"The agreement gives Allen a 52 percent majority stake in BuzzFeed and installs him as the company's new CEO, replacing founder Jonah Peretti. The deal includes $20 million upfront and a $100 million promissory note due five years after closing."
"BuzzFeed announced the sale alongside quarterly earnings showing advertising revenue down nearly 20 percent year-over-year and losses climbing to $15.1 million. The acquisition marks another aggressive expansion move for Allen, who has spent years buying distressed or undervalued media assets and rebuilding them under Allen Media Group."
"Most recently, Allen made headlines after securing CBS' 11:35 p.m. slot once occupied by Stephen Colbert. Beginning May 22, Comics Unleashed with Byron Allen will replace The Late Show, with Funny You Should Ask airing immediately afterward."
"Peretti framed the deal as a passing of the torch to a veteran media operator with a long-term vision for digital entertainment. "Byron Allen has built one of the world's largest media companies and is one of the most accomplished media entrepreneurs in the industry," Peretti said in a statement announcing the sale."
Byron Allen is acquiring control of BuzzFeed in a $120 million deal. The agreement provides Allen with a 52 percent majority stake and makes him the company’s new CEO, replacing Jonah Peretti. The payment structure includes $20 million upfront and a $100 million promissory note due five years after closing. BuzzFeed’s sale announcement coincides with quarterly results showing advertising revenue down nearly 20 percent year-over-year and losses rising to $15.1 million. The acquisition continues Allen Media Group’s pattern of buying undervalued media assets and rebuilding them. Allen is also preparing to take over CBS’s post-Colbert late-night lineup, with Comics Unleashed replacing The Late Show’s 11:35 p.m. slot.
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