Byron Allen Is Buying a Controlling Stake in BuzzFeed
The New York Times • • general
Key Points:
- Byron Allen, comedian turned entrepreneur, is acquiring a 52 percent controlling stake in BuzzFeed for $120 million and will become the company’s CEO and chairman, replacing founder Jonah Peretti.
- Jonah Peretti, who founded BuzzFeed in 2006 and led it for two decades, will transition to president of artificial intelligence, focusing on AI-driven products and technology.
- BuzzFeed has faced significant financial challenges, including $58.4 million in debt and annual losses, prompting the decision to sell a controlling stake amid concerns over the company’s viability.
- The deal marks a shift in BuzzFeed’s leadership as it plans cost-cutting measures and will spin off its film and TV division into an independent entity.
- Byron Allen will continue to lead Allen Media Group, which owns local TV stations, the Weather Channel, and produces shows like “Comics Unleashed,” set to replace Stephen Colbert’s “Late Show” on CBS.