00:00It's Benzinga bringing Wall Street to Main Street.
00:02BuzzFeed agreed to sell a 52% stake to comedian and media executive Byron Allen for $120 million,
00:10according to Bloomberg. Allen is set to become chairman and chief executive officer,
00:15and co-founder Jonah Peretti is transitioning to president of BuzzFeed AI.
00:21Allen's family office will acquire 40 million shares at $3 each through a deal financed with
00:26$20 million in cash and a $100 million promissory note due in five years with 5% annual interest.
00:33The transaction is expected to close at the end of the month.
00:37BuzzFeed reported a nearly 20% drop in first quarter advertising sales and a net loss of $15.1 million.
00:44The company said it plans cost reductions and operational changes ahead of the ownership transition.
00:51Allen's media assets include The Weather Channel and 13 local television stations.
00:56He is set to take over CBS late night time slot after Stephen Kolber's show ends next week,
01:02with the company planning to air syndicated comedy programs.
01:05For all things money, visit Benzinga.com.
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