BUZZFEED CEO PERETTI SELLS 52% STAKE FOR $120M

Allen, who owns The Weather Channel and operates multiple broadcast stations and websites, is acquiring 52 percent of BuzzFeed. Peretti will step down as CEO following the transaction. The sale reflects BuzzFeed's financial struggles. The digital media company has faced mounting losses and investor concerns about its business model. Last quarter, leadership warned investors of significant challenges ahead. BuzzFeed built its reputation on viral content, quizzes, and listicles before expanding into news operations. The company went public via SPAC merger in 2021 at a $1.5 billion valuation but has struggled to achieve profitability. Allen's acquisition provides capital injection but represents a dramatic reversal from BuzzFeed's peak valuations. The deal signals consolidation in digital media, where standalone content publishers face pressure from larger platforms and changing advertising markets.