Byron Allen Reportedly Acquiring BuzzFeed, Replacing Jonah Peretti As CEO

Media entrepreneur and comedian Byron Allen is set to acquire a controlling stake in BuzzFeed in a deal valued at $120 million, the company announced on Monday. As part of the transaction, Allen will take over as chairman and chief executive officer, replacing BuzzFeed co-founder Jonah Peretti, who will transition into a newly created role as president of BuzzFeed AI.

According to the company, Allen’s family office will acquire 40 million shares of BuzzFeed at a price of $3 per share, giving him a 52 per cent controlling stake in the digital media company. The acquisition will be financed through a combination of $20 million in cash and a $100 million promissory note carrying 5 per cent annual interest and due in five years. The deal is expected to close by the end of the month.

BuzzFeed, once regarded as one of the biggest success stories in digital publishing, rose to prominence through viral quizzes, social media-driven content and entertainment-focused journalism. The New York-based company later expanded into news, film production and branded content, while also acquiring properties including HuffPost, Tasty and BuzzFeed Studios. However, the company has faced mounting financial challenges in recent years amid declining digital advertising revenue and shifting audience behaviour.

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The company recently reported a nearly 20 per cent drop in advertising sales during the first quarter and posted a net loss of $15.1 million. BuzzFeed said it plans to implement major operational changes and cost reductions ahead of the ownership transition. The company has undergone several rounds of layoffs and restructuring in recent years as it attempted to stabilise its business model in a highly competitive media environment.

Allen has significantly expanded his media portfolio over the past decade through acquisitions across television, streaming and entertainment. His holdings already include The Weather Channel and multiple local television stations in the United States. Earlier this year, he also acquired a stake in the Starz cable and streaming business from former US Treasury Secretary Steven Mnuchin.

In another recent expansion move, Allen is also set to take over the late-night television slot on CBS currently occupied by Stephen Colbert. His company has reportedly purchased airtime on the network and plans to air syndicated comedy programming after Colbert’s show concludes next week. The BuzzFeed acquisition further strengthens Allen’s growing influence across the American media and entertainment industry.

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