Byron Allen buys 52% of BuzzFeed for $120M, becomes CEO as shares jump 156%.

Byron Allen is set to become BuzzFeed's new CEO after acquiring a 52% stake in the company for $120 million, paying a significant premium on the shares. BuzzFeed's founder, Jonah Peretti, will transition to a new role as president of BuzzFeed AI. The deal aims to address BuzzFeed's financial struggles, including a 12.4% revenue decline and widening net losses. The acquisition is expected to close by the end of the month, with funding through cash and a promissory note.