Byron Allen taking over BuzzFeed

"Allen will replace Founder and CEO Jonah Peretti, who will transition into the role of president of BuzzFeed AI. Allen's investment firm, Allen Family Digital, purchased 40 million shares of BuzzFeed Inc. at a price of $3.00 per share for a total purchase price of $120 million, the company said. The transaction is currently expected to close by the end of the month. Upon closing, Allen will own approximately 52 percent of BuzzFeed's outstanding shares."

"BuzzFeed and HuffPost have become two iconic global digital media brands with powerful audience reach and strong cultural importance. Our vision is to build on the iconic foundation of BuzzFeed and HuffPost by expanding 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."

"The company purchase comes as its Q1 results reflected a decline in revenue generated by advertising and commerce among other income. BuzzFeed reported a net loss of $15.1 million in its Q1 results."

"Allen's acquisition follows his career in media as founder of TheGrio, a digital, cable, and broadcast media platform dedicated to African American news, lifestyle, politics and culture. He also currently owns 13 ABC-CBS-NBC network affiliate broadcast television stations in 11 U.S. markets and ten networks including The Weather Channel. Allen is also leasing the comedy block on CBS previously held by the "Late Night With Stephen Colbert" show, which will become "Comics Unleashed" later this month."

Byron Allen is expected to become BuzzFeed’s new CEO, replacing Jonah Peretti, who will move to president of BuzzFeed AI. Allen Family Digital will purchase 40 million shares of BuzzFeed Inc. at $3.00 per share for $120 million, with the deal expected to close by month’s end. After closing, Allen will own about 52% of BuzzFeed’s outstanding shares. BuzzFeed’s Q1 results show declining revenue from advertising and commerce and a net loss of $15.1 million. Allen plans to expand BuzzFeed and HuffPost through free-streaming video, audio, and user-generated content, using AI to compete with YouTube. Allen’s media background includes founding TheGrio and owning broadcast television stations and network holdings, plus leasing a CBS comedy block.

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