BuzzFeed shares jump 130% as Byron Allen's family office buys majority stake

BuzzFeed's stock surged over 130% after Byron Allen's family office, Allen Family Digital, agreed to acquire a majority stake in the struggling media company. This $120 million investment provides a crucial financial lifeline as BuzzFeed faces deep financial challenges. The deal is expected to close by the end of May, signaling potential stability and renewed investor confidence for BuzzFeed.