Byron Allen to buy majority stake in BuzzFeed for $120 million, shares nearly triple
- On Monday, media entrepreneur Byron Allen acquired a 52% majority stake in BuzzFeed for $120 million, assuming the role of Chairman and CEO of the struggling digital media company.
- Founder Jonah Peretti, who served as CEO since 2006, will transition to president of BuzzFeed AI as part of the leadership change, while Allen brings extensive media experience from Allen Media Group.
- The $120 million deal includes $20 million in cash and a $100 million promissory note due five years after closing, valuing BuzzFeed roughly 10 times higher than its $30 million market cap.
- BuzzFeed's recent financial performance remains dire, with revenue declining 12.4% to $31.6 million in the latest quarter and net losses widening to $15.1 million, prompting the sale.
- Allen aims to expand BuzzFeed into free-streaming video and audio, claiming the company is "chasing YouTube" to become a premiere streaming service despite ongoing industry headwinds.
51 Articles
51 Articles
Byron Allen to Take Over BuzzFeed, Replace Jonah Peretti as CEO
Comedian and media mogul Byron Allen is paying $120 million for a 52% stake in online publisher BuzzFeed Inc. and will assume the titles of chairman and chief executive officer from co-founder Jonah Peretti.
Byron Allen to buy majority stake in BuzzFeed for $120 million, shares nearly triple
BuzzFeed said on Monday media entrepreneur Byron Allen will take over as the digital media company's next CEO after he entered into a deal to buy a stake of about 52% in the digital media company for $120 million.
Byron Allen wanted to own Paramount. He's buying BuzzFeed instead.
Byron Allen wanted to buy Paramount. Now he's buying a controlling stake in BuzzFeed.Paras Griffin/Getty ImagesGo back in time to 2016: BuzzFeed, Vice Media, and Vox Media are supposed to be the future of media.Now back to present tense: Vice filed for Chapter 11, Vox is breaking up, and BuzzFeed just sold itself for a fraction of its former value.Meanwhile, many of the companies the digital upstarts were supposed to replace — big publishers and…
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