Byron Allen will buy a majority stake in BuzzFeed, replacing Jonah Peretti as CEO as the struggling site shifts toward AI and video.

BuzzFeed is entering a new chapter as media entrepreneur Byron Allen steps in with a deal that could keep the 20-year-old publisher from a grim financial ending.

On May 11. Allen announced an agreement to buy a majority stake in BuzzFeed. a deal that arrives after the company shut down its Pulitzer Prize-winning news division in 2023 and faced shrinking revenue.. The report said BuzzFeed would otherwise have been required to file for bankruptcy. making the transaction a decisive intervention at a moment when the brand’s economics had weakened.

Allen’s plan places him in the CEO role, with founder Jonah Peretti set to leave his top job.. Under the arrangement. Peretti will become president of BuzzFeed AI. signaling that the company’s next phase will be shaped around artificial intelligence even as it attempts to revive its core content ambitions.

In announcing the transaction. Allen said his vision is to build on BuzzFeed and HuffPost as he expands into free-streaming video. audio. and user-generated content.. He framed the strategy as an effort to go head-to-head with YouTube. arguing that AI can help BuzzFeed “chase” the model of a leading free video streaming service.

The financial terms reported for the BuzzFeed stake were $120 million.. While that figure underscores the size of the rescue. it also reflects a broader reality facing digital publishers: audiences may still be reachable. but monetization has been harder. forcing companies to rethink both content formats and distribution strategy.

The report also described how Allen has tried to scale up acquisitions before.. He previously aimed to buy larger media conglomerates such as Paramount Global, but those efforts did not move forward.. In this context. the BuzzFeed deal can be read as a more targeted bet—taking control of a recognizable media brand while applying an aggressive growth blueprint focused on streaming and AI.

Allen’s media activity is not limited to the BuzzFeed story.. Most recently. the report said Allen Media Group reached a deal with CBS to fill Stephen Colbert’s late-night slot. positioning Allen’s business interests within mainstream broadcast entertainment rather than confining them to digital-first platforms.

Before becoming known as a media mogul. Allen told the story of how he built credibility in entertainment from the ground up.. He began as a stand-up comic and comedy writer. with early work at the Comedy Store that he described as performing to a very small audience.. He later received a call from actor and comedian Jimmie Walker. inviting him to write with other comedians. including Jay Leno and David Letterman.

Allen said he sold a joke to that group for $25 and later kept the check framed.. In the narrative shared in the report. he described that as an early confirmation that he could make it in the business—an origin story that helps explain why his later strategy emphasizes both relationships and persistence.

The report also included Allen’s remarks about compensation early in his career.. He said that during one TV stint he was being paid $2,500 per episode, while colleagues earned $10,000 to $12,500.. He said he was fired after asking for a pay bump. and he later described that moment as both the “worst thing” and the “very best thing” in his business life.

According to Allen’s account, the lesson was that he did not want to work for anyone else again.. He said he began pitching his show to different TV stations. making thousands of calls and facing thousands of rejections before he secured the opportunity.. The report said he described it as breaking through after about 50. 000 rejections. an anecdote that points to how he sees setbacks as part of building a scalable media operation.

The report further described Allen’s move from television success toward media assets, including an interest in purchasing the Weather Channel. He said the initial process was difficult because “they didn’t want to let” him into the discussions.

In that Weather Channel effort. Allen described back-and-forth with representatives of Morgan Stanley. who questioned whether he could secure funding for the deal.. Despite the skepticism. he said he eventually purchased the Weather Channel in 2018 for $300 million. attributing success to his reputation and the credibility he had earned over the years.

That theme—reputation as a financial asset—also appeared in Allen’s remarks about success more broadly.. He said money is not the commodity and described himself as the commodity. adding that he believes achievement comes not only from access to capital but from hustle. cultivating relationships. and building prestige.

For Allen, the content business is tightly linked to distribution and deal-making.. The report said he believes “business is a contact sport. ” arguing that partners evaluate performance and results. and that credibility can unlock further opportunities.. He described his model as one where passion and “stats” are visible. and where the incentive for others to work with him grows because he helps them make money.

In this framing, BuzzFeed becomes more than a brand purchase.. It is an attempt to apply an approach centered on access. persistence. and distribution power—now with AI positioned as a tool to expand formats and compete for free-streaming attention.. Whether the plan succeeds will likely hinge on how quickly BuzzFeed can translate its new ownership structure into an audience and revenue model that stabilizes growth while meeting the promise of a streaming-first future.

Byron Allen BuzzFeed media acquisitions AI strategy free streaming video digital publishing