AT A GLANCE
- Byron Allen is set to become chairman and CEO of BuzzFeed after Allen Family Digital agreed to a $120 million majority investment.
- BuzzFeed founder Jonah Peretti will move into a new role as President of BuzzFeed AI once the deal closes.
- Allen Family Digital will acquire 40 million shares at $3 per share and is expected to own about 52% of BuzzFeed.
- Allen’s “Comics Unleashed” is also set to take over the CBS late night time slot previously held by “The Late Show With Stephen Colbert.”
BuzzFeed Move Comes As Allen’s ‘Comics Unleashed’ Takes Colbert’s CBS Slot
Byron Allen is preparing to add another major digital media company to his growing portfolio.
BuzzFeed announced Monday that it entered into a transaction agreement with Allen Family Digital, LLC, an affiliate of Allen’s family office, for a majority investment valued at $120 million. Under the agreement, Allen Family Digital will acquire 40 million shares of BuzzFeed at $3 per share and is expected to own about 52% of the company after the deal closes.
Allen will succeed BuzzFeed founder Jonah Peretti as chairman and chief executive officer. Peretti, who has served as BuzzFeed’s CEO since the company launched in 2006, will move into a newly created role as President of BuzzFeed AI once the transaction is finalized.
The deal is expected to close by the end of May 2026.
Jonah Peretti Says Allen Is Positioned To Lead BuzzFeed’s Next Chapter
Peretti said Allen’s experience building and expanding media properties made him a strong fit to lead BuzzFeed and HuffPost into their next stage.
“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,” Peretti said in a statement.
Peretti added, “Byron’s 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. And 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.”
As part of the transition, BuzzFeed Studios, which includes vertical micro drama series, animation, digital video and a premium studio with feature films, will become an independent entity along with Tasty.
Allen Plans To Push BuzzFeed Further Into Free Streaming And AI
Allen, the founder and chairman of Allen Media Group, said the plan is to build on BuzzFeed and HuffPost’s reach while expanding into new forms of digital media.
“Jonah is a great visionary and has done a phenomenal job. BuzzFeed and HuffPost have become two iconic global digital media brands with powerful audience reach and strong cultural importance,” Allen said.
Allen said his vision is to expand BuzzFeed into “free streaming video, audio and user generated content.”
“As of this moment, with the power of AI, BuzzFeed is officially chasing YouTube to become another premiere free video streaming service,” Allen said.
The deal also comes as BuzzFeed continues to navigate financial pressure in the digital media industry. The company reported first quarter 2026 revenue of $31.6 million and a net loss of $15.1 million.
Also Read: ‘Comics Unleashed With Byron Allen’ to Replace the ‘Late Show’ on CBS
Byron Allen’s Media Portfolio Continues To Grow
Allen Media Group, based in Los Angeles, owns 13 ABC, CBS and NBC network affiliate broadcast television stations in 11 U.S. markets. The company also owns 10 HD television networks serving nearly 275 million subscribers, including The Weather Channel, Pets.tv, Comedy.tv, Recipe.tv, Cars.tv, ES.tv, MyDestination.tv, JusticeCentral.tv, theGrio and HBCU GO.
The BuzzFeed deal is one of several major moves for Allen this year.
Later this month, Allen’s two hour comedy block on CBS is set to begin. His longtime series “Comics Unleashed” will move into the 11:35 p.m. Eastern time slot previously held by “The Late Show With Stephen Colbert.” After “Comics Unleashed,” another Allen owned show, “Funny You Should Ask,” will air. The deal for both programs runs through the 2026 to 2027 television season.
Peretti said his next role will focus on the technology side of BuzzFeed’s future.
“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. “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.”
