Byron Allen Closes Deal For Majority Stake In BuzzFeed
Byron Allen has successfully acquired a majority stake in BuzzFeed, becoming its chairman and CEO. The deal involves Allen Family Digital purchasing 40 million shares at $3 each, totaling $120 million. Under new management, BuzzFeed plans to implement significant changes, including the establishment of BuzzFeed Studios.
- ▪Byron Allen's family office has closed a deal to acquire a majority stake in BuzzFeed.
- ▪The acquisition involves purchasing 40 million shares at a price of $3 per share.
- ▪BuzzFeed plans to make significant changes under new management, including the creation of BuzzFeed Studios.
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Byron Allen at Harvard Business School Ed Marshall Photography for Gravy/AMG UPDATED with deal close: Allen Family Digital, an affiliate of Byron Allen’s family office, has closed its deal to acquire to acquire a majority stake in digital media company Buzzfeed with Byron Allen becoming chairman and CEO. Current chief executive and co-founder Jonah Peretti will transition to a newly created role as president of BuzzFeed AI. Under the terms of the agreement, Allen Family Digital will acquire 40 million shares of publicly traded BuzzFeed at a price of $3 a share for a total purchase price of $120 million. The transaction was funded with $20 million in cash at closing and a $100 million promissory note due five years from closing, accruing interest at 5% annually.
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