Media mogul Byron Allen is expanding his growing entertainment empire once again, this time with a major move into digital media. According to reports, Allen has reached an agreement to acquire a controlling stake in BuzzFeed for approximately $120 million, a deal that will also make him the company’s new CEO and chairman.
The acquisition would give Allen’s company, Allen Family Digital, a reported 52% ownership stake in BuzzFeed through the purchase of 40 million shares at $3 per share. The deal is expected to close by the end of May 2026, pending customary closing conditions.
Current BuzzFeed founder and CEO Jonah Peretti is expected to transition into a new role as president of BuzzFeed AI, focusing on the company’s artificial intelligence initiatives and future digital innovations.
The purchase marks another bold business move for Allen, whose media portfolio already includes Allen Media Group, The Weather Channel, television stations, streaming platforms, and syndicated television programming. Over the years, Allen has made headlines for aggressive expansion attempts, including bids for major media assets such as BET Media Group and Paramount Global holdings.
For BuzzFeed, the acquisition arrives during a difficult financial period. Once considered a dominant force in digital journalism and viral entertainment content, the company has struggled in recent years amid declining advertising revenue, layoffs, restructuring efforts, and shifting audience habits. Reports indicate BuzzFeed recently warned investors about financial uncertainty after missing a debt payment earlier this year.
Allen reportedly plans to steer BuzzFeed further into free-streaming video, audio content, and user-generated media while continuing to expand its AI-driven strategy. Industry analysts see the acquisition as both a potential lifeline for BuzzFeed and another example of the rapidly changing digital media landscape.
Following news of the deal, BuzzFeed’s stock reportedly surged sharply in after-hours trading as investors reacted positively to the announcement and Allen’s investment in the company.
