BuzzFeed sold to Byron Allen, who will take over as CEO in $120m deal
Summary
BuzzFeed has been sold to media entrepreneur Byron Allen in a $120 million deal. Allen will become the new CEO while BuzzFeed founder Jonah Peretti stays on as president of BuzzFeed AI. The company plans to cut costs and focus on free streaming video, audio, and user-generated content.Key Facts
- Byron Allen bought a controlling stake in BuzzFeed for $120 million.
- Allen will replace Jonah Peretti as CEO; Peretti remains president of BuzzFeed AI.
- BuzzFeed owns the news outlet HuffPost.
- The company will make significant cost cuts, which might include layoffs.
- Allen plans to expand BuzzFeed into free streaming video and other content types.
- BuzzFeed’s value peaked in the 2010s but has fallen since shifting away from journalism in 2023.
- BuzzFeed went public in 2021 but has struggled financially, with losses such as $15 million in the first quarter of 2026.
- Allen is buying 40 million shares at $3 each, although the current stock price is around $0.71 per share.
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