Byron Allen stuns media world with BuzzFeed takeover

Media entrepreneur Byron Allen is set to acquire a majority stake in BuzzFeed through a $120 million investment deal that will also see him become the company’s new chairman and CEO.

According to reports from Variety, BuzzFeed announced on May 11 that it had entered into a transaction agreement with Allen Family Digital, an affiliate of Allen’s family office. The agreement will give Allen control of approximately 52% of BuzzFeed’s outstanding shares once the deal closes later this month.

Current BuzzFeed CEO and co-founder Jonah Peretti will step down from the role and transition into a newly created position titled president of “BuzzFeed AI.” Peretti said the company plans to focus heavily on artificial intelligence, digital content expansion and restructuring efforts, including cost reductions and changes to BuzzFeed Studios and Tasty.

Allen stated that his long-term vision includes expanding BuzzFeed and HuffPost into free-streaming video, audio and user-generated content platforms. He also claimed the company intends to compete more directly with major digital streaming services and online video platforms.

The acquisition marks another major expansion for Allen, whose Allen Media Group already owns multiple television networks, local broadcast stations and digital media properties across the United States.

The move comes as media companies increasingly invest in AI-driven content strategies and streaming-focused business models amid changing consumer habits and digital advertising trends.