Byron Allen is adding another major media brand to his growing empire — this time by taking control of BuzzFeed in a $120 million deal that arrives just as he prepares to take over CBS’s post-Colbert late-night lineup. According to The Hollywood Reporter , the agreement gives Allen a 52 percent majority stake in BuzzFeed and installs him as the company’s new CEO, replacing founder Jonah Peretti. The deal includes $20 million upfront and a $100 million promissory note due five years after closing. BuzzFeed announced the sale alongside quarterly earnings showing advertising revenue down nearly 20 percent year-over-year and losses climbing to $15.1 million. The acquisition marks another aggressive expansion move for Allen, who has spent years buying distressed or undervalued media assets and rebuilding them under Allen Media Group. His portfolio already includes The Weather Channel, TheGrio, syndicated television programming, and local TV stations across the country.…