Byron Allen Is Buying BuzzFeed, Will Become CEO
Variety • • business
Key Points:
- Byron Allen is acquiring a majority stake in BuzzFeed by investing $120 million and will become the company's chairman and CEO, succeeding co-founder Jonah Peretti, who will transition to president of BuzzFeed AI.
- The deal, expected to close by May 2026, involves Allen Family Digital purchasing 40 million shares at $3 each, resulting in approximately 52% ownership of BuzzFeed, funded with $20 million cash and a $100 million promissory note.
- Allen plans to expand BuzzFeed and HuffPost into free-streaming video, audio, and user-generated content, aiming to compete with platforms like YouTube, while BuzzFeed will also establish BuzzFeed Studios and spin off Tasty as an independent entity.
- Byron Allen, founder and CEO of Allen Media Group, owns multiple TV stations and networks, and has a time-buy deal with CBS to air comedy programming in the late-night slot formerly held by Stephen Colbert through the 2026-27 TV season.
- Jonah Peretti expressed enthusiasm about focusing on AI-driven product development at BuzzFeed AI, believing AI will transform the media industry and empower new creative opportunities.