Byron Allen Family Office Takes Majority Stake in BuzzFeed for $120 Million

Allen Family Digital, LLC, an affiliate of Byron Allen’s family office, has entered into a transaction agreement to acquire a majority stake in BuzzFeed, Inc. (Nasdaq: BZFD) for a total purchase price of $120 million. Under the terms of the deal, Allen Family Digital will acquire 40 million shares at $3.00 per share, resulting in an ownership stake of approximately 52% of the company’s outstanding shares upon closing. The purchase price is structured as $20 million in cash at closing and a $100 million promissory note due five years from closing, accruing interest at 5% annually. As part of the transaction, Byron Allen will assume the role of Chairman and Chief Executive Officer of BuzzFeed, succeeding founder Jonah Peretti, who will transition to a newly created position as President of BuzzFeed AI. Allen has outlined plans to expand BuzzFeed into free-streaming video, audio, and user-generated content, while also establishing BuzzFeed Studios and the Tasty brand as an independent entity. The transaction is expected to close by the end of May 2026, subject to customary closing conditions.

About the Byron Allen Family Office: Allen Family Digital

Allen Family Digital, LLC is the family office investment vehicle of Byron Allen, the founder, chairman, and CEO of Allen Media Group, which he established in Los Angeles in 1993. Allen Media Group is one of the largest independently owned media companies in the United States, operating 13 ABC, CBS, and NBC network affiliate broadcast television stations across 11 U.S. markets, as well as ten 24-hour HD television networks serving nearly 275 million subscribers, including The Weather Channel, TheGrio Television Network, and HBCU GO. The group additionally owns several digital streaming platforms and produces, distributes, and sells advertising for 74 television programs, making Allen one of the largest independent producers and distributors of first-run syndicated television programming in the country. The BuzzFeed investment represents Allen Family Digital’s entry into digital-native media, consistent with Allen Media Group’s broader strategy of acquiring and scaling media assets across distribution platforms.

Picture Source: Unsplash+
Article Source: Businesswire, 18.05.2026