BuzzFeed

BZFD

Market cap $116M

NEW YORK--(BUSINESS WIRE)--BuzzFeed, Inc. Completes Majority Stake Investment By Byron Allen's Family Office.

Companies like BuzzFeed, Vice and Vox were once worth billions, but shifting audiences and declines in advertising have sent their values plummeting.

Byron Allen, founder, chair and CEO of Allen Media Group, discusses his plans to turn Buzzfeed into a free-TV super app. Speaking with Romaine Bostick on "Bloomberg The Close," Allen also comments on taking over Stephen Colbert's "Late Show" time slot.

Twelve years ago BuzzFeed Inc reportedly valued itself at almost $1 billion, scaring off rumored interest from the Walt Disney Company.

Media entrepreneur Byron Allen is taking over as the CEO of BuzzFeed. Allen will buy a 52% stake in BuzzFeed for $120 billion.

BuzzFeed, which went public five years ago, has been grappling with a cash crunch.

Shares of BuzzFeed were up more than 130% in the extended session after the company said Byron Allen's family office agreed to take a majority stake.

Go back in time to 2016: BuzzFeed, Vice Media, and Vox Media are supposed to be the future of media. Now back to present tense: Vice filed for Chapter 11, Vox is breaking up, and BuzzFeed just sold itself for a fraction of its former value.

BuzzFeed said on Monday media entrepreneur Byron Allen will take over as the digital media company's next CEO ​after he entered into a deal to buy a ‌stake of about 52% in the digital media company for $120 million.

Allen, whose company Allen Media Group owns The Weather Channel and more than 30 network affiliate broadcast channels, plans to acquire 40 million shares for $3 apiece, BuzzFeed said.