** Shares of digital media firm BuzzFeed BZFD.O up 103.4% at $1.49 premarket

** Media entrepreneur Byron Allen agrees to buy a ~52% stake in the company for $120 million and take over as CEO

** Allen Family Digital to acquire 40 million shares at $3 apiece, ~300% premium to Monday's close

** BuzzFeed founder Jonah Peretti to step down as CEO and move into a newly created role as president of BuzzFeed AI

** The deal, expected to close by the end of the month, will be funded with $20 million in cash and a $100 million promissory note due in five years at 5% anuual interest rate

** BuzzFeed has been grappling with a cash crunch as advertisers shift spending to platforms such as TikTok and Meta's META.O Instagram

** BuzzFeed's market cap stands at about $27 million - LSEG data

** As of last close, BZFD stock down 21.5% YTD