Byron Allen Buys BuzzFeed for US$120m

On 11 May, BuzzFeed announced that a controlling stake in the company had been sold to Byron Allen, an entrepreneur who, in the past, has gained a reputation for making unsolicited bids for media companies.

Byron is best known for his media conglomerate Allen Media Group, which owns networks like The Weather Channel and is responsible for the production of his own talk show, Comics Unleashed.

Buzzfeed, once valued at US$1.7bn, has struggled to maintain its place as a digital media giant as platforms like TikTok and Instagram have grown in popularity over the past decade.

At the end of 2025, BuzzFeed announced that it had cash and cash equivalents of US$8.5m and said it lacked sufficient cash to meet its financial obligations over the next 12 months.

Following the announcement of its cash crunch, Byron offered to buy a 52% stake in BuzzFeed for US$120m in addition to taking over as CEO from the company’s current head executive, Jonah Peretti.

One of the world’s largest media companies

Speaking on the agreement between BuzzFeed and Byron in a company statement, Jonah says: “Byron Allen has built one of the world’s largest media companies and is one of the most accomplished media entrepreneurs in the industry, having spent 30-plus years transforming distribution infrastructure, identifying strategic assets, and scaling them into something much greater.

“[His] vision, operational experience and long-term commitment to premium content makes him exceptionally well-positioned to lead BuzzFeed and HuffPost into our next phase of growth.”

Jonah added that the company will likely undergo a period of “significant” cost cutting measures ahead of Allen’s arrival, potentially referring to layoffs. He added that he plans to speak directly with employees over these measures.

Byron’s purchasing strategy

Byron currently serves as CEO of the Allen Media Group, which serves as a news and entertainment company with a portfolio that includes 28 stations affiliated with ABC, NBC, CBS and Fox. 

In March, Byron also acquired a 10.7% stake in Starz, a network with more than 12 million US streaming subscribers and more than US$210 in 2025 Q4 revenue.

Buying stakes at lower prices is a strategy that has allowed Byron to integrate local networks within the Allen Media Group brand, most notably with his recent purchase of Stephen Colbert’s timeslot on CBS, with plans to replace it with his own show, Comics Unleashed.

Discussing Byron’s takeover of the timeslot and the future direction of BuzzFeed, Jonah adds: “Personally, I’m thrilled Byron is taking over The Late Show With Stephen Colbert’s time slot, and highly confident that his relationships with talent will bring some incredible stars to the BuzzFeed platform.”

An effort to improve company finance

In an effort to improve finances, BuzzFeed previously went public in 2021, however the decision only resulted in further decline and saw the company’s stock price fall over the following years.

In the first quarter of 2026, the company saw a net loss of US$15m.

As of 11 May, BuzzFeed’s stock price sits at US$0.71 per share, however Byron has pledged to buy US$40m shares at US$3 per share. 

“That says something about what he sees in what we’ve built,” Jonah said in an internal memo to BuzzFeed employees about the sale.

The company’s two biggest digital media competitors, Vice Media and Vox Media, have also seen financial challenges since the days when digital algorithms helped them generate massive – but difficult to monetise – online audiences.

Similarly to BuzzFeed, Vox Media is reportedly also considering a potential sale of company stakes, with James Murdoch, son of media mogul Rupert Murdoch, positioned to be a potential buyer.