Today's Video Headlines: 05/11/26
BuzzFeed said Monday media entrepreneur Byron Allen will take over as the digital media company’s next CEO 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 Friday’s closing price. Democratic FCC commissioner tells Disney that Trump admin engaging in 'sustained' censorship campaign Bad Bunny's Super Bowl halftime show blasted as ‘pornographic’ and ‘vulgar’ as wave of FCC complaints are revealed Upon closing of the deal, BuzzFeed founder & CEO Jonah Peretti will handover charge to Allen and move into a newly created role as president of BuzzFeed AI.
The deal, expected to close by the end of the month, 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. BuzzFeed also reported a 12.4% decline in first-quarter revenue to $31.6 million, while its net loss widened to $15.1 million from $12.5 million a year earlier.
The company, which withheld its annual forecast, said it expects to provide an update on its financial outlook in the coming months. BuzzFeed founder & CEO Jonah Peretti, shown in 2021, will handover charge to Allen and move into a newly created role as president of BuzzFeed AI. BuzzFeed also reported a 12.4% decline in first-quarter revenue to $31.6 million, while its net loss widened to $15.1 million from $12.5 million a year earlier.
BuzzFeed went public in 2021 through a blank-check merger that valued the company at about $1.5 billion. Its shares have fallen more than 98% since then.
Hawaiian hailed as hero for beating entitled tourist caught hurling rock at beloved seal in viral video‘Emotional’ Savannah Guthrie has been tearing up off-camera at ‘Today’ as search for missing mom Nancy continues Stream It Or Skip It: ‘The Roast Of Kevin Hart’ On Netflix, Trying To Duplicate The Success Of Tom Brady And Coming Up ShortBuzzFeed founder & CEO Jonah Peretti, shown in 2021, will handover charge to Allen and move into a newly created role as president of BuzzFeed AI. BuzzFeed also reported a 12.4% decline in first-quarter revenue to $31.6 million, while its net loss widened to $15.1 million from $12.5 million a year earlier.
Stream It Or Skip It: 'The Roast Of Kevin Hart' On Netflix, Trying To Duplicate The Success Of Tom Brady And Coming Up Short
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