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    Byron Allen has become the majority owner of Buzzfeed after finally closing the acquisition of the digital media brand.

    Allen will take over as CEO of the company, with former CEO Jonah Peretti serving as “president of BuzzFeed AI.” In this role peretti “will bring his strategic focus to applied AI research, product innovation and the development of new technology-driven media formats,” according to Variety.

    BuzzFeed’s transaction with Allen Family Digital was closed on Wednesday, 27 May, with Allen Family Digital acquiring 40 million shares of BuzzFeed common stock.

    Buzzfeed to rival YouTube

    Allen told Variety that the digital media brand will expand into free streaming video, working with Allen Media Group’s Local Now, a free streaming platform that delivers local news, weather, entertainment, and sports based on a user’s location.

    Under the new deal, BuzzFeed Studios and the company’s Tasty brand will be established as independent entities but will remain fully owned subsidiaries of BuzzFeed.

    About Allen Media Group

    Allen is the chief executive of Allen Media Group, a news and entertainment company with a portfolio that includes weather channels and local TV stations. Allen recently invested a 10.7% stake in Starz, according to Deadline. Allen’s Media Group includes 28 stations affiliated with ABC, NBC, CBS, and Fox, operating in 21 US markets.

    Over the past six years, the company has invested more than $1 billion to acquire stations, aiming to become the largest independent television operator in the United States. Its portfolio includes 28 stations affiliated with ABC, NBC, CBS, and Fox, operating in 21 US markets.


    Image: Michael Tran

    The post Byron Allen Becomes Majority Owner Of BuzzFeed appeared first on POCIT. Telling the stories and thoughts of the underrepresented in tech..

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