Byron Allen has finalized a $120 million deal to secure a controlling stake in BuzzFeed. Simultaneously, Allen Media Group is set to replace Stephen Colbert in the CBS late-night lineup with Comics Unleashed.
On The Breakfast Club, host Jess Hilarious offered a warm welcome to the news, stating, "Congratulations, uh, goes to Byron Allen. He will be buying BuzzFeed, um, in a $120 million deal."
While Allen pushes his vision for a unified streaming "super app" combining HuffPost and BuzzFeed, the industry is watching closely to see if his aggressive leasing model for late-night television can actually displace long-standing incumbents.