Byron Allen Acquires Majority Stake in BuzzFeed for $120 Million, Plans Free-Streaming Platform to Rival YouTube
By
Todd Spangler
FeedBagel synthesis
· 2 sourcesByron Allen has acquired a majority stake in BuzzFeed for $120 million, taking over as chairman and CEO, Variety reported. The deal, which Allen's family office funded with $20 million in cash, gives him approximately 51% of the company's outstanding shares, according to Deadline. Allen plans to transform BuzzFeed, which also owns HuffPost, into a free-streaming platform to rival YouTube by expanding into video, audio, and user-generated content powered by AI, Variety noted. Co-founder Jonah Peretti will transition to a new role as president of BuzzFeed AI, Deadline reported.
The bagel they save for the regulars. Don't skim, savour.
Summary
Media entrepreneur Byron Allen has acquired approximately 51% of BuzzFeed's outstanding shares in a $120 million deal, becoming the majority owner and taking over as chairman and CEO. Allen plans to transform the struggling digital media company — which also owns HuffPost — into a free-streaming platform that he envisions will compete with YouTube. The strategy involves expanding into free-streaming video, audio, and user-generated content, leveraging AI technology to power the transformation.
Key quotes
· 2 pulledOur vision is to build on the iconic foundation of BuzzFeed and HuffPost by expanding into free-streaming video, audio and user-generated content.
As of this moment, with the power of AI, BuzzFeed is officially chasing YouTube.
