BuzzFeed lost its buzz some years ago.
What was once a hot spot for listicles and quizzes — and even award-winning long-form investigative journalism — has struggled as of late, being valued at roughly $230 million as of May 11, far below its peak valuation of $1.7 billion a decade ago.
And now, according to Variety, Byron Allen will purchase a majority stake in the company for $120 million and become CEO.
According to the report, Allen will focus on pushing BuzzFeed and HuffPost into “Free-streaming video, audio and user-generated content.”
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BuzzFeed CEO and cofounder Jonah Peretti will become president of BuzzFeed AI.
The deal should close by the end of May, depending on customary closing conditions.
