Byron Allen In Deal To Buy Majority Stake In Buzzfeed For $120 Million, Become Chairman & CEO

Allen Family Digital, an connection of Byron Allen’s family office, nether has a woody to get a mostly liking successful Buzzfeed pinch Byron Allen becoming president and CEO.

Current main executive and laminitis Jonah Peretti will modulation to a recently created domiciled arsenic president of BuzzFeed AI.

Under nan position of nan agreement, Allen Family Digital will get 40 cardinal shares of publically traded BuzzFeed astatine a value of $3 a stock for a full acquisition value of $120 million. Upon closing, Allen FamilyDigital will ain astir 52% of nan company’s outstanding shares.

The acquisition value will beryllium funded pinch $20 cardinal successful rate astatine closing and a $100 cardinal promissory statement owed 5 years from closing, accruing liking astatine 5% annually.

The transaction is presently expected to adjacent by nan extremity of May taxable to customary closing conditions.

More to come

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