Byron Allen is acquiring a majority stake in BuzzFeed for $120 million and will assume the roles of chairman and CEO upon closing, the company announced on May 11. Co-founder and current CEO Jonah Peretti will transition to a newly created position as president of BuzzFeed AI.
Allen Family Digital, an affiliate of Allen’s family office, will acquire 40 million shares of BuzzFeed at $3 per share. The purchase will be funded with $20 million in cash at closing and a $100 million promissory note due five years from closing, accruing interest at 5% annually.
Upon closing, Allen Family Digital will own approximately 52% of the company’s outstanding shares. The transaction is expected to close by the end of May 2026.
Strategic Direction
Allen outlined plans to expand BuzzFeed and HuffPost into free streaming video, audio, and user-generated content. “As of this moment, with the power of AI, BuzzFeed is officially chasing YouTube to become another premiere free video streaming service,” Allen said in a statement.
Peretti said the deal will trigger major operational changes, including cost reductions. The company also plans to establish BuzzFeed Studios, which will focus on vertical micro-dramas, animation, digital video, and premium studio productions, including feature films. Tasty will be set up as a new independent entity.
Peretti co-founded BuzzFeed in 2006 and has served as CEO since its inception. In his new role, he said he plans to focus on product and technology development. “After 20 years as CEO of BuzzFeed, I’m excited to switch my focus to a more hands-on role developing products and technology that are only possible because of recent advances in AI,” Peretti said.
About Byron Allen
Allen is the founder, chairman, and CEO of Allen Media Group, which he founded in 1993 and has its headquarters in Los Angeles. The company owns 13 broadcast television stations across 11 U.S. markets and 10 HD television networks serving nearly 275 million subscribers, including The Weather Channel and TheGrio. Allen also holds a time-buy deal with CBS, under which his programming will occupy the late-night slot following the conclusion of “The Late Show with Stephen Colbert” on May 21.
Jonathan is a South African content creator, photographer and videographer with 25 years of experience in journalism and print media design. He is interested in new developments in AI content creation and covers a broad spectrum of topics within the creator economy.
Byron Allen is acquiring a majority stake in BuzzFeed for $120 million and will assume the roles of chairman and CEO upon closing, the company announced on May 11. Co-founder and current CEO Jonah Peretti will transition to a newly created position as president of BuzzFeed AI.
Allen Family Digital, an affiliate of Allen’s family office, will acquire 40 million shares of BuzzFeed at $3 per share. The purchase will be funded with $20 million in cash at closing and a $100 million promissory note due five years from closing, accruing interest at 5% annually.
Upon closing, Allen Family Digital will own approximately 52% of the company’s outstanding shares. The transaction is expected to close by the end of May 2026.
Strategic Direction
Allen outlined plans to expand BuzzFeed and HuffPost into free streaming video, audio, and user-generated content. “As of this moment, with the power of AI, BuzzFeed is officially chasing YouTube to become another premiere free video streaming service,” Allen said in a statement.
Peretti said the deal will trigger major operational changes, including cost reductions. The company also plans to establish BuzzFeed Studios, which will focus on vertical micro-dramas, animation, digital video, and premium studio productions, including feature films. Tasty will be set up as a new independent entity.
Peretti co-founded BuzzFeed in 2006 and has served as CEO since its inception. In his new role, he said he plans to focus on product and technology development. “After 20 years as CEO of BuzzFeed, I’m excited to switch my focus to a more hands-on role developing products and technology that are only possible because of recent advances in AI,” Peretti said.
About Byron Allen
Allen is the founder, chairman, and CEO of Allen Media Group, which he founded in 1993 and has its headquarters in Los Angeles. The company owns 13 broadcast television stations across 11 U.S. markets and 10 HD television networks serving nearly 275 million subscribers, including The Weather Channel and TheGrio. Allen also holds a time-buy deal with CBS, under which his programming will occupy the late-night slot following the conclusion of “The Late Show with Stephen Colbert” on May 21.
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