Byron Allen is acquiring a majority stake in BuzzFeed for $120 million and will take over as the company’s CEO. The transaction marks a significant leadership transition for the digital media company.
In a statement released on Monday, BuzzFeed announced it has entered into a transaction agreement with Allen Family Digital, an affiliate of Allen’s family office. Under the terms of the deal, BuzzFeed will receive a majority investment from Allen Family Digital.
Following the completion of the transaction, which is currently expected to close by the end of May 2026, BuzzFeed founder and outgoing CEO Jonah Peretti will step down from his role. Allen will succeed Peretti as chairman and chief executive officer of BuzzFeed.
Peretti will transition to a newly created position at the company, serving as president of BuzzFeed AI.
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