BuzzFeed stock doubles on news that Byron Allen will buy a controlling stake in the onetime digital media giant

Twelve years ago BuzzFeed Inc reportedly valued itself at almost $1 billion, scaring off rumored interest from the Walt Disney Company. Fast-forward to this week and BuzzFeed is selling a controlling stake to Allen Family Digital for $120 million—$100 million of which isn’t due for five years. Allen Family Digital, associated with Byron Allen, will control about 52% of BuzzFeed’s outstanding shares at $3 each.  BuzzFeed’s shares were up more than 101% to over $1.49 on Tuesday morn...