allen Buys Majority Stake in BuzzFeed for $120 Million appeared first on EURweb | Black News, Culture, Entertainment & More.
