Byron Allen is acquiring a majority stake in BuzzFeed for $120 million to lead a shift toward free streaming and artificial intelligence.The media mogul will assume the roles of chairman and CEO as founder Jonah Peretti moves into a specialized position overseeing digital content development.This transaction follows a difficult period for the platform characterized by a 12.4 percent revenue decline and significant net losses.The acquisition aims to integrate
BuzzFeed assets with the existing media portfolio managed by
Allen Media Group to compete with global streaming services.