Allen, a media entrepreneur, to replace founder Jonah Peretti as chief executive with \u2018significant\u2019 cost cuts to come<\/p>\n
BuzzFeed<\/a>, the digital media pioneer that was once valued as high as $1.7bn amid a private equity-funded wave of interest in websites that generated massive amounts of online traffic in the 2010s, has finally changed hands for $120m.<\/p>\n On Monday, the company announced that a controlling stake in the company has been sold to media entrepreneur Byron Allen. Allen, who often makes large, sometimes unsolicited bids for media companies, is also an on-screen personality in addition to controlling his Allen Media Group conglomerate, which owns networks including The Weather Channel. Allen\u2019s show, Comics Unleashed, will replace the Late Show with Stephen Colbert on CBS\u2019s schedule starting later this month<\/a>.<\/p>\n