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Jonah Peretti, CEO of BuzzFeed, has sold 52% of the company to Byron Allen for $120 million, marking a significant leadership change as Peretti transitions to president of BuzzFeed AI. This deal comes as BuzzFeed faced financial difficulties, risking cash shortages. Peretti expressed excitement about the new direction under Allen, who aims to leverage AI to compete with platforms like YouTube. The sale is seen as a lifeline for BuzzFeed, which was once valued at $1.6 billion.

- Jonah Peretti, CEO of BuzzFeed, will transition to president of BuzzFeed AI following the sale of 52 percent of the company to Byron Allen for $120 million.  
- This sale aims to provide BuzzFeed with necessary operational funds amidst financial challenges, as the company faced the risk of running out of cash.  
- Peretti's new role involves leveraging AI to enhance BuzzFeed's offerings, focusing on adapting to a rapidly evolving digital media landscape.

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BuzzFeed

Exclusive: Jonah Peretti explains why he sold BuzzFeed

BuzzFeed's stock surged over 100% after announcing a $120 million investment from Byron Allen's family office, which will acquire a majority stake in the company. Allen will become CEO, while founder Jonah Peretti transitions to president of BuzzFeed AI. Despite the gains, BuzzFeed's shares remain down 20% over the past year and over 95% from their peak in March 2021. The company reported a net loss of $15.1 million in Q1, with revenue falling 12.4% to $31.6 million. The deal is expected to close by the end of the month.

- BuzzFeed has announced that Byron Allen's family office will acquire a majority stake for $120 million, leading to a significant share price increase.  
- Under the agreement, Allen Family Digital will purchase up to 40 million shares at $3 each, resulting in Allen controlling about 52% of BuzzFeed.  
- The deal comes as BuzzFeed faces ongoing financial challenges, including a recent $15.1 million net loss and missed debt payments, prompting cost-cutting measures.

Dow Jones

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BuzzFeed's stock more than doubles as beleaguered media company gets a lifeline

BuzzFeed shares are trading higher after the company reported Q1 financial results. The company announced it will accept a majority investment from Allen Family Digital.

benzinga_article

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: $BuzzFeed(BZFD.US) Byron Allen to become BuzzFeed CEO in $120M majority investment deal

BUZZFEED INC C/WTS 03/12/2026 (TO PUR COM)(BZFDW.US)

Exclusive: Jonah Peretti explains why he sold BuzzFeed

BuzzFeed's stock more than doubles as beleaguered media company gets a lifeline

BuzzFeed shares are trading higher after the company reported Q1 financial results. The company announced it will accept a majority investment from Allen Family Digital.