Byron Allen Named Incoming Chairman and Chief Executive Officer of BuzzFeed, Inc.

Jonah Peretti to Transition to President of BuzzFeed AI
 

BuzzFeed, Inc. ("BuzzFeed" or the "Company") (NASDAQ:BZFD) today announced the Company has entered into a transaction agreement with Allen Family Digital, LLC, an affiliate of Byron Allen's family office, under which BuzzFeed, Inc. will accept a majority investment from Allen Family Digital, LLC. Founder and CEO Jonah Peretti will be succeeded by Byron Allen, who will assume the role of Chairman and Chief Executive Officer upon closing, and Peretti will transition to a newly created role as President of BuzzFeed AI.

Under the terms of the agreement, Allen Family Digital will acquire 40 million shares of BuzzFeed, Inc. at a price of $3.00 per share for a total purchase price of $120 million. Upon closing, Allen Family Digital will own approximately 52% of the Company's outstanding shares. The purchase price will be funded with $20 million in cash at closing and a $100 million promissory note due five years from closing, accruing interest at 5% annually.

The transaction is currently expected to close by the end of May 2026, subject to customary closing conditions.