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    Join the Patreon to get access to the full episode + BTS exclusive content! Full episodes release 2x a week! https://www.patreon.com/cw/Blackmillionaires_ Billionaire media mogul Byron Allen is set to take control of BuzzFeed through a proposed $120 million majority investment, marking a major leadership shift for one of the internet’s most recognizable digital media companies. BuzzFeed announced on May 11, 2026, that Allen Family Digital, an affiliate of Allen’s family office, will acquire 40 million shares of BuzzFeed at $3 per share. Once the deal closes, Allen’s firm is expected to own about 52% of BuzzFeed’s outstanding shares, giving him majority control of the company. The transaction is expected to close by the end of May 2026, pending customary closing conditions. As part of the agreement, Allen will become BuzzFeed’s chairman and CEO. Jonah Peretti, who co-founded BuzzFeed in 2006 and has led the company since its launch, will move into a newly created role as president of BuzzFeed AI. Peretti said he plans to focus on AI-driven products and technology, arguing that artificial intelligence will reshape the media industry. The deal comes as BuzzFeed continues to navigate a difficult period for digital media. In the first quarter of 2026, the company reported $31.6 million in revenue, down 12.4% from the same period a year earlier. Its net loss widened to $15.1 million, while adjusted EBITDA was negative $7.8 million. Allen, founder, chairman and CEO of Allen Media Group, already owns a large portfolio of television stations, cable networks, streaming platforms and syndicated programming. His company’s assets include The Weather Channel, TheGrio Television Network, HBCU GO, Local Now and several broadcast TV affiliates. The incoming CEO is signaling a major strategic pivot. Allen said his vision is to build on BuzzFeed and HuffPost’s brands by expanding into free streaming video, audio and user-generated content. He also suggested BuzzFeed will use AI as part of a broader push to compete in free video streaming. Billionaire Byron Allen Buys 51% Of Buzzfeed For $120 Million Black Millionaires Podcast #blackmillionaires #blackmillionairespodcast #BYRONALLEN #BUZZFEED
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