Byron Allen Buys 52% of BuzzFeed for $120 Million, Taking CEO Role
Updated
Updated · The New York Times · May 11
Byron Allen Buys 52% of BuzzFeed for $120 Million, Taking CEO Role
7 articles · Updated · The New York Times · May 11
$120 million will give Allen Family Digital a controlling 52% stake in BuzzFeed, the companies said Monday, putting Byron Allen in charge of the digital media group.
Allen will become chief executive and chairman, while founder Jonah Peretti shifts to president of artificial intelligence as the company reshapes its leadership.
Allen, 65, will keep running Allen Media Group, whose holdings include local TV stations, the Weather Channel and a television production business.
The deal hands BuzzFeed to a veteran media buyer as the company that helped define internet virality enters a new ownership and management phase.
How will a TV mogul known for low-cost shows monetize BuzzFeed's viral quizzes and struggling AI strategy?
Is Jonah Peretti's new AI role a strategic demotion or a genuine chance to finally prove his vision?