Byron Allen’s Allen Family Digital has officially closed on a deal to acquire a majority investment in Buzzfeed.
On Wednesday, upon the deal’s closure, Allen ascended to become Buzzfeed’s new chairman and CEO. Jonah Peretti, the digital group’s co-founder and former chief executive officer, will transition to a new role as head of Buzzfeed AI. With the deal now complete, Allen’s Allen Family Digital now owns around 52 percent of the company’s outstanding shares.
“Jonah is a great visionary and has done a phenomenal job. BuzzFeed and HuffPost have become two iconic global digital media brands with powerful audience reach and strong cultural importance,” Allen said. “Our vision is to build on the iconic foundation of BuzzFeed and HuffPost by expanding into free-streaming video, audio and user-generated content. As of this moment, with the power of AI, BuzzFeed is officially chasing YouTube to become another premiere free video streaming service.”
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