BuzzFeed Inc. (NASDAQ: BZFD) announced that Byron Allen's family office will acquire a majority stake in the company through a $120 million investment, with Allen set to become chairman and chief executive officer upon closing.

Under the transaction agreement, Allen Family Digital LLC will purchase 40 million BuzzFeed shares at $3.00 per share, giving the entity approximately 52% ownership of the company's outstanding shares. The purchase will be funded with $20 million in cash at closing and a $100 million promissory note due in five years at 5% annual interest.

Current BuzzFeed founder and CEO Jonah Peretti will transition to a newly created role as President of BuzzFeed AI. The transaction is expected to close by the end of May 2026, subject to customary closing conditions.

BuzzFeed also reported first quarter 2026 financial results, showing revenue of $31.6 million, a 12.4% decline compared to the same period in 2025. Advertising revenue fell 19.8% year-over-year to $17.1 million, while content revenue increased 69.1% to $7.5 million. Commerce and other revenue decreased 32.0% to $6.9 million.

The company posted a net loss of $15.1 million for the quarter, compared to a $12.5 million net loss in the first quarter of 2025. Adjusted EBITDA was negative $7.8 million, versus negative $5.9 million in the prior year period.

Allen is founder, chairman and CEO of Allen Media Group, which he established in 1993. The company owns 13 ABC-CBS-NBC network affiliate broadcast television stations and ten 24-hour HD television networks serving nearly 275 million subscribers, including The Weather Channel and other properties.

BuzzFeed stated it is withholding 2026 guidance as it works to close the transaction and explore strategic opportunities.