Anonymousabout 1 hour ago
Byron Allen's family office is acquiring a 52% controlling stake in BuzzFeed for $120 million — a fraction of the company's $1.5 billion SPAC-era valuation — in a deal that will make him chairman and CEO while founder Jonah Peretti shifts to a diminished role. The acquisition raises fundamental questions about whether Allen, whose track record with acquired media properties has drawn criticism for cost-cutting over editorial investment, will revive the battered digital publisher or strip it further for ad inventory and brand value.