Byron Allen, the comedian turned entrepreneur, is buying a controlling stake in BuzzFeed, the digital media company that pioneered virality on the internet.
Allen Family Digital, a company associated with Mr. Allen, will pay $120 million for a 52 percent stake in BuzzFeed, the companies said on Monday. Mr. Allen will become chief executive and chairman of BuzzFeed, replacing Jonah Peretti, the company’s founder, who will become president of artificial intelligence.
Mr. Allen, 65, will remain chief executive of Allen Media Group, a news and entertainment company that owns local TV stations, the Weather Channel and a TV production arm. Allen Media Group produces “Comics Unleashed,” which will replace Stephen Colbert’s “Late Show” on CBS at the end of the month.
This is a developing story. Check back for updates.
