Byron Allen Acquires BuzzFeed, Sets Sights on Controlling Starz

Byron Allen, a prominent media entrepreneur, has made significant strides in the entertainment industry, recently acquiring a majority stake in BuzzFeed for $20 million in cash, with an additional $100 million due in five years. This acquisition positions Allen to leverage BuzzFeed’s brand alongside his existing media assets, including the streaming service Local Now, which offers hyperlocal news and information.

Allen’s journey in media began in 1993 when he launched his first show, Entertainers with Byron Allen, from his dining room table. Despite facing numerous rejections from television stations, he persevered, ultimately securing a place for his show on over 150 networks. His resilience has led to the establishment of one of the largest privately held television libraries in the United States, with approximately 74 shows currently in syndication.

In a recent discussion, Allen reflected on the shifting landscape of late-night television, particularly in light of CBS’s decision to replace The Late Show with Comics Unleashed. He noted that Stephen Colbert, upon learning of the change, reached out to him, acknowledging Allen’s historic achievement as the youngest comedian to perform on The Tonight Show at age 18. Allen expressed his admiration for Colbert, describing him as a talented individual and an “American treasure.”

Addressing CBS’s financial rationale for canceling The Late Show, which reportedly lost $40 million annually, Allen stated that he is not privy to all the details but emphasized that networks are often squandering money in their attempts to capture late-night audiences. He criticized the practice of investing heavily in programming only to hand over viewers to infomercials during off-peak hours.

Allen proposed a cost-effective solution to CBS by suggesting that Comics Unleashed, which has been in syndication for two decades, could fill the time slot vacated by After Midnight. He asserted that this move could save CBS between $30 million and $40 million, a proposal that was ultimately accepted.

In discussing his dual role as a comedian and media executive, Allen recounted the challenges he faced while building his company. He navigated financial hardships, including multiple foreclosures, while maintaining a relentless focus on growth. His commitment to producing quality content has resulted in a significant presence in the television industry, with 13 hours of programming aired daily.

Allen’s strategic vision extends beyond BuzzFeed. He aims to integrate BuzzFeed and HuffPost into the free streaming market, enhancing their existing platforms without replacing their core offerings. He recognizes the competitive landscape, particularly the threat posed by YouTube, which has emerged as a dominant player in streaming.

His ambitions also include controlling Starz, where he recently acquired an 11 percent stake from Steve Mnuchin for $25 million. Allen’s relationship with Mnuchin dates back to their time at OneWest Bank, where Mnuchin served as his banker. Allen expressed his intent to gain full control of Starz, viewing it as a critical component of his strategy to establish a comprehensive streaming portfolio that includes both Subscription Video on Demand (SVOD) and Advertising Video on Demand (AVOD) platforms.

Following his investment in Starz, the company adopted a “poison pill” strategy to deter hostile takeover attempts. Allen remains undeterred, asserting his commitment to controlling the company and expanding his media empire.

Despite facing challenges, including layoffs and speculation about financial difficulties, Allen maintains that his company is simply “rightsizing” in response to the evolving media landscape. He emphasized his commitment to his employees, noting that he did not lay off any staff during the pandemic, prioritizing people over profits.

Allen’s media holdings include several ABC, CBS, and NBC affiliates, which he views as valuable assets, particularly during election cycles. He reported that his stations generated nearly $100 million in political advertising revenue during the last election cycle, underscoring their profitability.

As reported by www.hollywoodreporter.com, Allen’s strategic acquisitions and investments reflect his ambition to reshape the media landscape, positioning himself as a key player in the industry.

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Published on 2026-05-14 19:33:00 • By FAME Delivered News Desk