Media tycoon Byron Allen will acquire a majority stake in BuzzFeed for $120 million.

BuzzFeed announced that media mogul Byron Allen has agreed to acquire a majority stake in the digital media company for $120 million. BuzzFeed stated on Monday that Allen plans to purchase 40 million shares of stock at a price of $3 per share. Allen's Allen Media Group owns The Weather Channel and more than 30 television network affiliate broadcast channels. After the completion of the deal, Allen's affiliate company, Allen Family Digital, will own 52% of BuzzFeed's outstanding shares. The transaction will be paid in the form of $20 million in cash and a $100 million note that will mature five years after the completion of the deal, with interest accruing at a rate of 5% per year. BuzzFeed stated that the transaction is expected to be completed by the end of May. Allen will also take on the roles of CEO and chairman, while BuzzFeed founder Jonah Peretti will transition to the newly created role of BuzzFeed AI President.