On May 11, media entrepreneur Byron Allen announced a deal to acquire a majority stake in BuzzFeed, the millennial-favorite news and entertainment site that closed its Pulitzer Prize-winning news division in 2023. The transaction, valued at $120 million, positions Allen as the new CEO, replacing founder Jonah Peretti, who will transition to president of BuzzFeed AI.
Allen outlined his vision for the 20-year-old publication in a statement:
"Our 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 to become another premiere free video streaming service."
This acquisition follows Allen’s recent media ventures, including a deal with CBS to fill Stephen Colbert’s late-night slot. Previously, Allen pursued larger acquisitions, such as Paramount Global, but those efforts did not materialize. His career trajectory reflects a pattern of overcoming setbacks to achieve success.
Allen’s journey began in comedy. After performing at the Comedy Store for as few as four people, he received an opportunity to write jokes for television icons like Jay Leno and David Letterman. His first sale earned him $25—a check he still keeps framed.
"This is when I knew I could make it in this business," Allen said.
Early in his television career, Allen earned $2,500 per episode, far less than peers who made $10,000 to $12,500. After requesting a raise and being fired, he reflected:
"I thought it was the worst thing that ever happened to me. It was the very best thing that could have ever happened to me in [my] business life."This setback led him to launch his own production company, selling shows to networks after thousands of rejections.
"That’s how I got my first show on the air," he said. "After working through about 50,000 noes."
Allen’s persistence extended to major media acquisitions. He pursued the Weather Channel but faced resistance from Morgan Stanley, which questioned his funding. Undeterred, he purchased the channel in 2018 for $300 million.
"Money is not the commodity," Allen said. "I’m the commodity."His success, he argues, stems from reputation and resilience rather than capital alone.
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