Byron Allen Buys BuzzFeed, Plans Streaming Comeback

Byron Allen acquires BuzzFeed, becoming CEO, for $120M, with $20M upfront and a promissory note. BuzzFeed struggles with declining ad revenue and losses, leading to the spin-off of Tasty and studios. Allen plans to revive streaming video and user-generated content, aiming to challenge YouTube. Peretti launches BuzzFeed AI division, focusing on tech breakthroughs.

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