BuzzFeed is getting a new boss.

Media entrepreneur Byron Allen has struck a deal to buy a controlling stake in the digital publisher for $120 million and will become CEO once the transaction closes, according to Reuters.

The deal gives the mogul’s Allen Family Digital about 52% of BuzzFeed’s outstanding shares, with 40 million shares priced at $3 each, a steep premium over the company’s recent trading price.

BuzzFeed shares jumped sharply after the announcement, a sign that investors see the move as a potential lifeline for a company that has spent years wrestling with shrinking ad revenue and heavy debt.

Jonah Peretti, BuzzFeed’s founder and longtime CEO, will step into a new role as president of BuzzFeed A.I., while Allen takes over as CEO and chairman. 

This major change of hands is happening as the company prepares to reinvent itself for a media landscape where traffic is harder to come by, and platforms like TikTok and Instagram dominate attention spans.

For Allen, the buyout extends a familiar play-by-play: scoop up struggling media brands, then try to monetize them across TV, streaming, and digital. BuzzFeed’s portfolio includes names like Tasty and HuffPost, which could give Allen more reach across platforms. It could also mean the company will have a bigger shot at younger audiences who still scroll, share, and binge content in short bursts.

The transaction is expected to close by the end of the month as long as it clears some remaining steps. For BuzzFeed, the deal could mark the end of one era and the start of another after years of layoffs, restructuring, and questions about whether the viral-media boom ever really had a lasting business model.