BuzzFeed sold to Byron Allen, who will take over as CEO in $120m deal

Allen, a media entrepreneur, to replace founder Jonah Peretti as chief executive with ‘significant’ cost cuts to comeBuzzFeed, the digital media pioneer that was once valued as high as $1.7bn amid a private equity-funded wave of interest in websites that generated massive amounts of online traffic in the 2010s, has finally changed hands for $120m.On Monday, the company announced that a controlling stake in the company has been sold to media entrepreneur Byron Allen. Jonah Peretti, BuzzFeed’s co-founder, will step down as chief executive and serve as its president of A.I.