BuzzFeed is entering a new chapter. TV and media mogul Byron Allen is acquiring a majority stake in the digital media company in a $120 million deal that will install him as chairman and CEO, marking the end of founder Jonah Peretti’s nearly two-decade run at the top.
Under the terms of the agreement, Allen Family Digital will purchase 40 million shares at $3.00 per share, giving Allen approximately 52% ownership of the company. The deal is expected to close by the end of May 2026, pending standard closing conditions, and includes BuzzFeed’s full digital media portfolio, including HuffPost, the news brand BuzzFeed acquired from Verizon in 2021. The purchase price is structured as $20 million in cash at closing, with the remaining $100 million due via promissory note over five years, accruing interest at 5% annually.
Peretti Steps Aside — but Not Away
Peretti, who co-founded BuzzFeed in 2006, will not be departing the company entirely. Instead, he is transitioning into a newly created role as president of BuzzFeed AI, where he’ll focus on developing AI-driven tools and products designed to reshape how the company creates and distributes content.
“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 a statement. “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.”
Allen’s Vision: BuzzFeed as a Free Streaming Destination
Allen is setting an ambitious agenda. His goal is to expand BuzzFeed well beyond its roots in viral content and digital publishing, transforming it into a broader entertainment platform. Key pillars of his plan include:
- Free, ad-supported streaming video
- Audio content and user-generated platforms
- Studio-level original programming, including vertical micro-dramas, animation, and feature films
“As of this moment, with the power of AI, BuzzFeed is officially chasing YouTube to become another premiere free video streaming service,” Allen said.
Allen is the founder, chairman, and CEO of Allen Media Group, which he established in 1993. His portfolio spans 13 broadcast television stations across 11 U.S. markets and 10 HD television networks reaching nearly 275 million subscribers, including The Weather Channel, TheGrio, and HBCU GO. Allen has also recently leased a two-hour late-night comedy block on CBS, which will take over from The Late Show With Stephen Colbert beginning May 21.
A Company in Restructuring Mode
Alongside the ownership change, BuzzFeed is planning significant internal restructuring, including:
- Cost reductions across the organization
- A revamped BuzzFeed Studios focused on premium and vertical video content
- Tasty spun off as a standalone entity
The moves signal a deliberate shift away from BuzzFeed’s all-in-one digital media identity toward more focused, monetizable content verticals.
BuzzFeed’s Legacy and What Comes Next
BuzzFeed has long been a launchpad for digital-native talent who went on to mainstream success, among them Quinta Brunson, now the Emmy-winning creator and star of Abbott Elementary, as well as groups like The Try Guys and creators like Safiya Nygaard and Ryan Bergara. Its interview franchise Hot Ones, hosted by Sean Evans, has become one of the most recognized long-form formats to emerge from digital media.
The company went public on the Nasdaq in 2021, the same year it acquired HuffPost, but struggled to gain traction as a public company. With Allen now at the helm, BuzzFeed is betting that a pivot to streaming and AI-powered content can revitalize one of digital media’s most recognizable names.
Whether audiences follow it there remains to be seen.