Trending Now - Byron Allen Becomes Buzzfeed CEO in $120M Acquisition Deal

WHO:

Sportskeeda - Byron Allen, billionaire and media entrepreneur, has become the CEO of BuzzFeed.

Fast Company - Jonah Peretti, founder of BuzzFeed, will become president of BuzzFeed AI.

WHAT:

Sportskeeda - Byron Allen acquired BuzzFeed in a deal valued at $120 million, securing a 52% stake in the company.

Fast Company - The acquisition was necessary to prevent BuzzFeed from filing for bankruptcy due to declining revenue.

Fast Company - Allen stated, “Our vision is to build on the iconic foundation of BuzzFeed and HuffPost by expanding into free-streaming video, audio, and user-generated content.”

WHERE:

Fast Company - BuzzFeed is described as a millennial-favorite news site.

WHEN:

Fast Company - The deal was announced on May 11.

WHY:

Fast Company - The acquisition was motivated by the need to save BuzzFeed from potential bankruptcy.

HOW:

Fast Company - Byron Allen's strategy includes expanding BuzzFeed into free-streaming video and other content formats.

(UPDATED May 13, 2026 21:24 UTC)

Byron Allen, a billionaire and media entrepreneur, has taken the helm as CEO of BuzzFeed after acquiring the company in a deal valued at $120 million, securing a 52% stake. This acquisition was crucial to prevent BuzzFeed from filing for bankruptcy due to declining revenue, and Allen plans to expand the brand into free-streaming video, audio, and user-generated content. Jonah Peretti, the founder of BuzzFeed, will transition to the role of president of BuzzFeed AI as part of this new leadership structure.