Byron Allen to Take Over BuzzFeed, Replace Jonah Peretti as CEO

Comedian and media mogul Byron Allen is paying $120 million for a 52% stake in online publisher BuzzFeed Inc. and will assume the titles of chairman and chief executive officer from co-founder Jonah Peretti.

Allen’s family office acquired 40 million shares at a price of $3 each, according to a statement from the company on Monday. The transaction was financed with $20 million in cash and a $100 million promissory note due in five years and accruing interest at 5% annually. The transaction is expected to close at the end of the month. Peretti will transition to the new role of president of BuzzFeed AI.