First reported by Variety
Byron Allen Acquires Majority Stake in BuzzFeed for $120 Million, Plans Free-Streaming Platform to Rival YouTube
Byron Allen Acquires Majority Stake in BuzzFeed for $120 Million, Becomes Chairman and CEO
By
Jill Goldsmith
4d ago· 4 min readenNews
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Summary
Byron Allen's family office, Allen Family Digital, has closed a deal to acquire a majority stake in BuzzFeed for $120 million (40 million shares at $3 each). Byron Allen will become chairman and CEO of the digital media company, while co-founder Jonah Peretti transitions to a newly created role as president of BuzzFeed AI. The transaction was funded with $20 million in cash.
Key quotes
· 3 pulledAllen Family Digital will acquire 40 million shares of publicly traded BuzzFeed at a price of $3 a share for a total purchase price of $120 million.
Current chief executive and co-founder Jonah Peretti will transition to a newly created role as president of BuzzFeed AI.
The transaction was funded with $20 million in cash.
Byron Allen’s family office has agreed to acquire a majority stake in Buzzfeed in a deal worth $120 million with Allen becoming chairman and CEO.
