Byron Allen is adding another major media brand to his growing empire — this time by taking control of BuzzFeed in a $120 million deal that arrives just as he prepares to take over CBS’s post-Colbert late-night lineup.
According to The Hollywood Reporter, the agreement gives Allen a 52 percent majority stake in BuzzFeed and installs him as the company’s new CEO, replacing founder Jonah Peretti. The deal includes $20 million upfront and a $100 million promissory note due five years after closing.
BuzzFeed announced the sale alongside quarterly earnings showing advertising revenue down nearly 20 percent year-over-year and losses climbing to $15.1 million.
The acquisition marks another aggressive expansion move for Allen, who has spent years buying distressed or undervalued media assets and rebuilding them under Allen Media Group. His portfolio already includes The Weather Channel, TheGrio, syndicated television programming, and local TV stations across the country.
Most recently, Allen made headlines after securing CBS’ 11:35 p.m. slot once occupied by Stephen Colbert. Beginning May 22, Comics Unleashed with Byron Allen will replace The Late Show, with Funny You Should Ask airing immediately afterward.
Peretti framed the deal as a passing of the torch to a veteran media operator with a long-term vision for digital entertainment. “Byron Allen has built one of the world’s largest media companies and is one of the most accomplished media entrepreneurs in the industry,” Peretti said in a statement announcing the sale.
He also praised Allen’s move into late night, adding that he was “highly confident that his relationships with talent will bring some incredible stars to the BuzzFeed platform.”
Allen, meanwhile, made it clear that he sees BuzzFeed’s future extending beyond listicles and viral quizzes. “Our vision is to build on the iconic foundation of BuzzFeed and HuffPost by expanding into free-streaming video, audio, and user-generated content,” Allen said. “As of this moment, with the power of AI, BuzzFeed is officially chasing YouTube to become another premier free video streaming service.”
The sale caps off a dramatic rise-and-fall chapter for BuzzFeed, which once rejected a reported $650 million acquisition offer during the peak of the Facebook-driven digital media boom.
The company later went public in 2021, acquired HuffPost, shut down BuzzFeed News in 2023, and struggled to adapt to a social media landscape dominated by TikTok, Instagram, and algorithm-driven video feeds.
