Buzzfeed announced that it is going public in a deal with a special purpose acquisition company (SPAC), which will give company an implied valuation of USD 1.5 billion, the company said.
BuzzFeed will become a publicly traded company through a merger with 890 Fifth Avenue Partners, a SPAC that has USD 288 million in cash in its trust account after an IPO earlier this year. In addition, BuzzFeed has announced it has secured USD 150 million in financing led by Redwood Capital Management and including CrossingBridge Advisors, Cohanzick Management and Silver Rock Financial.
BuzzFeed also announced plans to acquire Complex Networks, a youth content network owned by Verizon and Hearst, for USD 300 million. The dela is based on USD 200 million in cash and USD 100 million in shares.
BuzzFeed founder and CEO Jonah Peretti said the company is projecting more than USD 500 million in revenue for 2021 with the addition of Complex.