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Byron Allen In Deal To Buy Majority Stake In Buzzfeed For $120 Million, Become Chairman & CEO
Allen Family Digital, an affiliate of Byron Allen’s family office, under has a deal to acquire a majority stake in digital media company Buzzfeed with Byron Allen becoming chairman and CEO.
Current chief executive will transition to a newly created role as president of BuzzFeed AI.
Under the terms of the agreement, Allen Family Digital will acquire 40 million shares of publicly traded BuzzFeed at a price of $3 a share for a total purchase price of $120 million. Upon closing, Allen FamilyDigital will own about 52% of the company’s outstanding shares.
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