Byron Allen Expands Empire With $120M BuzzFeed Deal, Set To Become CEO

Byron Allen is expanding his media empire by acquiring a majority stake in BuzzFeed Inc. for $120 million.

According to a May 11, 2026, news release, the transaction through Allen Family Digital — an affiliate of Allen’s family office — will also see Allen become chairman and CEO of BuzzFeed, succeeding current chief executive Jonah Peretti. Peretti will transition to the newly created role of president of BuzzFeed AI.

“Jonah is a great visionary and has done a phenomenal job. BuzzFeed and HuffPost have become two iconic global digital media brands with powerful audience reach and strong cultural importance,” Allen said in the release. “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 premier free video streaming service.”

Per the terms of the agreement, Allen Family Digital will acquire 40 million shares of BuzzFeed at $3 per share, the news release states. Following the close of the deal, Allen Family Digital is expected to own approximately 52% of the company’s outstanding shares.

The purchase price includes $20 million in cash at closing — expected by the end of May 2026, pending customary closing conditions — and a $100 million promissory note due five years after closing, with an annual interest rate of 5%, notes the press release.

How Byron Allen Became One of Hollywood’s Most Powerful Media Owners

Allen founded Entertainment Studios — now Allen Media Group — in 1993, as AFROTECH previously reported. Since then, he has become one of the most influential media moguls in the entertainment industry, with an estimated net worth of $1 billion.

Allen’s portfolio includes multiple streaming platforms and apps; a slew of ABC, CBS, and NBC affiliate television stations across 11 U.S. markets; and 10 24-hour HD television networks, including The Weather Channel, JusticeCentral.TV, TheGrio, and HBCU GO, according to Allen Media Group’s website.

Allen also owns a two-hour nightly comedy block on CBS, per the news release. He produces, distributes, and sells advertising for 74 television programs, making him one of the largest independent producers and distributors of first-run syndicated television programming across broadcast, cable, and digital platforms.

“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,” Peretti said in a statement.

Who Is Jonah Peretti?

Peretti co-founded BuzzFeed in 2006 and led the company through its 2021 SPAC merger that took the digital publisher public. BuzzFeed also owns HuffPost, formerly known as The Huffington Post.

“After 20 years as CEO of BuzzFeed, I’m excited to switch my focus to a more hands-on role developing products and technology that are only possible because of recent advances in AI,” Peretti said in the news release. “I’m convinced that AI will fundamentally transform the media industry and empower creative people to build in new ways, and I believe the opportunity is enormous.”

Peretti expressed confidence that Allen’s industry relationships will bring “some incredible stars” to the BuzzFeed platform. He also outlined plans for “significant changes” at the company, including cost reductions and the launch of BuzzFeed Studios, which will focus on vertical micro-dramas, animation, digital video, and premium studio productions.

Peretti added that a newly formed independent entity, combined with Allen’s expanded leadership role, is expected to provide additional liquidity and operational focus for BuzzFeed.

“Byron’s vision, operational experience, and long-term commitment to premium content makes him exceptionally well-positioned to lead BuzzFeed and HuffPost into our next phase of growth,” Peretti said in the release.

The post Byron Allen Expands Empire With $120M BuzzFeed Deal, Set To Become CEO appeared first on AfroTech.

The post Byron Allen Expands Empire With $120M BuzzFeed Deal, Set To Become CEO appeared first on AfroTech.