Byron Allen Acquires Majority Stake in BuzzFeed for $120M

Media entrepreneur Byron Allen is buying a controlling interest in BuzzFeed Inc., investing $120 million through his family office and taking over as chairman and CEO of the digital media company, the company announced Monday.

Founder and current CEO Jonah Peretti will step down from the top role and transition to the newly created position of president of BuzzFeed AI upon closing of the deal, which is expected by the end of May 2026.

Byron Allen

Under the transaction agreement, Allen Family Digital, an affiliate of Allen’s family office, will purchase 40 million shares of BuzzFeed at $3.00 per share. The investment will give Allen approximately 52% ownership of the company, which also owns HuffPost.

The $120 million purchase price consists of $20 million in cash at closing and a $100 million promissory note due in five years with 5% annual interest. The $3-per-share price represents a significant premium over BuzzFeed’s recent trading price of around $0.73.Allen, founder of Allen Media Group and owner of The Weather Channel, dozens of local TV stations, and other assets, plans to expand BuzzFeed and HuffPost into free-streaming video, audio, and user-generated content.

In a statement, Peretti praised Allen’s track record: “Byron Allen has built one of the world’s largest media companies and is one of the most accomplished media entrepreneurs in the industry, having spent 30-plus years transforming distribution infrastructure, identifying strategic assets, and scaling them into something much greater.”

Allen said his vision is to build on BuzzFeed’s iconic foundation by leveraging new distribution platforms and technologies.