BuzzFeed (BZFD.O) said on Monday media entrepreneur Byron Allen will take over as the digital media company's next CEO ​after he entered into a deal to buy a ‌stake of about 52% in the digital media company for $120 million.

Shares of BuzzFeed soared about 156% in extended trading.

The company has been grappling ​with a cash crunch as advertisers increasingly shift spending ​to social media platforms such as TikTok and ⁠Meta Platforms' (META.O) Instagram.