Byron Allen acquires majority stake in BuzzFeed, becomes CEO

Media mogul Byron Allen, through his Allen Family Digital, is acquiring a 52% stake in BuzzFeed for $120 million, taking over as CEO. The deal will see BuzzFeed founder Jonah Peretti step down from his leadership role. The transaction marks a significant shift for the digital media company, which has struggled with declining revenue and stock price since its 2021 SPAC merger. Allen, known for his Entertainment Studios network and Weather Channel ownership, plans to leverage BuzzFeed's audience for content distribution and advertising. The acquisition is expected to close in the coming months, pending regulatory approvals.