Byron Allen to Acquire Majority Stake in BuzzFeed for $120 Million as Shares Surge
On May 11, BuzzFeed said Byron Allen will become its next chief executive after entering a deal to buy roughly 52% of the company for $120 million. The transaction sent BuzzFeed shares sharply higher in after-hours trading. The company has reported declining revenue, a widening net loss and has paused its annual forecast while it evaluates its outl…