Byron Allen's Firm Buys 52% of BuzzFeed for $120M

Media entrepreneur Byron Allen announced on Monday that his affiliate, Allen Family Digital, will acquire a majority stake in BuzzFeed, investing $120 million for approximately 52 percent of the company's outstanding shares and positioning him to become chairman and chief executive.

Under the agreement, Allen Family Digital will purchase 40 million shares at $3 each. The deal includes $20 million in cash at closing and a $100 million promissory note due in five years with 5 percent annual interest. The transaction is expected to close by the end of May, subject to customary conditions.

The investment comes as BuzzFeed, founded in 2006, faces financial challenges. The company reported a net loss of $57.3 million for full-year 2025, with revenues of $185.3 million, down 2.4 percent from the previous year. Advertising revenue declined nearly 3 percent. Since going public in 2021, BuzzFeed has closed its Pulitzer Prize-winning news division in 2023, conducted multiple layoffs and sold Complex Networks in 2024. Officials acknowledged the company lacked sufficient resources to meet its cash obligations over the next year.

Current CEO Jonah Peretti, who co-founded BuzzFeed, will step...