Adding to an extensive portfolio that includes The Weather Channel and HBCU GO, Malibu-based media mogul Byron Allen has officially closed the acquisition of New York-based BuzzFeed Inc. on May 27.

Purchased through his investment affiliate Allen Family Digital, the $120 million deal gives Allen 51% control of the troubled media company that brooded on the brink of bankruptcy.

BuzzFeed missed a $5 million debt payment deadline at the end of April, but with the new ownership, its financial prospects may turn around yet. Pivoting from its famous quizzes and fast-paced recipes, it will transition into a new video streaming platform that is “officially chasing YouTube” with “the power of AI,” according to Allen.

“Our vision is to build on the iconic foundation of BuzzFeed and HuffPost by expanding into free-streaming video, audio and user-generated content,” said Allen, now chairman and chief executive, in a statement. He will work alongside BuzzFeed co-founder Jonah Peretti, who is now president of BuzzFeed AI.

Video streaming

Purchased for $1.65 billion in 2006 by Google, YouTube is a formidable competitor that brought in more than $60 billion in revenue in 2025. What Allen is offering, however, comes with a built-in advantage: the significant audience base of BuzzFeed leveraged with Allen Media Group’s massive portfolio, including Local Now, a free streaming platform that curates hyperlocal news, weather, traffic, sports and entertainment based on ZIP code.

The deal is also not Allen’s first – or last – attempt to expand his streaming business. Previously joining the race for BET, Paramount, ABC, CNN and the NFL’s Denver Broncos alongside Washington Commanders, Allen has stated in an interview with The Hollywood Reporter that Starz Entertainment Corp. might be his next target.

“The world’s two favorite words right now: ‘free’ and ‘streaming,’” Allen said. “I want two streaming platforms. One that’s SVOD, and one that’s AVOD.… I’m going to do whatever I need to do to control Starz.”