Insert your own BuzzFeed emojis here for this surprise deal.
After running in to a cash crunch as a publicly traded company, BuzzFeed has found a buyer in Byron Allen, the Comics Unleashed CBS late-night host and mogul behind the Weather Channel’s TV presence, as well as as a patchwork collection of syndicated shows and channels that comprise his Allen Media Group.
In a $120 million agreement, Allen will take a 52 percent majority stake in the company as well as the CEO role from founder Jonah Peretti, funded by $20 million in cash and $100 million in the form of a promissory note due five years after deal close, which is expected in May.
The sale for just $20 million upfront marks a dramatic fall from where BuzzFeed stood at its height of cultural relevance, when Peretti had turned down a $650 million offer from Disney in 2013. At that time, BuzzFeed had…
