Media entrepreneur Byron Allen has expanded his influence across television and digital media with major new deals involving BuzzFeed and CBS. His Allen Media Group has agreed to acquire a 52% controlling stake in BuzzFeed for $20 million in cash and a $100 million promissory note, positioning him as the incoming chairman and CEO.

The deal, expected to close by month’s end, will see BuzzFeed co-founder Jonah Peretti transition into a new role focused on AI development. BuzzFeed’s acquisition comes after years of financial strain for the company, which has struggled with declining revenue and heavy losses since its 2021 IPO.

The company reported a net loss of $57.3 million in 2025 and has faced concerns about its ability to remain operational. Once valued at $1.7 billion, the acquisition reflects a distressed sale, with Allen outlining plans to transform BuzzFeed and HuffPost into a global free streaming platform.

Allen’s strategy centers on combining BuzzFeed’s content with his existing Local Now streaming service to build a hyper-local, ad-supported digital network. The platform will integrate professional and user-generated content, with a focus on capturing advertising revenue, shifting from cable to streaming.

Alongside this, Allen has secured a two-hour CBS late-night comedy block featuring Comics Unleashed, further expanding his presence in traditional television broadcasting.