Comedian-turned-media mogul Byron Allen plans to transform the once high-flying outlet into a streaming juggernaut to compete with YouTube.

The mogul went to the bargain bin to snap up a Millennial media brand. That's just one part of his plan.

Byron Allen talks about his $120 million BuzzFeed deal, what he plans to do with it, why he wants to buy Starz, and taking over Stephen Colbert's CBS late-night slot.

Comedian-turned-media mogul Byron Allen plans to transform the once high-flying outlet into a streaming juggernaut to compete with YouTube.