Today, online publisher BuzzFeed announced that it was going public through a merger with a publicly traded special purpose acquisition company (SPAC) called 890 Fifth Avenue Partners, which holds $288 million in its trust account.
Online publisher BuzzFeed today announced that it was going public through a merger with a publicly traded special purpose acquisition company (SPAC) called 890 Fifth Avenue Partners, which holds $288 million in its trust account. New York-based BuzzFeed has also secured about $150 million in financing through the sale of convertible notes in an offering arranged by Redwood Capital Management, CrossingBridge Advisors, Cohanzick Management, and Silver Rock Financial. BuzzFeed values itself at $1.5 billion, about the same level the company had after NBCUniversal invested $400 million in it five years ago. The company also announced the $300 million acquisition from Hearst and Verizon of Complex Networks, a global youth network targeting millennials and Gen Z’s. After closing expected in the fourth quarter, company will be known as BuzzFeed Inc. and trade under the ticker symbol “BZFD” Like other online publishers, BuzzFeed has struggled to compete against Alphabet, Facebook, and Amazon.
