Byron Allen’s Allen Family Digital agreed to purchase a 52% controlling stake in BuzzFeed for $120 million, making the veteran entrepreneur the new chief executive and chairman. Co‑founder Jonah Peretti will step down from the CEO role and assume the title of president of artificial intelligence. The deal, disclosed Monday, transfers majority ownership from existing shareholders to Allen’s media platform and tap its AI capabilities now.

Allen, 65, already runs Allen Media Group, which owns local TV stations, the Weather Channel and a production unit that will soon replace Stephen Colbert’s “Late Show” on CBS with “Comics Unleashed.” Adding BuzzFeed’s digital‑media reach expands his portfolio into viral content and data‑driven news, giving him a foothold in the lucrative online advertising market and further diversify revenue streams.

Investors will watch how the merger integrates BuzzFeed’s audience data with Allen’s broadcast assets, potentially creating cross‑platform advertising packages and cost synergies. The transaction values BuzzFeed at roughly $230 million, implying a premium over its current market price. The move signals a broader trend of traditional media owners acquiring digital‑native brands to stay relevant and bolster its market valuation.