BuzzFeed shares jump 135% after $120M investment deal with Byron Allen's family office

BuzzFeed's stock surged over 135% in after-hours trading following a $120 million investment agreement with Allen Family Digital, linked to Byron Allen. The deal involves the purchase of 40 million shares at $3 each, giving Allen's family office a 52% controlling stake. BuzzFeed plans to expand into AI-driven media and free video streaming to compete with platforms like YouTube. Despite recent weak financial results, the strategic investment and leadership changes have boosted investor confidence.