UPDATED with deal close: Allen Family Digital, an affiliate of Byron Allen’s family office, has closed its deal to acquire to acquire a majority stake in digital media company Buzzfeed with Byron Allen becoming chairman and CEO.
Current chief executive and co-founder Jonah Peretti will transition to a newly created role as president of BuzzFeed AI.
Under the terms of the agreement, Allen Family Digital will acquire 40 million shares of publicly traded BuzzFeed at a price of $3 a share for a total purchase price of $120 million. The transaction was funded with $20 million in cash at closing and
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