Byron Allen Is Buying BuzzFeed, Will Become CEO
Media mogul Byron Allen is making one of the biggest moves in digital media this year. The television executive and entertainment powerhouse is officially acquiring a majority stake in BuzzFeed through Allen Family Digital in a deal valued at $120 million — and he’s stepping in as the company’s new chairman and CEO.
The acquisition marks a major turning point for the once-dominant internet publisher, which helped define viral culture throughout the 2010s with listicles, quizzes, celebrity content, and social-first storytelling. Under the new agreement, BuzzFeed founder Jonah Peretti will step down as CEO and transition into a newly created role as president of BuzzFeed AI once the deal closes, which is expected by the end of May 2026.
Allen’s plans for BuzzFeed go far beyond traditional publishing. The entertainment executive says he wants to evolve both BuzzFeed and HuffPost into major players in free-streaming video, audio, and user-generated content — directly positioning the company to compete in today’s creator-driven media landscape.
“As of this moment, with the power of AI, BuzzFeed is officially chasing YouTube to become another premiere free video streaming service,” Allen said in a statement announcing the acquisition.
The deal arrives during a critical era for BuzzFeed. Despite once reaching a reported valuation of $1.7 billion following major investments from NBCUniversal, the company has struggled in recent years with declining revenue and mounting losses after going public in 2021. As of May 2026, BuzzFeed’s market capitalization reportedly sat at just $31 million.
Under the agreement, Allen Family Digital will purchase 40 million BuzzFeed shares at $3 per share, giving Allen approximately 52% ownership of the company. The investment will include $20 million paid in cash at closing and a $100 million promissory note due within five years.
Peretti also revealed that BuzzFeed plans to undergo major restructuring under the new ownership. That includes cost reductions and the creation of BuzzFeed Studios — a new entertainment division focused on vertical micro-dramas, animation, digital video, and feature films. Meanwhile, BuzzFeed’s wildly successful food platform, Tasty, is expected to operate as its own independent entity.
For Allen, the acquisition continues his steady expansion across television, digital media, and entertainment. The founder of Allen Media Group currently owns multiple broadcast television stations and networks, including The Weather Channel and TheGrio.
The timing of the deal is especially notable as Allen also prepares for a larger presence on late-night television. Following the end of The Late Show with Stephen Colbert later this month, Allen’s long-running comedy series “Comics Unleashed” will reportedly take over the time slot as part of his expanded partnership with CBS.
As digital media continues shifting toward AI-powered content, creator platforms, and streaming-first audiences, Allen’s takeover of BuzzFeed signals a major culture reset for one of the internet’s most recognizable media brands.
Photo Credit: Shadae Lamar Smith for ICON MANN
