BuzzFeed, Inc. (BZFD) shares surged 113.74 percent to $1.5601, up $0.8302 on Tuesday, after the company announced that Allen Family Digital, LLC, an affiliate of Byron Allen's family office, will acquire a majority stake in the company.
The stock is currently trading at $1.5601, compared with a previous close of $0.7299 on the Nasdaq. It opened at $1.7000 and traded between $1.5600 and $1.8000 during the session, with volume reaching 61.05 million shares, far above the average daily volume of 360,515 shares.
Under the agreement, Allen Family Digital will purchase 40 million shares of BuzzFeed at $3.00 per share for a total investment of $120 million. Upon closing, the firm will own approximately 52 percent of BuzzFeed's outstanding shares. As part of the transaction, founder and CEO Jonah Peretti will step down as chief executive and transition to the newly created role of President of BuzzFeed AI, while Byron Allen will become Chairman and Chief Executive Officer.
BuzzFeed shares have traded between $0.5400 and $2.6800 over the past 52 weeks.
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