Media mogul Byron Allen is making a major play in digital media. According to Variety, Allen is investing $120 million into BuzzFeed after acquiring a majority stake in the company. He is set to become CEO as part of the deal.
On Monday, BuzzFeed confirmed that it had entered into a transaction agreement with Allen Family Digital. Allen outlined his vision for the company in a public statement.
“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 premier free video streaming service,” Allen said.
Leadership Transition Underway
Current BuzzFeed CEO Jonah Peretti will transition into a new role as president of BuzzFeed AI. In a statement, Peretti praised Allen’s leadership.
“Byron’s vision, operational experience, and long-term commitment to premium content makes him exceptionally well-positioned to lead BuzzFeed and HuffPost into our next phase of growth,” Peretti said.
The transaction is expected to close by the end of May.
With a $120 million investment and a shift toward streaming and AI, the move marks a significant turning point for BuzzFeed’s future — and another expansion in Byron Allen’s growing media empire.