Byron Allen is adding another major media brand to his growing empire — this time by taking control of BuzzFeed in a $120 million deal that arrives just as he prepares to take over CBS’s post-Colbert late-night lineup.

According to The Hollywood Reporter , the agreement gives Allen a 52 percent majority stake in BuzzFeed and installs him as the company’s new CEO, replacing founder Jonah Peretti. The deal includes $20 million upfront and a $100 million promissory note due five years after closing.

BuzzFeed announced the sale alongside quarterly earnings showing advertising revenue down nearly 20 percent year-over-year and losses climbing to $15.1 million.

The acquisition marks another aggressive expansion move for Allen, who has spent years buying distressed or undervalued media assets and rebuilding them under Allen Media Group.…