Byron Allen, renowned media mogul, is set to become the new chairman and CEO of BuzzFeed after acquiring a 52% controlling stake in the digital media company. This acquisition is part of Allen's strategy to revitalize the struggling BuzzFeed, which has faced significant financial challenges since its IPO in 2021.
BuzzFeed Acquisition Details
Allen's deal involves a $20 million cash payment upfront, along with a $100 million promissory note due in five years. BuzzFeed co-founder Jonah Peretti will step down as CEO and transition to the role of president of BuzzFeed AI. Allen plans to expand BuzzFeed and HuffPost into the streaming space, leveraging the Weather Channel’s Local Now streaming service.
“I’ve done much harder things,” Allen commented on the BuzzFeed acquisition. He emphasized the potential to grow BuzzFeed into a premier global free streaming service, integrating professionally produced content and user-generated videos.
Local Now's Role
Allen intends to use Local Now’s infrastructure, which provides localized news, weather, sports, and traffic content, to support BuzzFeed’s new streaming ambitions. Local Now processes around 500,000 pieces of video daily and features free, ad-supported TV shows and movies. “We can put them in the streaming business,” Allen stated, highlighting the opportunity to attract ad dollars to the platform.
CBS Late-Night Slot
In addition to his digital media moves, Allen has secured a two-hour nightly comedy block on CBS, filling the time slot vacated by “The Late Show With Stephen Colbert,” which ends on May 21. Allen's “Comics Unleashed” will air back-to-back, followed by his comedy game show, “Funny You Should Ask.” Allen’s lease with CBS extends through the 2026-27 TV season, with his company managing all ad sales. He praised Colbert as a “magnificent human being” and an “American treasure.”
Media Expansion Plans
Allen is also eyeing other media acquisitions. His investment arm recently acquired a 10.7% stake in Starz Entertainment for $25 million. Despite Starz adopting a “poison pill” strategy to prevent a hostile takeover, Allen remains undeterred, suggesting he could significantly expand Starz’s operations.
Allen's ambition to grow his media empire is not new. In 2024, he attempted a $30 billion bid for Paramount Global, and in late 2023, he offered $3.5 billion for BET. His media holdings already include 13 local TV stations, The Weather Channel, and several other channels and properties.
Allen will officially take over the CBS late-night slot on May 22, marking the 34th anniversary of Johnny Carson’s final “The Tonight Show” appearance. Despite his new role at BuzzFeed, Allen will continue as chairman and CEO of Allen Media Group, maintaining a hands-off approach by relying on a strong management team.
Source: https://variety.com/2026/tv/news/byron-allen-buzzfeed-deal-cbs-colbert-time-slot-starz-1236748848/
