AXIOS (Sara Fischer) - Byron Allen strikes deal to buy controlling stake in BuzzFeed and become CEO
Data: Financial Modeling Prep ; Chart: Christine Wang/Axios Byron Allen , a media entrepreneur known for aggressively trying to roll up various media assets, on Monday announced a deal to buy a majority stake in BuzzFeed. Why it matters: The deal gives the 20-year-old digital publisher a much-needed lifeline. Without a buyer, the company likely would've been forced to file for bankruptcy . - BuzzFeed's stock has been trading under $1 and the company was warned earlier this year it is at risk of being delisted from the Nasdaq for falling below that threshold. - It received a similar notice in 2023 and subsequently approved a reverse stock split to boost its share price and maintain its listing. - Its business has been under enormous…