Byron Allen to acquire Buzzfeed

(CNN)– TV and Media Entrepreneur Byron Allen is buying Buzzfeed.

Allen will become the CEO after spending $120-million to acquire 52% of the digital platform’s outstanding shares.

The deal is expected to close by the end of the month.

Allen’s vision is to expand Buzzfeed and Huffpost into free streaming video, audio, and user content to compete with Youtube.

Current CEO Jonah Peretti who founded Buzzfeed 20 years ago will move to a newly created role as head of Buzzfeed Ai.