Media Entrepreneur Byron Allen Taking Over as BuzzFeed CEO

Byron Allen is taking over as the new CEO of Buzzfeed after he entered into a deal to buy a stake of about 52% in the digital media company for $120 million. Under the deal, Allen Family Digital will acquire 40 million BuzzFeed shares at $3 apiece, a 265.9% premium to the price at closing on Friday. The deal will be funded with $20 million in cash and a $100 million promissory note due five years after closing, carrying an annual interest rate of 5%, the company said.