Exclusive: Jonah Peretti explains why he sold BuzzFeed

BuzzFeed agreed to sell a 52% stake to Byron Allen for $120 million.

Jonah Peretti will step down as CEO and become president of BuzzFeed AI, while Allen takes over as CEO.

Peretti said the deal gives him liquidity and a chance to rebuild BuzzFeed around AI products and new audience strategies.

The move comes as BuzzFeed and other digital media companies face financial pressure and hunt for a more sustainable model.