Summary:
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Media entrepreneur Byron Allen to acquire 52% of BuzzFeed Inc. for $120 million, succeeding Jonah Peretti as CEO.
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Allen’s family office will buy 40 million shares at $3 each, funded by cash and a promissory note.
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Peretti transitions to president of BuzzFeed AI, while Allen aims to expand into free-streaming video.
Media entrepreneur Byron Allen will acquire a 52% stake in BuzzFeed Inc. for $120 million, the digital publisher announced Monday. Allen will succeed co-founder Jonah Peretti as chairman and CEO once the deal closes, which is expected by the end of May.
Under the agreement, Allen’s family office, Allen Family Digital LLC, will acquire 40 million shares of BuzzFeed at $3 per share, totaling $120 million. The purchase price will be funded with $20 million in cash at closing and a $100 million promissory note due in five years, accruing 5% interest annually.
Peretti, who founded BuzzFeed 20 years ago, will transition to president of BuzzFeed AI and remain on the board as a Class I director.
“Our vision is to build on the iconic foundation of BuzzFeed and HuffPost by expanding into free-streaming video, audio and user-generated content,” Allen said in a statement. “As of this moment, with the power of AI, BuzzFeed is officially chasing YouTube to become another premier free video streaming service.”
The deal arrives as BuzzFeed faces mounting financial strain. The company reported first-quarter 2026 revenue of $31.6 million, down 12.4% year-over-year, and a net loss of $15.1 million. Advertising revenue fell 19.8% to $17.1 million, while management cited substantial doubt about the company’s ability to continue as a going concern.
BuzzFeed shares closed at 73 cents on Monday before the announcement, well below the $3-per-share deal price. The company was once valued at $1.7 billion at its peak.
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The sale follows a broader contraction in digital-native media. Vice Media filed for Chapter 11 bankruptcy in 2023, and Vox Media has reportedly been exploring asset sales, including its podcast network and New York magazine.
Allen, founder of Allen Media Group, owns 13 broadcast television stations and has previously pursued bids for Paramount Global. The BuzzFeed transaction marks his largest move into digital publishing.
