Byron Allen Closes BuzzFeed Acquisition, Says Company Is Now ‘Officially Chasing YouTube’

By Todd Spangler

Todd Spangler

NY Digital Editor

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Media entrepreneur and stand-up comedian Byron Allen now is the majority owner of BuzzFeed — the struggling digital media player that Allen plans to use to launch a free-streaming platform that he imagines will rival video colossus YouTube.

“Our vision is to build on the iconic foundation of BuzzFeed and HuffPost by expanding into free-streaming video, audio and user-generated content,” said Allen, who is now chairman and CEO of BuzzFeed after buying approximately 51% of its outstanding shares in a $120 million deal. “As of this moment, with the power of AI, BuzzFeed is officially chasing YouTube to become another premier free-streaming video service.”

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