Byron Allen is expanding his media empire with a deal to acquire a majority stake in BuzzFeed for $120 million. Once the transaction closes, Allen will become chairman and CEO of the company, giving him control of one of the most recognizable digital media brands in entertainment and news.
The agreement includes the purchase of 40 million BuzzFeed shares at $3 per share, giving Allen Family Digital roughly 52% ownership of the company. The deal is expected to close later this month.
As part of the transition, Jonah Peretti will step down as CEO and chairman. Peretti will instead move into a new role as president of BuzzFeed AI, where he plans to focus on technology and AI-driven product development.
Allen says his vision for BuzzFeed and HuffPost centers around expanding free streaming content, digital video, audio programming, and user-generated media. He also hinted at positioning BuzzFeed as a stronger competitor in the online video space alongside platforms like YouTube.
The acquisition marks another major move for Allen, whose media portfolio already includes The Weather Channel, multiple television stations, and several HD television networks under Allen Media Group.