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Major changes are underway at BuzzFeed.

Less than two months after acquiring a controlling stake in the company, Byron Allen is overseeing a restructuring that will eliminate approximately 35% of BuzzFeed's workforce—about 180 employees and contractors across BuzzFeed, HuffPost, and Tasty.

According to the company, the layoffs are intended to reduce costs, improve profitability, and support a long-term strategy focused on AI-powered media, creator-driven content, and free ad-supported streaming.

Read more: https://www.blackenterprise.com/byron-allen-buzzfeed-35-percent-layoffs-workforce/

Two of the nation’s oldest Black-owned banks are joining forces in a proposed merger that would create the largest Black-owned bank in the United States by assets. South Carolina-based Optus Financial Corporation, the parent company of Optus Bank, and North Carolina-based M&F Bancorp, the parent company of Mechanics & Farmers Bank, announced a definitive merger agreement that would combine the institutions into a single bank with approximately $1.27 billion in total assets.

The merger would bring together more than 220 years of combined banking history. M&F Bank was founded in 1907 and is the oldest Black-owned bank in North Carolina, while Optus Bank traces its roots to 1921. The combined institution is expected to operate 10 branches across North and South Carolina and continue its focus on expanding access to capital, homeownership, and small business lending in underserved communities.

Under the agreement, M&F Bancorp shareholders would receive cash for their shares, with the total transaction valued at more than $105 million. James H. Sills III, the current president and CEO of M&F Bancorp, is expected to become CEO of the combined company, while Optus Chairman Paul Mitchell would remain chairman. The merger is expected to close in the fourth quarter of 2026, subject to shareholder and regulatory approval.

Source: Axios; Optus Financial Corporation & M&F Bancorp Merger Announcement