Byron Allen Buys $120 Million Majority Stake in BuzzFeed, Will Become CEO

Byron Allen is acquiring a majority stake in BuzzFeed for $120 million and taking over as CEO.

BuzzFeed said Monday it has entered into a transaction agreement with Allen Family Digital, an affiliate of Allen’s family office, under which the company will receive a majority investment.

Upon completion of the deal, BuzzFeed founder and CEO Jonah Peretti will be succeeded by Allen, who will become chairman and chief executive officer. Peretti will move into a newly created role as president of BuzzFeed AI.

The transaction is currently expected to close by the end of May 2026. Upon closing, Allen Family Digital will own approximately 52% of the company.

“Byron Allen has built one of the world’s largest media companies and is one of the most accomplished media entrepreneurs in the industry, having spent 30-plus years transforming distribution infrastructure, identifying strategic assets, and scaling them into something much greater,” said Peretti, BuzzFeed founder and CEO.

“And personally, I’m thrilled Byron is taking over ‘The Late Show With Stephen Colbert’s’ time slot, and highly confident that his relationships with talent will bring some incredible stars to the BuzzFeed platform,” Peretti added.

CBS announced last week that Allen’s comedy talk show, “Comics Unleashed,” would take Colbert’s 11:35 p.m. ET slot airing ⁠two back-to-back half-hour episodes nightly beginning May 22.

The company plans to make “significant changes” to its structure, including cost reductions and also setting up the company’s video department, according to the CEO. BuzzFeed Studios will house the company’s growing video slate, including vertical micro-dramas, animation, digital video, and premium studio including feature films.

More to come…