Byron Allen on His Fire-Sale BuzzFeed Deal and Taking Over Colbert’s CBS Time Slot
Byron Allen, the former stand-up comedian and owner of Allen Media Group, has recently made waves in both late-night TV and the digital media space with two major deals. He is set to take control of BuzzFeed, a struggling media company, and will also be filling the CBS time slot left vacant by “The Late Show With Stephen Colbert.”
In a bold move, Allen announced his acquisition of a 52% controlling stake in BuzzFeed for $20 million in cash upfront, along with a $100 million promissory note due in five years. The deal is expected to close by the end of the month, with Allen stepping in as BuzzFeed’s chairman and CEO, replacing co-founder Jonah Peretti.
BuzzFeed, once a viral content powerhouse, has been facing financial challenges since its IPO in 2021. Allen has big plans to revitalize the brand by expanding into the streaming space. He envisions turning BuzzFeed and HuffPost into a “premier global free streaming service” by leveraging the Weather Channel’s Local Now streaming platform, which offers hyper-localized news, weather, sports, and traffic content.
With the addition of professionally produced content and user-generated videos, Allen aims to position BuzzFeed and HuffPost as major players in the streaming world. He believes that the shift towards free streaming is a lucrative opportunity for ad revenue, and he plans to tap into this growing market.
In addition to the BuzzFeed deal, Allen has also made a move in the subscription streaming realm by acquiring a stake in Starz Entertainment. Despite facing obstacles such as Starz’s poison pill shareholder-rights plan, Allen remains determined to expand his media empire and make Starz a significant player in the industry.
On the late-night TV front, Allen has secured a two-hour nightly comedy block on CBS, following the cancellation of Colbert’s show. His show “Comics Unleashed” will fill the time slot, offering clean comedy content that he believes will resonate with audiences. Allen’s dedication to the late-night space is evident in his choice of May 22 for the show’s debut, marking the anniversary of Johnny Carson’s final episode of “The Tonight Show.”
As Allen takes on the role of CEO at BuzzFeed while continuing to lead Allen Media Group, he emphasizes the importance of hiring top talent and empowering them to excel in their roles. With a strong team in place, he is confident in his ability to steer both companies towards success.
Overall, Byron Allen’s recent moves in the media industry demonstrate his ambition and vision for the future of entertainment. By combining traditional media with streaming platforms and clean comedy content, he is shaping a new era of content consumption that is both innovative and engaging.
