BuzzFeed, the digital media pioneer once valued at $1.7bn, has been sold to media entrepreneur Byron Allen for $120m. The deal, announced on Monday, sees Allen acquire a controlling stake in the company and take over as chief executive from founder Jonah Peretti.
Peretti will remain as president of BuzzFeed AI. The company also owns HuffPost. Allen, who controls Allen Media Group including The Weather Channel, said he plans to expand into free-streaming video, audio and user-generated content, using AI to compete with YouTube.
Peretti warned of 'significant' cost cuts ahead of Allen's arrival, which typically involve employee layoffs. In an internal memo, he said he would address staff on Tuesday about the reductions.
BuzzFeed went public in 2021, but its stock price has fallen to $0.71 per share. Allen will buy 40m shares at $3 each. The company reported a net loss of $15m in the first quarter of 2026.
Allen, also an on-screen personality, hosts 'Comics Unleashed', which will replace 'The Late Show with Stephen Colbert' on CBS later this month.
