Media industry
fromAllHipHop
6 hours agoByron Allen Takes Over BuzzFeed In $120M Acquisition Deal
BuzzFeed is being acquired by Byron Allen for $120 million, granting him majority control and CEO leadership while Jonah Peretti shifts to AI.
On Monday morning, the Wall Street Journal confirmed that the Paramount-Skydance behemoth, headed by tech scion David Ellison, had acquired Weiss' Substack-based publication the Free Press for a $150 million valuation, about 10 times the revenue the platform brought in last year. The "anti-woke" newsletter will now join the suite of brand-name properties under the merged-media umbrella, including BET and MTV, while Weiss herself will become editor in chief of CBS News-which is about to lay off 10 percent of its very worried staff.
Carpenter Media's acquisition of Pamplin Media Group and EO Media Group has led to severe reductions in staffing and print publications, significantly impacting local news coverage in Oregon.