Allen Family Digital, an affiliate of Byron Allen ’s family office, under has a deal to acquire a majority stake in digital media company Buzzfeed with Byron Allen becoming chairman and CEO.

Current chief executive will transition to a newly created role as president of BuzzFeed AI.

Under the terms of the agreement, Allen Family Digital will acquire 40 million shares of publicly traded BuzzFeed at a price of $3 a share for a total purchase price of $120 million. Upon closing, Allen FamilyDigital will own about 52% of the company’s outstanding shares.

The purchase price will be funded with $20 million in cash at closing and a $100 million promissory note due five years from closing, accruing interest at 5% annually.

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The transaction is expected to close by the end of May subject to customary closing conditions.…