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Media mogul Byron Allen takes controlling stake in BuzzFeed, reshaping leadership and strategy

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Source: The New York Times
Media mogul Byron Allen takes controlling stake in BuzzFeed, reshaping leadership and strategy
Photo: The New York Times
TL;DR Summary

Byron Allen’s Allen Media Group is acquiring a 52% stake in BuzzFeed for $120 million, installing Allen as CEO and chairman and moving co-founder Jonah Peretti to president of AI; the financing includes $20 million cash at closing and $100 million later at 5% interest, as BuzzFeed contends with debt and losses and pushes for growth in streaming, user-generated content, and expanded HuffPost coverage while spinning its film/TV division into an independent entity.

Topics:business#business#buzzfeed#byron-allen#media-industry#mergers-and-acquisitions#streaming
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  1. Byron Allen Is Buying a Controlling Stake in BuzzFeed  The New York Times
  2. BuzzFeed sold to Byron Allen, who will take over as CEO in $120m deal  The Guardian
  3. Byron Allen to Buy BuzzFeed In $120 Million Deal, Will Take Over As CEO  The Hollywood Reporter
  4. BuzzFeed’s stock more than doubles as beleaguered media company gets a lifeline  MarketWatch
  5. Byron Allen to Acquire Majority Stake in BuzzFeed for $120 Million  WSJ

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