Allen to Acquire Majority BuzzFeed Stake, Takes Control of BZFD
Media entrepreneur Byron Allen agreed to acquire a majority stake in BuzzFeed for $120 million and will become CEO, a move that sent BZFD shares higher after-hours; BuzzFeed has faced profitability challenges with a Q1 loss of $15.1 million on $31.6 million in revenue, and closing is expected by end of May 2026 via $20 million cash at closing plus a $100 million promissory note at 5% over five years, as Allen aims to turn the company around.