Media mogul Byron Allen has agreed to acquire a controlling stake in digital media company BuzzFeed, according to reports. The transaction will result in significant leadership changes at the company.

Under the deal, BuzzFeed co-founder Jonah Peretti will step down from his role as chief executive officer. Peretti, who has led the company since its founding, will transition to a new position as president of artificial intelligence, focusing on the company's AI initiatives.

The acquisition represents a major shift for BuzzFeed, which has struggled with financial challenges in recent years amid broader difficulties facing digital media companies. Allen, who owns Entertainment Studios and has built a portfolio of media properties, will take operational control of the platform known for its viral content and news coverage.

Details regarding the financial terms of the transaction and the timeline for completion were not immediately disclosed. The deal comes as BuzzFeed continues to adapt its business model in an increasingly competitive digital media landscape.